The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-04
BEAR CAMPAIGN AGAIN
THAT PARTY TAKES COURAGE FROM
sLACkNESS OF HONEY.
However, the Indications Are that the
Opposition Is Busy Relieving
the Stringency.

NEW YORK, Sept. 3-The reason for the
sudden reversal of speculative opinion III
tO-day's stock market, so far as events of
the day threw any light upon it. was rather
obscure. The bear party, which was obvi-
ously intimidated on last Friday by the
good support offered to stocks by inside in
~terests, and disappointed at the failure OF
the money market TO stiffen on the eve of
the triple holiday, apparently was willing
to take chances on the short side that it
was afraid to venture upon for the interval
during which no market would be avail
able for it 10 close contracts in. Its vigor
in selling stocks thus represented a re-
newal of the bear campaign, based upon
the closer tendency of the money market,
which was interrupted by the holiday.
The actual condition in the money market
conformed pretty closely to what was ex-
pected on Friday, and which the Saturday
bank statement served to confirm by an
~ticipation, but the sterling exchange mar
ket promptly responded to the closer con-
dition i'm the local money market in a way
to indicate the operation of forces at work
for the relief of the market by drawing
gold from abroad. In addition, there was
announcement of the receipt of $4,000 in
Australian gold at San Francisco, available
for Geographic transfer to New York, and
the expected receipt later in the month of
81, $4,000 to the same destination. In the
prevailing sentiment of Friday the marking
up of the money rate, which. occurred to-
day, would have been ignored If offset py
these counter-effects. The ruling rate for
call loans to-day was 80 per cent. None
was made below 3 per cent, and the rate
ran up at one time to 4 per cent. Money
was reported in abundant supply in Lon
don, and the downward course of interest
there vas not affected by the drop In New
York exchange.
In fact. conditions were decidedly more
cheerful in London this morning, and the
prospect of being called on for gold by New
York is apparently viewed with equanlm-
ity. London's higher range for Americans
had the effect of opening this market
higher, but the opening prices proved TO be
the highest. The action of the foreign eX-
changes has been so anomalous OF late that
some distrust is felt of the present weak
ness as an index of coming gold exports:
Large loans are known 10 be making or
foreign capital here, which involve the sell
ing of long exchange, to be covered by
purchases OF sight Exchange when the loans
mature. 1t is known that arrangements
have also been making in the Paris eX-
change market for meeting future require
ments for the purchase of American wheat.
The recent heavy export movement of
wheat from here Is, to some extent, artifi-
cial, being stimulated by generalization of
freight rates, caused by the extremely
scanty demand for room to export mer-
chandise. These factors all have a bearing
upon the future of the foreign exchange
market, promising some support at the
period when exchange is generally the
weakest.
When traders perceived large selling to-
day by brokers generally acting for inter-
eStS which have consistently supported the
market through all recent signs of weak
ness the selling pressure became acute,
causing declines of to 3 points among the
principal active stocks, the grangers and
Pacifcs leading. Denver & Rio Grande
issues showed extraordinary strength. and,
after reacting with the market, show net
gains of 5 points for the common and
3s for the preferred.
Railroad bonds weakened. Total sales at
par value were 81, 026.0 900. United States
bonds were unchanged on the last call.
Following are yesterdays stock sales and
the recorded fluctuations in prices: