The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-08
FURRY IN CALL LOANS
MARKED EVIDENCE OF sTRINGENCY
IN THE MONEY MARKET.
Heavy Selling of Many stock Issues
at Declining Prices-SIore Gold
Is Shipped to Europe.

NEW YORK. April THE upward move
ment of stocks. which had gained some
Roadway the latter part of last week. did
not prosper to-day in face OF the rapid
ly-contracting supplies in the money mar
ket. The stocks which We're made the lead
ers Of last weeks movement were the
chief sufferers from the selling The total
volume of dealings fell considerably below
the million share mark touched on Friday
but considerably more than One-third of
the total was made up Of st. Paul, Louis
Vile & Nashville and Union Pacific. The
selling cost st. Paul 29s, Louisville & Nash
vile Ia, and Union Pacific 1Ss This course
of events naturally detracted somewhat
from the interest in the conjectures of the
source of the heavy demand for those
stocks and the community of interest and
merger projects which might be aimed at.
Wall streets suspicion of last week that
the movement was a speculative maneuver
to invite a following in the general mar
ket was strengthened. The rather abrupt
reaction in these stocks as a result of the
developments in the money market was
chiefly remarkable from the fact that those
developments were generally admitted to
be impending last week The answer made
to this that the abundance of capital
i'm the West would relieve the situation and
would give free scope to the buying OF
stocks. But when the call money rate
shot up to per cent. this afternoon. the
highest point of the season, that assurance
did not avail to prevent throwing over of
large amounts of stock. The foreign eX-
change market was apparently not in the
least affected by the outgo of S250O,O00 gold,
showing that the consignment is in pay
ment of foreign obligations. has been
the case with preceding shipments for
some time. Besides the gold shipments
the banks have lost to the subtreasury
since the weekly bank sta tement some $685.,
600. There was a deposit also of 100000
in currency at the subtreasury to-day for
transfer 70 Cincinnati, while New York
exchange at Chicago fell to 20 cents dis
count AS the bank statement on Saturday
showed the surplus reserve down to &, 649,
525 IT will be perceived that to-day's de-
mands were sufficient to wipe out the sur
plus. All departments Of the list were af
orally from l to points and over that in
exceptional cases. Amalgamated Copper
ignored the general tendency of the market,
as IL did when the market was going up,
and rose at the last hour of the day to
112 over last week. Other firm spots were
in the local fractions, some of the express
stocks, Westinghouse Electric, Chicago &
Alton, the Wisconsin Central stocks, the
Duluth, Shore q Atlantic stocks, and some
minor issues. The action of the days grain
markets gave some intimation that last
weeks stock market assumptions of the
safety of the winter wheat crop were some
what premature. But the furry in the
money market was the overshadowing in
fuence and the market closed active and
easy and generally at the lowest.
A few OF the newer bond issues were adj
vanced but the general tendency was
slightly easier, in sympathy with stocks
Total sales, at par value. were $3.50. 600
United states bonds were all unchanged
on the last call.
Following are the days share sales and
the recorded price changes: