The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-04
MONEY MARKET OUTLOOK
PRINCIPAL REPREssIvE FORCE IN
THE wALL-sTREET TRADING.
Government Surplus still Growing in
Movements Are Unimportant.

NEW YORK.-June 3.-It would be use
less to seek for anything but a negative
inference from the operations in to-day's
stock market. owing to the smallness OF
the dealings and the languid movement
Of prices. Variations of as much as a point
are rare and must be sought among the
obscure portions of the list. An example
OF the curb market is offered by St Paul.
usually an active leader of the market,
but in which there were only three trans
actions up tc 2 o'clock to-day. II is nee
essary to go back nearly two years to the
period preceding the last presidential cleo
ton TO find any such showing of stagnant
speculative interest. The undertone was
rather firm. as the immediate news devel-
opments were favorable to values. The
buying was entirely by small professional
traders and the market was so narrow that
they were obliged to concede all OF the ad-
vance in price caused by their bidding in
order to close out a contract The traders
bought during the first hour In the belief
that the success of the anthracite opera
tors in keeping their mine pumps going,
in spite Of the strike. would presage a rise
in the value of anthracite stocks. Import
ance was also attributed to the notable in
crease In receipts Of corn and the resultant
decline in the corn market The immediate
benefit of increased traffic for railroads of
the larger receipts was considered Of much
less consequence than the obvious inference
that the freer offerings OF corn were due
TO belief OF planters that the coming crop
would be abundant. The higher rate for
money probably was the most influential
factor in REFRESHING speculation. Rates for
call money ruled at about last weeks maxi
mum throughout. The syndicate opera
tons last week. which resulted in the
$l5,OO,0Oo loan expansion by the banks,
are liable to be repeated in kind at almost
any time and the effect on the money mar
ket in the present narrow state of surplus
reserve is an object lesson against free
speculative commitments. The question
is beginning to be canvassed whether the
tax reduction bill which goes into effect OH
July will afford the expected relief TO the
money market by relaxing the govern
ment's surplus revenue requirements. The
fiscal operations for May show that, In
spite of a decrease Of over $4O00,0O0 in in
ternal revenue collections. the govern
ments surplus for the month was fully
equal to that of the year before. The
available cash balance in the treasury was
brought up to above 1886. O00, 900, and the in
crease of government deposits in national
banks was less than $4,000, Co., Ii Is prob
able that the decrease in internal revenue
is due to measures for Withholding traffic
until 1t can get the benefit of the reduction
OF taxation on July l. On the other hand
the reduction In government expenditures
more than Keeps pace with the decrease
in revenue and the new order for a re-
duction in the force of the army will &C
centuate this tendency. The most notable
factor in maintaining the surplus of the
government, however, is the cessation of
bond redemptions which were a contin-
uing source of relief to the money market
after July of last year. The policy of the
new secretary of the treasury has not yet
provided a substitute for this relief. and his
Intentions in the matter are not known TO
the public.
There an active demand for Con-
solidated Tobacco tours. Otherwise the
bond market was dull and irregular. To-
tai sales at par value were 50. 10000. United
States bonds were all unchanged on the
last call
Following are the days share sales and
the recorded price changes: