The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-23
TURN FOR THE BETTER
STOCK MARKET RECEIVERS FROM
ITS DEPRESSION OF THURSDAY.
Generally Higher Prices Made i'm the
lions Are Somewhat Improved.

NEW YORK, Aug. 22.-To-day's stock
market rallied from yesterdays depression
and closed at materially higher prices than
last night. There was a considerable con-
traction in the volume of the trading, and
ii was not until late in the day that the
disturbance TO sentiment caused by yester-
days break in prices seemed entirely over
come. This was partly due TO the evidence
of continued liquidation in Colorado Fuel,
which it was feared was creating neces-
sity to unload stocks elsewhere in the mar
ket. The appearance of support in that
stock and it's rally to more than a point
over last night was an important factor in
reassuring sentiment, and its effect was
emphasized by the renewed strength in
l.. & N. which was supposed to be related
in a speculative way to the movement in
Colorado Fuel. The points Of strength in
the early part of the day were somewhat
scattered and might be attributed TO spe-
cial causes. 1t the late dealings the
strength became more general and the mar
ket brOadened out under the immediate in
luence of a two-point rise in Southern Pa
cific. The explanation of the strength in
this stock was not obvious, beyond the
fact that the speculative leader who has
made this stock a favorite of late years is
now due to a return from Europe. On
tario & Western continued its advance,
wish a rumor that it was being sought by
Canadian Pacific for connecting link with
New York city, thus experimenting recent
rumOrs of Canadian Pacifics purpose TO
enter Chicago, which were subsequently,
denied. The firmness of Western Union
continued to exicte remark and conjecture
as to a possible combination Of telegraph
interests. When Colorado Fuel made It's
recovery there was fairly general advance
among the independent iron and steel COM
panies, from which the United States Steel
stocks were conspicuous exceptions, the
movements Of the latter being restricted to
narrow proportions. The grangers, Pacifics
ana S0uthWesternS quite generally partici-
pated in the late movement in Southern
Pacific. The reaction in the wheat market
may have helped this movement Yester-
days furry in SEPTEMBER corn, while with
out any bearing on the coming crop is sig
nifcant OF the very small movement of the
tag end OF last years crop, which has been
rejected in late returns of gross earnings
of railroads in the corn territory.
The freedom from furry in the money
market, with the demand for loans TO carry
over until Monday, had a reassuring effect
and aroused hopes that the bank state
ment tomorrow would show strength
ened condition. If this proves TO be the
case, it must be by reason of loan contrac-
ton by transfer of credits TO the trust
terror currency movement seems still to
be slightly IN favor of New York. The sub
treasury operations, which had yielded to
the banks up TO Wednesday evening 81, 335.-
coo, took from the banks yesterday, $1,07S,-
600, thus nearly wiping out the previous
balance. The net result promises a gain
In cash for the week of less than half a
million dollars. Another transfer was
made to New Orleans to-day of $4,000,
and New York exchange at Chicago drop
ped to 20 cents discount after having re-
covered 10 par earlier in the week The
advancing quotations for government
bonds are believed TO be due to the ex-
pectation that the treasury may take early
steps for the relief of the money market,
either by increasing deposits with the
banks or by redemption of bonds.
Bonds were firm in sympathy with stocks.
IOtal sales, at par value, were $1,370O00.
united States refunding twos, the old tours
and the threes advanced "a per cent. on the
last call.
The following table gives Fridays range
OF prices on the New York Exchange: