The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-10
GOOD RECOVERIES MADE
SMALL VOLUME OF BUSINESS on
HIGHER PRICE RANGE.
Governments Drain of the Money
Market Is Exciting Uneasiness-.
Chief Movements i'm Shares.

NEW YORK. Sept. 9.-The number of
shares of stock sold on the Stock Exchange
during the FIVE hours of to-day's session
was no greater than sold during the
two hours of Saturdays session. This fact,
in itself. would be indicative of a marked
subsistence of the nervousness and fever
ishness which pervaded the stock market
on Saturday but the table of recoveries
in prices which resulted from the days
trading makes a really remarkable show
ing of the recuperati-ye power of the mar
ket The confident opinion Of the Presi-
dents physicians and friends that he is on
the way to safe recovery from his wounds
was of course, the primary cause of the
buoyant rebound in prices. The effect was
shown not only in New York, but in all
the great Sc :urities markets of the world.
The secondary cause was the comprehen-
sive and effective measures concerted for
the protection and support of the market
by the clearing house banks and great
financiers of the metropolis. The effect of
these measures was seen in the success
with which the call money rate was re-
pressed to a per cent. level. Just what
the measures taken were is not disclosed,
but the large sums OF money in the hands
of the principal money broker on the floor
of the Stock Exchange to place on call
loans at per cent suggests that money
was being supplied by a powerful syndi-
cate for the purpose. The clearing house
committee was conveniently at hand all
day to take any action that might be de-
manded by an emergency, but there was no
formal session of the committee, and no
steps were taken 10y them until after the
close of the stock market, when a dispatch
1x~iCi Jim
of the commit view that some action
bv the Treasury Department was incum-
bent for the relief of the money situation.
The special circumstances which make the
operations of the Treasury Department
embarrassing to the money market have
been ZOO often stated to need special descrip
ton here. The enlarged surplus in the
government revenues by reason OF the great
decrease in the expenditures without cor
responding decrease in the income is taking
daily from the open market and from the
circulation large sums or money, just at
the time when the movement of the crops
and the expanding tall requirements are
making the years largest demands Tor
money. Some expectation of action by the
secretary of the treasury for the relief OF
the money market played its part in the
strength of the market before the action
of the committee was known here. The
tension of demand for money here was also
shown by declines in rates at other points.
Both sterling and continental exchange
fell suddenly, causing renewed talk of en-
gagementS of gold for import, but none
were announced. Chicago's exchange on
New York also within 10 points of
par, but $3.50, 600 was deposited at the sub
| treasury for Chicago and $25, 900 for New
| Orleans. In view of these considerations
the collapse in the money rate late in the
| day is less convincing than 1t otherwise
would be. It's occurrence after the demand
} for the day had been largely satisfied might
| have been due to manipulation. The mar
| ket closed strong, near the top net gains
| for the principal active stocks running
| from co points and for ST. Paul Ga.
Railroad bonds showed recoverieS also,
| but in much smaller degree than in stocks.
| Total sales at par value were 81 065, 900.
| United States bonds were unchanged on the
| last call.
Following are the days share sales and
no "a r,riaa OH