The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-16
EASIER TONE FOR MONEY
ALL INDICATIONS POINT TO A BET
TER FINANCIAL SITUATION.
stock Prices Generally Higher, with
Good Buying I'm Reading and Gran
gers-Specia1ties Also Active.

NEW YORK, Oct. 15-Further progress
was made toward higher level Of prices in
the stock market to-day. although there
were no new actual developments in either
the monetary situation or the coal strike to
indicate any material change in conditions.
Nevertheless the feeling was more prev
alent that the coal strike would reach an
early and amicable end and that measures
are to be taken by Secretary Shaw that will
soon relieve the present stringency of the
money market. His action was said to be
in the nature of further large government
bond purchases. various interests being
credited with holding large amounts which
would be turned in. The sums named
ranged from 100000 to $780, 900, and the
report was vigorously circulated through
out the street. Whether there was any
foundation or not in the rumor the money
market reflected greater ease than in some
time, call loans opening at per cent, the
highest, and then shading gradually to 5.
Considerable attention was given to the
report that there would be certain modif-
cations in the terms proposed by the coal
operators for a settlement of the strike,
which would insure less opposition from
the miners on the points contested. Nothing
definite developed regarding this report,
though 1t was colored to some ex-
tent by the heavy buying of Read
ing. which showed considerable strength
throughout the day. The dealings were
smaller than usual in other stocks of this
class and there was disposition in general
to await active developments before pur-
suing active operations In this quarter. Re-
cent speculative leaders among the grang-,
ers. Pacific and Southwestern stocks were
bought freely and the entire market
showed decided strength at one time or an
other. st. Paul, l.. & N. and Illinois Gen.
trail were conspicuous in the days dealings
and made exceptional advances of two
points Prices elsewhere averaged a point
up pretty generally. with quite an active
demand in number of specialties. The
Gould stocks, as a group, received the most
consistent support, the heavy buying of
missouri racine having sustaining effect
on the lower price OF the stocks. Some dis
of the London market, and as the arbitrage
dealers turned sellers the early market
showed some weakness. Realizing sales,
however, by the local traders were soon
overcome by the appearance OF large orders
for the transcontinental stocks and the
movement throughout the day was mainly
upward, although momentarily checked at
times by profit taking Trading lacked the
breadth and activity of the early opera
tions OF the week, but there was a marked
tone of confidence in the general situation.
Sterling exchange rates made a further
decline to-day. demand bills declining to
$4So.3io, ana there was some talk or the
likelihood of early imports of gold. The
payment to-day Of the second installment
of $1,000. 900 on the Louisville & Nashville
account was looked to as contributing to-
ward further ease In the money situation
as the funds will speedily be redistributed
again through the usual banking channels.
Payment was made by the subtreasury to-
day of 100000 on transfer account from San
Francisco, and it is expected that further
consignments of Klondike gold will be
available to the money market In a few
days. No currency transfers have been
made to the interior by this institution this
week and there was a feeling in banking
| circles that the general conditions favored
lower money rates.
In the late session stock trading was vir-
tually stagnant at times, especially when
the market was under pressure from realiz-
ing sales. There were occasional bursts of
activity. and these as a rule, We're marked
by advancing prices. Profit taking sales
outweighed the buying orders in the final
hour and there were number of important
reactions which were not checked by a final
upturn in st. Paul to the best. The closing
was dull and easy.
The bond market was dull to-day but dis
| played q firm tone. Total sales at par
| value, were s2,475,0O0