The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-03
SHARES ARE VERY Dull
MARKET ALMOST IN 4 STATE OF
ABSOLUTE sTAGNATION.
SubtreasIry Drain on Monetary Re-
scurccs-SGie Of Northern Pacific
Common at %.

NEW YORK, Aug. 1.-Two hundred
shares of Northern Pacific common stock
sold on the Stock Exchange to-day at %,
seller ten days The last previous sale
was made at rs, and occurred on July II,
the day that ]. p. Morgan announced his
selection Of five new directors for the
Northern Pacific. The previous price TO
this had been 150, the figures at which many
shorts settled with the rival syndicates.
The highest panic price for this stock
was 709 regular and 1860 cash" To-day's
transaction was for foreign account, and
the seller ten feature was to enable the
delivery of the stock by shipment. The
fUtility of the efforts made this week 10
awaken any interest in the stock market,
and 10 effect a movement OF prices that
offered any chance for attractive profits
for room traders" resulted in a very
small attendance this morning of even that
class Of dealers on the board. There is no
trace Of any other operations than those
by traders. This mornings market made
perceptlble progress towards the condition
of absolute stagnation towards which it
has been tending all the week. Apparently
the market was left wholly to the devices
of the small room traders. There Were no
evidences OF the existence of stop-loss sell
ing orders on the one hand, or or support
ing orders on the other. Accordingly the
professionals found their limited operations
quite ineffective in moving prices. But the
operation Of taking profits either by sell
ing long stock to realize or by covering
shorts reveals the fictitious character of the
movement and neutralizes IL. To-days re-
port of the Subtreasury operations shows
that the government institution took from
the money market yesterday some S40O,VOO,
In spite of the fact that checks were pay
able on the 1st OF the month for the gov
eminent interest due. There usually is
some delay about the presentation Of these
checks. but a balance in favor of the sub
treasury on an interest payment day is
unusual. and calls attention 10 the constant
drain on the money market by reason OF
the revenue surplus. To-morrow-s bank
statement was not under discussion in the
unimportant change in the cash reserves,
but change in the loan item is likely TO be
affected by the payment of some heavy
syndicate subscriptions, which came due
on Aug. 1. This meager trading centered
about the renewed fears of crop damage
market, and the proposed construction of
a sugar refinery in opposition to the Amer
lean Sugar Company. An appearance or
considerable weakness was thus induced
at one time during the day, but the clos
ing up of contracts brought prices back
sharply towards last nights level. Sugar
failed TO hold its rally, and the market
closed heavy. TIL United States Steel
stocks were less active than for some time
past. and failed to show the effect OF re-
| ports of disagreement over the strike.
The railroad bond market was barren of
any feature. Total sales at par value were
81. 255, 900. United States bonds were all I'M
changed on the last call.
Following are the lays share sales and
the closing bid prices: