The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-29
STOCK MARKET TORPID
DEALERS AFRAID OF THE THREE
DAYS HOLIDAY.
A Great Deal Might Happen in That
~Time-SteeI Strikes Close How
ers Over Wall Street.

NEW YORK, Aug. 2S.-The stock market
relapsed into trivialities again to-day. The
volume of transactions fell below half a
million shares. and the mixture of net
changes at the close is wholly without sig
nihcance. except as a reflection of the indie
cision dwelling in the speculative minds.
No attention was paid to any news of the
day, and, in fact, there were no occur
rences having any important bearing upon
the values of securities. The bear traders
made a feeble tentative raid shortly after
the opening, but the offerings of stocks
proved so small that they became intimi-
dated and bought back again, covering
short lines which were left over from yes
terday. The success of yesterdays raid
seems to have been due TO an encounter
with some particularly weak speculative
lines, which represented little more than
froth easily blown off the surface of spec
ulation. To-day showed stocks tenaciously
held again, Notwithstanding the extreme
listlessness of the demand. Signs of re-
newed weakness in the corn market after
the opening dealings induced some cover
ing of shorts in stocks from Western
sources, but these were not put out again
when corn rallied again later.
The approach of a three-day hiatus in the
| stock market, with the possibilities of ia
vorable or unfavorable developments in the
interval, was enough TO dissuade either the
bulls or the bears from committing them
selves for that length of time, and to this
deterrent influence may be added the rec
ognized possibility of marking up of call
loans on Friday. The reopening of the
dispute between France and Turkey has
some influence upon foreign markets.. which
is emphasized by the discouraging view
caused by the p~rolongation Of the Boer
war. On the other hand, a settlement of
the steel strike is believed in Wall street
TO be possible at any time.
Notwithstanding the depression generally
in foreign markets., there was active de-
mand from the arbitrage houses for stock
market settlement, which is TO be con-
renewed offerings on a large scale of eX-
change bills against grain exports. The
effect was to cause decided weakness in
sterling exchange. The dealings in the local
money market. however, continue to show
a spirit of caution, due to the continuance
of factors of depletion which are likely TO
gain force. New York banks deposited
100000 at the subtreasury to-day, to be
transferred 10 Chicago to meet current
needs there, although the simultaneous
rise TO within 5 cents of par of New York
discount in Chicago suggests that buying
of stock for Western account may have
caused this demand for New York, eX-
change. The fear is felt that yesterdays
payment of over four million dollars at
Philadelphia on account of the Bethlehem
steel purchase may have affected New
York bank reserves. The market closed
dull and heavy
There was less doing in railroad bonds
than yesterday, but prices were about
steady. Total sales at par value were
81, 500 600. United States bonds were all
unchanged on the last call.
Following are to-day's stock sales and
the recorded fluctuations in prices: