The Indianapolis journal., 1902-08-21
1T Is A MORGAN MARKET
RETURN OF THE MAGNATE FROM EU-
ROPE HAS IMMEDIATE EFFECT.
Advancing Tendency Throughout the
List, with some Liquidation mt the
Close-Moncy Is Some Easier.

NEW YORK, Aug. 2O.-To-days stock
market was more broad and active than
that Of yesterday and generally strong but
the strength was very unevenly divided
and was not consistently maintained. The
hands OF the professionals were quite man
ifest in the market After one group of
stocks had been pushed up to a certain
extent, they would meet selling orders TO
realize in the moment that an aggressive
appearance OF strength was developing in
some new quarter, thus encouraging con-
unued buying by outside Spectators in the
stocks already advanced and thus facilitat-
ing realization. 1t was distinctly Nor
gan market. That is 70 say the buying OF
stocks was based the assumption that
MI Morgan has returned TO Wall street
ready 10 take up the broken continuity Of
many important projects which ne had uh-
der way when he left for his vacation.
Some of these projects have got into
snarl, legal, financial, speculative Pro-
fessional spectators in the street have an
abiding fai:h that Mr.. Morgan will prompt
~ settle them all. His immediate appear
ance at his office, going directly thereto
from the steamship, gave addltlOnal
strength to the conviction that ne would
give immediate attention 10 pressing prob
lens 1t IS needless to say, however, that
some OF the expectations expressed by the
active speculators in the market as to the
scope and prOmptitude Of Mr.. Morgans
measures, reached a degree of absurdity.
The undeniably strengthening effect on
confidence OF this capitalists return TO
active direction OF affairs was
promptly taken advantage of by
various speculative pools 10 make demon
srdtlons IN their faVOTite stocks by rapidly
advancing prices. a distinctly easier tone
TO the money market facilitated operations
for an advance. The ruling rate for call
loans was 4 per cent. as against 4% yes
terday, and the market for time loans was
also called easier. The foreign exchange
market naturally hardened in consequence.
Continued selling of stocks for London ac-
count was also factor in the demand for
exchange. The interior demand for funds
seems still to be delayed, and bankers re-
port that outside lenders were placing their
ready funds on call in to-days stock mar
ket. Owing TO the large pension payments
and the decline from the recent high level
of government customs receipts. the sub
treasury has contributed over $4,000 to
the money market this week. To-day that
institution paid out $4,000 on account Of
gold deposited at Pacific coast points,
which is presumably klOndike gold. The
treasury statement from Washington, how
ever, shows q surplus Of revenue for the
day of $1,593. .46S which cuts down the
months deficit about three-quarters. I'm
favorable crop weather, the futility of the
coal conference 10 effect the coal strike
settlement, and the violent break in Colo
radO Fuel on account of the internal con-
fiict in the company, were ignored in the
trading. The special strength of some Col
orado railroad stocks was supposed to be
connected with the liquidation of Colorado
Fuel. Recent rumors of a merger of South
ern railroads, Of Canadian Pacific's alleged
intention TO secure an entrance into Chi
cago and of a prospective absorption by
large railroad systems of sundTy small sys-
TENS were all manifest influences In the
market. Profit-taking was general during
the last hour, and the closing was active
and irregular.
Bonds were generally firm. Total sales,
at par value, were s., 100, 600. United States
bonds were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: