The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-25
STORMY DAY in STOCKS
PRICE FLUCTUATIONS ERRATIC AND
AT TINES VERY HEAVY.
Calling of Loans Continued, Causing
Precipitate LfquidatfOn-GOOd
Partial Rally at the Close.

NEW YORK, Sept. A-After stormy
day in the stock market the closing
quiet, but with the undertone still slightly
unsettled. 1t was day Of violent fuctua-
tons and Of many changes in the course of
prices. Twice there was dangerous break
which threatened Generalization, and twice
there was an effective recovery. Just at
the last there was some very large selling
by holders who seemed DESTROYS of taking
advantage of the vigorous rally in force,
and who seemed yet to harbor doubts
whether the storms of forced liquidation
had spent their force. But there was I'M
doubleday very general sentiment at the
close that the position of the banks had
been effectually strengthened and that the
violent loan contraction might have reached
its limit for the present. The news OF the
sighting of the steamship having on board
a consignment of nearly $15Oo.0o0 was
strong sentimental influence on the market,
as was the sharp break in sterling.
The opening break in prices. which ran
from 1 to points for the active leaders,
was aggravated by the unexpected news of
President Roosevelt's disability. The re-
ports given out from the Presidents train
served to reassure fears on that score.
late heavy liquidation had been due to
some advance information Of the operation
on the President. The consequence was
that prices recovered pretty generally dur
ing the first hour. The opening rate for
call loans was announced at Is per cent,
and after momentary reaction to Is per
cent. the rate scared to rs per cent. Stocks
were then unloaded in enormous volume,
with the demand apparently reduced to
nothing. There was a heavy slump Of
prices throughout which carried prices of
many leading stocks from to points be-
low last nights level before any effective
resistance was shown to the decline.
The banks were cutting down accommo-
dations on call to brokerage firms and pro-
ceeding with the drastic measures which
were inaugurated yesterday for recuperat-
ing their reserves. Assurances were heard
from all sides that abundant resources
were available for all regular business
purposes, but nothing further was heard
of the soothing assurance that there was
no danger of money fiurries. The great
speculative combinations which have taken
out loans and bought stocks on margin on
this assurance for some time past had
nothing to do but to sell out their stocks
and repay the loans. Various estimates are
current of the extent of these loans for
speculative purposes, and the closeness of
the, combination amongst the speculative
interests which have acted together is not
clearly defined, but it is believed that re-
sources to the extent of $50, 900 have been
subject to centralized direction in the spec
ulative campaign which was undertaken
The action of the banks this week marked
the abandonment of the hope that had been
entertained that measures of relief by the
Treasury Department and the automatic
RELIEF OF gold imports would save the Situa-
ton through the crop-moving period. Talk
was renewed to-day of an intention on the
part of the secretary of the treasury to in
crease government deposits with the banks
up to the market value of the government
bonds for security, but no official sanction
could be secured for this report. This dis
cussion, though, was an effective factor in
the late rally in the market. Meantime
customs collections have changed the early
gain by the banks this week into loss of
over half a million into the subtreasury.
ton $4,000 for transfer to Chicago and
100000 for New Orleans.
An effective agency in the rally was the
changed attitude of the brokers for a spec
of shares yesterday, but which turned to
the buying side at the low level to-day.
Their operations were conferred in the Gould
stocks and resulted in carrying Western
Union rs and Manhattan pa over last
nights level The smallness of the net
changes generally marked the effective
ness Of the second recovery in the market.
Bonds suffered quite severely in the liqui-
with stocks. Total sales at par value were
| s6170.O00. United States twos declined II
and the old fours advanced "a per cent. on
the last call.
The following table shows the range of
stock prices on Wednesday:
To T. 70 - T-aroc