The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-05
CALL MONEY 5 PER CENT.
MARKET IRREGULAR AND WEAK
NESS IN SOME ISSUES.
New High Records Made I'm Railway
and Industrial StOck-Large Pur-
chases of u. 9. steel.

NEW YORK, Sept. 4.-Partly as result
of the furry in call money, which loaned as
high as per cent. and for other potent
reasons, the stock market to-day developed
a distinctly irregular tone. Before the close
of the morning session more or less weak
ness was shown in a number of speculative
issues, namely Reading. Pennsylvania, New
York Central. Union Pacific and Southern
Railway. These and other less prominent
stocks fell to level generally lower than
yesterdays closing prices. Much Of the
selling was of a character technically
known as good" and in conservative quar-
tiers the opinion prevailed that the pace Of
the early week had been too fast.
Trading in the forenoon was again very
heavy. but the day as a whole was less
active and more circumscribed in distribu-
ton Of business. In the face of these adj
verse conditions new high records were
made In Baltimore & Ohio, Pennsylvania,
Wabash common and preferred. Wheeling
& Lake Erie, Pacific Coast, Pittsburg, c.,
C. &c st. L.. Castiron Pipe and Foundry is
sues and Sloss-Sheffield Steel common and
preferred. The feature of the opening was
the strength and activity of United States
Steel common. Purchases of the stock were
VII q ldi sc scale anu TeSulleu III Il SuUSldH-
tial advance. but the full Improvement was
not maintained. The move in Steel COM
mon was presumably based on its strength
in London, from which center good buying
was reported for American interests. Local
ly London traded in about 10000 shares,
chiefly Steel common, but sold on balance.
The early decline in Pennsylvania was fol-
lowed by a reactionary movement in the
stocks Of most of the Southwestern roads.
There was no news concerning Reading and
the common stock on dealings much below
those Of the previous two days closed with
decline Of 212 points Opinions differ as to
the ultimate fate of that property, but the
knowing ones declare that Its future rests
with Pennsylvania interests, who, IL Is ex
pected, will turn Ii over to the B. & o. line.
Shares of the latter road, particularly the
common, were active and strong at the out
set but closed with net loss A small ad-
vance In Wabash was attributed TO manipu
lation by leading operator.
The early afternoon saw sharp gains in
Peoples Gas, Manhattan, Virginia, Caro-
lima Chemical, Cotton Oil and some of the
more obscure issues. The advance in Gas
short intarsst a. tha, I've, as sII's t nre
ders I'm the late hour caused recessons
throughout the general list. and the closing,
While active, was weak. In the standard
railway group marked weakness was shown
by Norfolk & Western, l.. 81 N, Illinois
Central and Union Pacific, In addition to
those already named. OF the miscellaneous
stocks, the weakest was American Bicycle
preferred, which declined six points. On
the curb, Northern Securities more than
maintained its strength Of the early week,
opening at 11711, but reacting toward the
close. Call money opened at 5h per cent,
and only comparatively small amount was
placed at the top figure, the bulk Of the
loans being made at from to per cent.
There was little disposition to lend money
on time, in view Of the rates for demand
loans Foreign exchange continued easy
with no sign of an early reversal. The sum
of $4,000 was transferred to New Orleans
for local banks, and this with other opera
over &.OO0,000 since last Friday. Railroad
bonds continued very active and irregular.
Total sales, par value, $4,933OOO. United
States old and new fours, registered, ad-
vanced q per cent. on the last call.
The following table shows the range of