The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-03
CHECK ON STOCK MARKET
DISPOSITION To KEEP ADVANCES
WITHIN MODERATE LIMITS.
Conference of Coal Operators and
Miners Representatives with the
President Also a Restraint.

NEW YORK, Oct. 2-There was an in
creasing tendency to dullness in the stock
market to-day. and the conditions became
semi-stagnant at times There was an obvi-
Gus readiness backed by powerful resources
to support the market at any indication of
break in prices. such as occurred at the
opening, but there was an equally obvious
disposition to keep advances within mod
crate limits and not induce any renewed
outbreak of extensive speculation. The
adoption of this policy in stock market OPP
erations by well-eauipped forces served
to reinforce the admonish;ng policy of the
banks to restrict the speculative employ
ment of funds until after the money out
look has cleared up entirely. The desire to
await the result of to-morrows conference
Of coal operators and miners representa-
tives with President Roosevelt was also
restraining influence on speculation. AS
consequence, speculation flattened out al
most completely. and this development was
regarded with genuine relief and satisfac-
ton by the best opinion in the financial
world.
1t is realized that the relief offered to
the money market by Secretary Shaw's ac-
ton averted a crisis that promised to be-
manifest not to allow the resources thus
provided to be prodigally used FOR the pur-
pose of renewed speculative imitation of
securities. There are various developments
to show also that there are abundant re-
quirements upon New York money re-
sources yet to be met and that some of the
possible sources Of relief have been shut off
for the present by the possession of the adj
or reserves against government deposits.
There was deposit at the subtreasury to-
day OF $4,000 for telesraphic transfer to
New orleans, and the movement or cur
rency by express Is against New York on
balance.
To-day's advance in the Bank of Eng
land minimum discount rate and the weekly
exhibit of that institution and of the Bank
of France clear indications that
gold Is likely to be spared by either of
to New York. Sterling exchange advanced
sharply here, and later decline was due
purely to the fact of the postponement of
the sailing OF to-morrows steamship for
Liverpool. The loss in gold by the Bank of
England this week reached over ST. 900.
and that of the Bank Of France some 81
10000. The English institution expanded
it's loan account $27, 600, bringing the
proportion of reserve to liability down to
44.63 per cent. compared with 53.S per cent.
last week, while the French bank increased
lS5, 900. '-''''' '' 80 '
Such movement as there was to-day in
the market was confined to a few stocks.
Advance in Norfolk & Western on expecta-
ton of an increased dividend caused sys-
tematic response in the Pennsylvania group
and rise in Colorado Fuel ostensi-
bly, based upon the decree of a Colorado
court providing for the holding of the an
nual election. Some of the Independent
| steel stocks followed this movement. The
| few gains were much curtailed, and last
prices showed mixed net changes.
The course of the bond market was halt
| ing and irregular. Total sales, par value,
| 1852 900. United States new tours declined
| "a per cent. on the last call.
The following table shows the range of
str