The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-09
STILL WATERING
CONFIDENCE IN MONEY AFFAIRS
STILL LACKING IN WALL STREET.
Fluctuations of the List and Attitude
Of Banks Indicate that There Is
Yet an Unsettled Feeling.

NEW YORK, Oct. S.-There was decided
relief to-day from the pressure of the credit
contraction by the banks and the result
was a sharp recovery in the prices of
stocks. The demand to cover short con-
tracts by the bears was a considerable fac
tor, as the recent heavy declines have
made operators on that side of the market
bold and quite active. There was some
show Of enthusiasm in the early buying
and considerable gains were established.
The enthusiasm, however, did not last the
day out and the bears regained some con-
fidence and ceased their efforts to cover.
Some points Of strength persisted to the
last, notably the Union Pacific, but the
market generally became somewhat apa-
thetic and closing prices were generally be-
low the best. A stiffening in the money
rate late in the day to Is per cent. and a
heavy selling movement in Amalgamated
Copper helped to unsettle the late dealings.
The weakness of Am~algamated is due to
the decline in the price of copper both in
New York and London. The considerable
strengthening of the position Of the banks
as. a result Of the weeks liquidation and
several developments to-day tending to re-
plenish their cash resources gave rise to
the query whether the corners had been
turned in money s~tringency SO that some
confidence might be felt that forced liqui-
dalton of stocks had come to an end. The
earlier view was that this might be hoped
for with some confidence, but the waver-
ing course of prices later in the day showed
that this opinion was shaken.
The mere fact that to-day's volume of
dealings ran to but little over half a million
a million during the recent days of weak
ness shows that the recovery was lacking
in strong impetus. The banks also showed
no disposition to deviate from their recent
determination not TO extend credits TO
stock-market customers for the present
There was a payment due to-day of nearly
SlS,OOO,OW on account Of the subscriptions TO
the syndicate for taking over the Louisville
& Nashville. This represents a so per cent.
payment n the remaining % per cent. Is
payable a week from to-day. A 30 per cent.
combine syndicate, calling for about s15,-
100000. and payable this week. Fifty per
cent OF subscriptions for new Baltimore &
ONO STOCK, caiiing Tor $zl,zoo,VO, are pay
able on Oct. IL. These large syndicate re-
quirements may be the cause of the con-
tinued unsettlement of the money market
in spite of the relieving factors at work.
The $3,000,0 900 of Australian gold at San
Francisco was made payable at the sub
treasury to-day. Large requirements fol
the payment of New York taxes have beer
met and are returning to the channels OF
the market. Reassuring reports of the
health of Russell Sage were a Quieting In.
huence- in the money market. Foreign ex-
change continued its downward course and
some loan bills were sold in that market
1t Is believed also that the morning
strength shown by Americans in London Is
due to repurchases there by American sell
ers in this market to get the benefit of the
cheaper money rate for carrying stocks
But there was some buying here to-day fol
London account, which helped to weaker
exchange. The continuing diversion of gov
eminent receipts, except customs, int
bank deposits affords relief from the sub
treasury drain. There We're some hopeful
expressions current over the coal strike
outlook to-day which helped sustain thu
market. Union Pacific was supported will
determination and closed at the highes
price.
The bond market was more irregular
than stocks and developed points of weak
ness As the day progressed. Total sales, a
par value, were 81, 1855. 900. United State:
new fours advanced u per cent. on the
last call.
The following table shows the range o.
stock prices on Wednesday:
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