The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-31
WALL.STREET SITUATION
H HAS BEEN LITTLE DOING
AND THE MARKET Is FIRM.
4 Mysterious Buying Movement ny
strong Operators-To-Day and
Monday Are Holidays.

strength to-day. The increasing DISPOSE
ton 10 buy stocks as the day progressed
indicated that the demand To cover out
standing contracts came largely from the
bear party. There was, however. also a
steady absorption of a number of promi-
nent stocks. which was difficult TO explain
on any other basis than as an
ton for a purpose not disclosed. The buy
ing of this character was particularly OBJ
vious in the Fries. The buying here was
very concentrated and was by brokers
usually employed by the inside interests Of
the property. A single commission house
took between 10000 and 1900 shares of the
common. and considerable speculative fol-
lowing was contracted, some large buying
of this stock coming from Western sources.
Union Pacifcs. st. Paul and Atchison
showed the belated effect of the very large
net earnings for July reported earlier in the
week, and Canadian Pacific and st. Louis
& San Francisco continued to move up
ward from the same cause. This was a
general influence in holding the whole
railroad list firm.
The transactions and movement in gen.
eral were not conspicuous. The increase
i'm the volume of business over yesterday
Was mostly COlIneQ 10 the SlOChS H.
There's was considerable demand also for
A~malgamated Copper. The Gould South
westerns were well held to the accom-
paniment of vaguely defined rumors of
coming developments. The Wabashes rose
about a point each and Denver & Rio
Grande preferred gained 2as upon intima-
lions of a coming favorable annual report.
The strength of the Chicago Terminal
Transfer stocks was due to talk OF absOrp-
ton by the Chicago & Alton. American
Tobacco advanced 80. without explanation
and Colorado Fuel 2. The New York. Chi
cago and St. Louis stocks rose 2 to 29s.
The bears were seemingly discounted
market. They had counted upon the de-
mand for loans TO carry over until Tues
day to stiffen rates AMI bring stocks upon
the market. This fail 4 TO occur In spite
weeks cash changes. From statements
furnished by the banks it appears that they
of So 200. 900 in the week. OF this the sub
treasury took $4,623, 600. of which 81, $500 o.
was cash deposited for transfer to the
interior. The direct shipments of currency
by express have also been very heavy.
II is said that the paymen for the contrS
of the Bethlehem Steel Company did not
merely an exchange of banking credits.
London bought stocks quite freely here
and the resulting decline I'm the exchange
market added TO the sentimental effect of
this buying. The market closed moderately
active and firm.
The railroad bond market was very duh
but firm: total sales, par value. $2.01S. 700.
United States bonds were all unchanged
on the last call.
TREND OF THE WEEK.
The stock market OF Monday suggested.
and that of Tuesday confirmed, the infer
ence that the elaborate efforts which had
been making by a contingent Of profess
sional operators for two weeks previous
to awaken a speculative movement in
stocks In the present outside public had
been effectual. The recognition OF this fact
caused considerable throwing over OF stocks
to realize by the professionals, and the
sharp break I'm prices OF Tuesday afternoon.
The subsequent firmness of the market,
I'm spite of the semi-stagnation, indicated
that the liquidation had come from the
weaker class or operators. Better fortified
holders seemed disinclined to let go, and
there were evidences OF quiet accumulation
OF various stocks.
The market, however, had, I'm the main,
reflected "A waiting attitude toward securi-
ties. pending the clearing away of va
rious uncertainties overhanging the mar
ket, with the undertone OF confidence In
ultimate values OF securities obviously un-
disturbed. The chief deterrent factor
against speculative ventures Is the future
requirement OF currency to move the crops,
which are growing daily moro defined. An
additional consideration was the decision
58 clSSe the ,S stock Ma GSGnans SoS E5 Sata w6iSyb;
served TO check speculation, as a three-day
interval In the trading always does.
opinion in Wall street Is that the steel
strike has spent It's force. But the tech
meal market position OF the United States
Steel stocks Is In some doubt. There has
been Il considerable outlay Of resources
to support and protect the prices OF those
stocks while they were under pressure.
Up 10 this time any advance In their prices
has brought out offerings, indicating a dis
- 80 Kna slAf the 49,
quired. Speculation In the stocks has con-
sequently been very light here. TIL effect
upon the market is feared of a possible
drag from this source on any attempted
general advance.
The action of the market on Tuesday,
when the price OF corn turned strongly up
ward again. showed that "a renewal of
favorable crop reports might still AVE
power to depress the stock market. The
deterioration of the cotton crop is an in
fiuence In the same category. The reopen
ing OF the dispute between France and
Turkey is kept under observance. Only
light disturbance has thus far been shown
in any way in the securities markets. But
any event threatening a recrudescence of
the Eastern question and its complicated
conflict of national interests In Europe is
necessarily taken account OF in the fnan-
cial world.
THE MONEY MARKET.
In the money market the large shipments
of currency to the interior have demon
strated that New York will be subjected to
the usual demand for financing the crop
movement. and at a period ratb n earlier
thar last year. Meantime there Is no indi-
cation of a relaxation of the unexpected re-
q%Uirements upon the money market of New
York treasury operations by reason of the
surplus. Apparently the surplus in the rev.
enues for August will be approximately
So. 900, 900. The treasury demands upon the
money market thus far this month have
been upwards of $1,000, 900 in excess of those
for last August. The discrepancy is princi-
pally due to the calling of the extended 2
per cent. bonds last August. Up to Dee. last
year there had been 81, 23S.S $50 of those
bonds redeemed. The reduction in the rev.
enus from the changes in the tax laws has
not proved anywhere near as great as was
calculated, the reduction thus far in Au-
gust. compared with last year. being less
than 81. o 600. 1t is explained that delay i'm
the redemption of purchased and unused
revenue stamps owing to the clerical diff
hculties. and in disbursements on army
and other contracts, owing to the adjust
ments I'm Pittsburg, may affect future COM
parsons of treasury receipts and expendi-
lures. 1t will be remembered that the gov
eminent disbursements last year and the
halt in trade activity resulted in a fairly
plethoric condition of the local money mar
ket.
AT the same time the heavy outlay by the
British government for war expenditures
and the interruption of the Transvaal gold
supply. had badly depleted the Bank of
a large portion of the consol issue i'm this
country and the resulting export from New
York for two weeks i'm August of S17. $50. 221
in gold. Before this relief the Bank of Eng
lands proportion of reserve to liability had
fallen TO near 30 per cent. On Thursday OF