The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-27
OVER A MILLION SHARES
TRADED IN on THE NEW YORK
STOCK EXCHANGE YESTERDAY.
Prices Broken by Profit Taking on an
Enormous ScaIe-NO Marked I'm
rest Over Monetary Conditions.

NEW YORK, Aug. 26.-The volume Of
trading in stocks rose well over a million
shares to-day. The market showed great
animation at different times during the day
and gave an impression of strength, owing
to the enormous buying on an upward
range of a few stocks but the speculative
profit taking under cover of this strength
was persistent and widespread. The mar
ket became so honey-combed by the clos
ing out of holdings by powerful speculative
interests that it showed a decidedly crumb-
ling tendency In the closing hour. Prices
fell back rather violently TO below last
night and in only one or two instances
was any appreclable net gain left There
was no reason to accompany the relapse
any more than there was to account for
the previous notable advances.
There more solicitude over the
money market to-day than has been ex-
pressed by warning cautions for some time
and especially since the market took on
the present proportions Of speculation. 1t
is very probable, nevertheless, that the large
operators in stocks are alive to the posi-
bilities of money difficulties, and are de-
sirous of making their successful turn be-
fore actual Stringency sets in. As a mat
ter of fact there were no further trans
fers Of currency to-day TO the interior
through the subtreasury, and loan bills
were quite freely negotiated in the for
eign exchange market. But discussion is
already heard of next Saturdays bank
statement, and ways and means Tor the
relief of the money market by the inter-
vention of United States treasury authort-
ties are already canvassed without throw
ing clear light on the course to be pur-
sued. The secretary OF the treasury re-
scinded the standing order of his prede-
cessor for the purchase of government
bonds in the market at fixed price, and
he is reported to have determined not TO
renew this method OF releasing surplus
government funds to the market. Increase
of government deposits with the banks
would require increased holding of govern
ment bonds as security, and the recent
persistent advance in government bond
quotations is supposed to reflect prepare
tiOns by bankers TO this end, but the
scanty floating supply Of government bonds
makes such demand quickH effective In
lifting prices to point which wipes out
the profit both on banking circulation and
on the holding of government deposits:
There nothing in the ruling rate or
money to-day which fell TO 81 per cent,
to indicate solicitude on the part OF the
spectators.
The leadership of the market in point of
strength was assumed by Atchison the
argument being that the higher prices re-
Gently achieved by other stocks warranted
an advance in that stock. Meantime the
higher prices for other stocks were invit-
ing the enormous speculative liquidation
which finally broke the market. Dealings
continued very large in Union Pacific,
Baltimore & Ohio and Southern PACING,
but they all yielded sharply TO the preva-
lent profit taking. There was rather more
doing in other parts of the market yes
terday, but the congestion in the leaders
was still acute. and there were large por-
tions of the list in which dealings were
quite Insignificant, especially the indus
trials, which were affected possibly for the
forcibe sentiment for their regulation ex-
pressed by the President. The market
closed heavy, although at some recovery
from the lowest.
The principal activity in the bond market
was In the Union Pacific convertibles,
which moved in sympathy with the stock.
as did other convertible issues. Total
sales at par value were $4,3300o United
States old tours advanced " and the twos,
threes and fives p per cent. on the last
call
The following table shows the range Of