The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-06
MARKET WAS UNSTEADY
ST. PAUL AND MISSOURI PACIFIC d.
vIDED MONORs OF THE DAY.
Gain in Observation-Disclosures PrOmi-
nent i'm Observation-Disclosures Bonds
in Good Tone, but Less Active.

NEW YORK, Sept Sat the opening to-
day the stock market reflected little of
Yesterdays reactionary tendency. though
the undertone was somewhat heavy; owing
to the unstable money market and lower
prices in Europe. st. Paul came into early
prominence, and with Missouri Pacific d.
vided the days honors, renewing rumors
of a closer working agreement between
tho-e two lines.
On transactions .ceeding 5000 shares
st. Paul, while losing somewhat below
the best, made a net gain of almost
points, while Missouri Pacific. which was
much more active, gained III. The other
Southwestern stocks, especially those In
the Gould system, made some recovery
on the growing belief that the govern
ment's crop reports would prove somewhat
exaggerated. Norfolk & Westerns
strength was due to favorable forecasts
regarding the annual report, and Penn
sylvania's gain, which was not long main
tanned, was attributed to the collapse of
the tunnel franchise opposition. The COM
parative inactivity of Reading common,
which was heavy throughout. resulted, 1t
was believed, from the impression that the
probable contest for control had been set
tied. The Chesapeake & Ohio pool was
checked by reason of the roads poor show
ing for the latter part of August, but
closed with a fractional gain. Wabash
issues advanced on news of a favorable
judicial decision and the debenture BIS,
together with st. Paul common, were
among the few issues that made new high
records.
The early session also brought gains to
a number of industrials, including Vir-
ginia-Carolina Chemical, Cotton Oil. Peo-
pies Gas and SlOsS-Sheffield Steel but
with the exception OF gas and the chemical
issues, the improvem ents did not hold.
Manhattan was the feature of the trac-
Tons, though its gain on the day was only
fractional.
Irregularity followed another squeeze in
call money, which worked nominally as
high as 10 per cent, but actually not high
er than S1z, and fell off as low as ga Much
dustrfals, notably Colorado Fuel, Pacific
Mail. Peoples Gas, Leather issues and
the independent steel and iron stocks, all
of which closed with net gains In the
last hour there was a general recovery to
above the previous days final prices and
the closing was in the main firm.
The subtreasurys debit balance at the
clearing house of over 81 .O00, 600 was chiefly
due to heavy payments for the navy, and
$4,000 for account of Klondike gold.
| There was also a transfer of 500 900 for
| local banks to New Orleans Tomorrow S
| bank statement will. 1t is believed, show
| a further loss of surplus reserves. but is
not expected to reflect in full the Sc 900, OOC
| lost to the subtreasury and the interior
prominent in to-day's operations, though
| selling on balance
Railroad bonds showed a good tone
| throughout the day, but the market was
less active; Total sales at par value were
| $3.22O0o0. United States old tours, coupon
advanced q. and the new tours, registered
declined " per cent. on the last call.
/ he