The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-19
STOCKS DULL AND WEAK
OF THE CASH RESERVES
= HELPS REPREss SPECULATION.
Demand for Money for CrOp-Moving
Purposes Is Making Itself Felt
Changes I'm the Price List.

NEW YORK, Aug. 1s.-A dull and sag
ging stock market to-day was the natural
consequence Of various evidences going TO D..
show that the expanding needs of the cir
culation are making increasing inroads on
banking reserves. The. continued transfer
Of credits TO foreign lenders through the
medium OF the exchange market mitigated
the anxiety over the money outlook with
out entirely curing IL. The response CT
the London discount market to the Amer
lean borrowing demand gives warning that
the process may be checked by bringing
the interest rates of the two centers to
parity. In the local money market the
banks very generally marked up their
rates for call loans to Az per cent. and
the rate touched per cent. during the
morning. There was less demand for COM
mercial paper and the rates for time loans
were firmly held at 5 per cent. for all
periods. Reports from interior monetary
centers were of a firm tone TO the market
and a large demand from smaller towns
and country places for currency. indicat-
ing the nearer approach of the demand on
New York reserves. New York exchange
at Chicago continued to droop and was
quoted at 1Oc discount, compared with zoe
subtreasury is contributing slightly to the
local money market by reason of the full
tide in the monthly pension payment, but
the recent daily deficit reported by the
treasury at Washington gave place to-
day to a surplus of several hundred thou
sand dollars for the first time during the
current month. This recalls the course
of the governments revenues last month,
the deficit having reached nearly $13,OooO0
about the middle of the month, but fall
ing 10 $7,5OOOOO by the end of the month.
Saturdays treasury statement showed a
deficit for the month to date OF 81, 751 800,
compared with a surplus of more than half
million for the corresponding period last
year. The decrease in internal revenue
thus far this month by reason of the re-
peal of the war taxes has reached s., 401, 344,
compared with last year, while the GUS
toms receipts this month are s.. 5S6.324 great
er than last year, and the total treasury
receipts have expanded this month 81 221, 1876
over last year. 1t is only therefore by rea-
son or an increase in the months expendi-
lures by the government of 81, $50 600 that
the money market has experienced any
relief from the drain caused last year by
the governments surplus. Whether the
increased rate OF expenditures of the gov
eminent is likely to be kept up is a prob
lem much discussed in Wall street, owing
TO the approaching depletion of banking
reserves. Besides the local money situa-
ton the market was depressed by selling
OF stocks for London account, owing TO
hardening OF money rates there The net
earnings OF railroads for June reported
showed some decline in the Southwest
owing to shortage in the corn movement
and 1ntimations were given of probably
similar results for July. The reported re-
urement Of the president of the United
States Steel Corporation had some in
nuence In the general market, although
the stocks of that corporation were but
little affected. Offsetting factors in the
heaviness of the market were strength of
Louisville & Nashville on supposed prog
ress In the financial read justment: in To-
ledO st. Louis * Western on rumOrs Of
Vanderbilt control; in Texas & Pacific
on the alleged seeking of control by St
Louis & San Francisco in Chicago Ter
mlnal stocks on rumored plans of new
tenants, and In a number of minor special
Ties. The closing tone was dull and heavy
The reduction in the yearly interest dis
Dursement on the Central Of Georgia first
income weakened that group of securities
and had some sympathetic effect else
where. Total sales al par value were
N,nV'OOO. United States refunding tWOs
| advanced Is and the new fours II per
cent. on the last call
Following are the days share sales and
| the recorded price changes: