The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-21
IN A BROADER MARKET
CONSIDERABLE ACTIVITY SHOWN IN
TRANSACTIONS IN SHARES.
Steel Stocks Generally gnorc by the
Traders-Money Market Conditions
Again Excite Interest.

NEW YORK, Aug. 20.-The stock market
was somewhat broader and more active to-
cay, but there was still no evidence Of any
large participation in the market by the
general public or by great financial inter-
ests on a large scale. The questionable
position of the United States Steel stocks
and the doubtful outlook of the labor stu
alton are still a drag on the general mar
ket, although the market for the United
States Steel stocks themselves and their
price movement are narrow. The market
guardians OF the stocks show themselves
amply able to take charge of all the stock
offered, showing that the company's shares
nave come to be closely held. But the sup
porters OF the stocks are inclined to take
profits on holdings thus acquired upon any
advance in price, and they bid up the prices
when anything like an outside demand de-
velops for the stocks. Under these artif-
cial conditions the movements of the stock
has little significance. The general list
showed a disposition to-day to ignore the
steel stocks. The railroads concerned in
the Northern Pacific settlement and others
allied by Identical ownership or otherwise.
resumed the leadership of the market. This
may have been based upon a published re-
80 80
Bar Harbor between the three financiers
who conducted the Northern Pacific contest
and its settlement. The Morgan and Har-
riman roads were generally affected in
sympathy. including Illinois Central, Chi
cago & Alton, Southern Railway and Chi
cago. Indianapolis & Louisville. The an
.hracite carriers manifested some strength
and the bituminous coal carriers made
gains, although Norfolk q Western and
Chesapeake 4 Ohio suffered from profit
taking. A sharp decrease in the earnings
of Norfolk & Western for the second
week in August seemed to emphasize this
disposition. Some large individual blocks
of Southern Pacific, Union Pacific and ST.
Paul were taken in the last hour, and these
stocks rose 1AQ1s over last night. The
stock market continued to show sensitive
ness TO developments in the money and ex-
change market. A sharp recovery in sterl-
ing this morning led to some reaction from
the opening strength in stocks. Offerings
IN wheat bills were reported small, in con-
%nection with reports of smaller seaboard
wheat ~clearances, which caused q reaction
in the wheat market. But this influence was
largely offset by the large receipts on ac-
count of Australian gold deposited at San
Francisco. The SubtreaSury debit balance
az the clearing house of 81, $685. SOP was
caused by receipt of checks against gold
at the Pacific coast to the amount of 81, 400.-
900. A further shipment of 50. 500. 1000 is on
the way to San Francisco from Sydney.
This makes il evident that the London
market will find a way to meet it's gold OBJ
legations tc New York without stress, and
possibly without actual shipments of gold.
1t is to be noted, however, that United
States treasury operations continue to
drain the money market, the governments
surplus thus far this month having reached
81, 534, OBJ, while for the corresponding period
of last year the governments fiscal opera
tons showed a deficit of $4,3S1 .563.
Railroad bonds continue very dull and
with no movement of significance. Total
sales at par value were 81. 545, 900. United
States bones were all unchanged on the
last call.
Following are the days share GALES and
the recorded price charges: