The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-06
REACTS TO LOWER LEVEL
STOCK MARKET ALSO RECEDEs TO
CONDITION OF sTAGNATION.
Increasingly Critical Monetary Situa-
ton a Deterrent to Speculation
Foreign Financial Outlook.

NEW YORK, Dec. 5.-lThe upward move
ment in stocks, which gained some force
yesterday afternoon. came to an end this
morning in face of realizing by the specu
lative pools that have nurtured the advance
in the prominent stocks. The perception of
this realizing checked the following among
the professional traders and led to a reac-
tionary tendency all through the market
The factors at work in the money market
tending to depletion of the cash reserves
of the banks begot a spirit of caution in
the mourning of liabilities for speculative
purposes. The market started. off briskly
and strongly with yesterdays leadership
fully maintained to all appearance, but the
sharp gains by a few stocks and the
tanned influence of these was taken advan-
tage of to realize. Before the day closed
the early gains were wiped out except in a
few instances, and the average level Of
prices at the close lower than last
night The selling of stocks grew notably
less as the decline in prices proceeded, and
the market sank into extreme dullness at
the low level. The loss thus far this week
to the subtreasury of $5S74,O00 serves as a
warning note to the optimists on the money
outlook. The disbursements on government
account have been very light during the
week, and the offerings of government
bonds for redemption have receded to nomi-
nal figures Notwithstanding the withdrawal
Of bonds on deposit to secure circulation up
to the full limit allowed for the month. and
presumably with the purpose Of offering
them for redemption. Assertions that re-
ceipts of cash from the interior on the ex-
press movement are largely I'm excess of
shipments are not entirely reassuring in
view of the fact that deposits at the sub
treasury for transfer to the interior already
exceed half q million dollars for the week,
to-days transfer to New Orleans on that
account reaching $4,000. New York eX-
change at Chicago also fell to 40 cents dis
count to-day. On the international eX-
change side there was an easier tone in the
sterling market, but continental exchange
hardened. Money was in active demand in
London to pay the installment due on the
British loan, the price of gold advanced and
stiff money rate is expected there for the
rest of the year and well into January.
The private discount rate rose in Paris to-
day and the sterling rate there receded
further. The possibility of further gold eX-
ports next week is thus clearly fore
Swallowed. Between now and Dec. 20 the
local money market has to make provision
for the Standard Oil dividend disbursement
of $S,OO0,O00 and a L per cent. dividend on
United States Steel common stock, which
calls for upward of 100000. There was no
immediate indication of money scarcity in
tO-dayS loan rate, but the consideration of
future contingencies had much TO do with
the quieting of speculation on the stock
market.
The railroad bond market was steady for
a time, but became irregular in sympathy
with stocks. Total sales at par value were
81 10000. United States bonds are all un-
changed.
Following are the days share sales and
| the recorded price changes: