The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-06
PROFESSIONALS AT PLAY
sTOCK TRADERS ARE sEEsAwING
ON wALL STREET.
Men Behind the Guns Are Not
Working. Except tn Keep the
situation in Their Hands.

NEW YORK, Sept. 5.-The operation of
professional traders, to which business on
the Stock Exchange is now almost wholly
confined. do not make more than a super
fetal impression upon the market. The
object of the traders is achieved if prices
are moved, whether in one direction or
another. When the professionals perceive
that in selling stocks they are getting
into sparse company, they turn with the
utmost cheerfulness to the buying side as
they did yesterday, and for a time this
morning, and when the buying demand
shows diminishing power, and there seems
danger of becoming loaded up with long
stocks, they begin to sell with equal
alacrity, as they did this afternoon.
AS a background to the market lie the
strong general conditions of business, the
prospect that the interruption to the pros
porous conduct of the steel industry will
not be much longer continued, and the
determination with which controlling in
terests in the great properties cling to
their holdings. 1t is the obvious policy OF
large capital at this time TO discourage
active speculation, pending the clearing
of the autumn money requirements, and
at the same time offer effective support
for prices of securities when threatened.
There was deposited 100000 at the SUBJ
treasury for transfer to Chicago, and
$40, 900 for transfer to New Orleans. Yes
terday's subtreasury operations yielded a
small balance to the banks on account of
payments for gold deposited at Pacific
coast points and there were further pay
ments for the same account to-day. The
subtreasury had in fact taken s., 1880
from the market up to last night, although
the movement of currency to the interior
was suspended up to that time The offer
ingS OF United States bonds for
under the terms of the secretary of the
treasury have slightly increased in the
last few days, but they are insignificant
as IN offset to the drain on account OF the
government revenues. Wall street is dis
GUESSING relief by some new action of the
Treasury Department, as is invariably the
case in periods of money difficulty, but
there was nothing announced to give color
TO the expectation.
Money worked frmer in all departments
to-day and sterling exchange fell an ad-
ditiOnal fraction, and reports were in circu-
lation OF a 100000 engagement for import.
Discounts hardened in London, but the
release of funds following to-day's pay
ment of an installment on consOl subscrip-
tions may relieve that market. The weekly
statements of both the Bank of England
and the Bank of France show losses in gold
reserves. To-day's early show of strength
was confined to the c~oalerS, Vanderbilts
and granger among the railroads, and
Sugar and a few minor specialties among
the induStrialS. Brooklyn Transit was weak
throughout on the poor showing of July
net earnings. The market closed weak at
declines running up TO 2 points. Railroad
bonds were irregular in tone and dull.
| Sales, par value, 81, 400, 900. United States
bonds were unchanged on the last call.
Following were the days share sales and
| the recorded fluctuations in prices: