The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-18
BETTER TONE APPARENT
STOCKS MORE ACTIVE WITH THE
EASIER MONEY MARKET.
General Range of Prices Somewhat
H~igher-Gold imports Have a Sentf-
mental Ehect on Speculation.

NEW YORK, Sept. H~.-Speculative senti-
ment was further improved in Wall street
to-day and prices of stocks enjoyed an adj
ditional recovery. The relief of the acute
uneasiness over the money situation by the
large engagements of gold for import
checked the liquidation in the stock mar
ket and made 1t easier for the market to
mark up prices again. The volume of the
actual buying remained light. however, and
the number of shares dealt in was no larger
than yesterday. The movement hitherward
of some s7.65o.OOo in gold from various
quarters gives some feeling of assurance
that relief will be at hand when the coming
additional requirements Of currency by the
interior will make it urgently needed. Tn
nervous feeling early in the week was as
much due to fear of this future contingency
as to the then present exigency for money.
The receipt of gold which has been started
toward this center will be In occasional
parcels during the next three or four weeks.
Over 100000 of the Australian receipts
which arrived in San Francisco yesterday
were made Immediately available to the
local market by Geographic transfer
through the subtreasury to-day. The
100000 which started from England to-
transatlantic voyage. OF the remainder
there Will be one parcel OF $JOO.OW which is
not due to arrive in San Francisco until
Oct. 10. 1t will be seen therefore that there
Is no actual present relief from the process
of depletion of New York bank reserves.
The anticipatory aymen OF government
interest does not keep pace with the trans
fers or currency to the ,Dterior through
the subtreasury, which again amounted to-
day to over half a million dollars, OF which
about two-thirds went to New Orleans and
the rest to Chicago. The requirements or
the large customs payments meantime con-
tinue to drain funds from the New York
banks into the subtreasury, the balance
pense of the market having amounted al
ready since last Friday to A,631, 900. The
comparative quiet In the money market is
therefore due rather to a sentiment or
actual present relief. The restriction Of the
speculation Is a testimony to the continued
scarcity of funds. Call money touched 10
per cent. only momentarfly this morning
and ruled generally below that. There was
a notable rebound in the foreign exchange
rate, demand and sixty days sterling bills
recovering to hc above the level at which
the gold imports were arranged. This
corroborates the opinion that the gold i'm
port point was slightly forced by those
engagements,
London sold stocks here on balance. dis
counts hardened in London and Paris, thus
increasing the demand for sterling. and the
supply OF commercial exchange bills con-
prominent stocks, among both railroads
and specialties. were from l to 2 points
over last night at one time to-day.
but the prices were not held. The market
closed about steady.
The bond market was firm. Total sales,
at par value, were 81, 70s, 600. United States
threes, registered. gained u per cent; the
coupons "A per cent, and the old fours -
per cent. on the last call.
Tho followinptable shows the range of