The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-30
WALL STREET LAY IDLE
SALES YESTERDAY PROBABLY
SMALLEST OF THE YEAR.
At the Close Prices Were Little
Changed-ScheduIe of Sales
shows Markets Dizziness.

NEW YORK, Aug. 29.-Any hopes of a
revival of speculation at this time still
further receded to-day. and the business
transacted at the Stock Exchange was
about the smallest of the year. Such as
it was ii was done above yesterdays clos
ing prices, but the recessions from the best
prices toward the close Of the day re-
vealed the strictly professional character
of the dealings and left prices near to last
nights level. Yesterdays check to Tues
days selling movement had apparently
aroused some hope that a renewed buying
movement in force might be imminent.
This ranged the professionals on the buying
side and accounted for the upward move
ment, while the closing out of their ac-
counts was equally responsible for the re-
action.
London was reported a buyer in this mar
ket to an effective degree, considering the
narrowness of the market. This, coupled
with a free supply of grain bills, caused
a further reaction in the sterling exchange
market. The London money market at the
same time hardened appreciably, in part
owing to the demands incident to the pay
day for the Stock Exchange settlement.
Exchange authorities do not express much
expectation of any inward movement of
gold in the early future. The supply of
exchange bills is in some part connected
with the making of sterling loans, and any
stiffening of foreign money rates would be
likely TO bring a demand for exchange in
connection with the release of these loans.
The weekly Bank If England statement
showed an additional strengthening of the
condition of that institution, but the return
OF the Bank Of France is weak, showing
a decline in the gold reserve, an expansion
of the note circulation and a heavy in
crease in outstanding loans. Conditions
in the local money market continued prac-
tically unchanged. There was an addi-
tional 100000 transferred to Chicago by
deposits at the subtreasury, and without
this that institutions Withdrawals from the
local money market had reached 50, III, 900
up to last night. Coupled with the large
10 have occurred early in the week, and
the movement of currency by express TO
the interior, a large decrease in cash re-
serve is taken for granted as an item Of
next Saturdays bank statement.
The time money market is very quiet,
owing TO disposition of lenders to keep
their funds in call loans to meet any emer-
gency.
There was some special demand at diff
ferent times to-day for St. Louis 81 San
Francisco and Canadian Pacific on the
large net earnings reported for July, for
coming developments, for international
Power on the large orders for new loco
motives, for the international Paper stocks
on the conditions reported at the annual
meeting. for the Erie on the hope that
labor difficulties among the anthracite
miners would be avoided, and for Mexican
National, Mexican Central, Baltimore a.
Ohio and some other stocks for undisclosed
reasons. American Smelling declined fur
Their on rumors Of competition organizing,
but rallied sharply.
There was liquidation of Standard Rope
and Irvine issues which broke the price Of
the skies 4 points. and of the incomes 2
| DOlntS Central of Georgia first Incomes
fell ia. The bond market otherwise was
slightly irregular. Total sales at par value
were 81 100000. United States threes ad-
vanced Is, and the new fours declined Il
per cent. on the last call.
Following are yesterdays share sales and
the recorded fluctuations of prices: