The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-13
MONEY STILL HARDENING
THIS FACT EXERTs A REPREssIVE
INFLUENCE on SPECULATION.
Level of Activity Is Lower and Prices
Generally DecIine-LiTtIe Danger
of Gold Exports.

NEW YORK. Aug. 1.-THE dominating
factors in the stock market continue TO be
the coming crops and the money outlook.
Crop news was eminently satisfactory to-
day. both that of the monthly report of
the Agricultural Department and the later
current news Of the Weather Bureau, but
it is to be borne in mind that the specula-
ton for some time has been diligently dis
counting good crops, which have been
clearly foreshadowed. On the other hand,
the autumn activity in the money market,
while it has been expected and made the
subject OF industrious warnings, has been
ignored in speculation. This weeks rise
in money rates, therefore,, would naturally
be of most effect on speculative conditions.
Buyers in anticipation of good crops, seeing
the danger of a furry in the money market
which might force liquidation OF stocks,
and attracted by the high level to which
prices have attained, are tempted to sell
to realize their profits. There was con-
siderable strength at one time to-day, and
in a few cases it continued to the close,
but for the most part the early rise in
prices was taken advantage of to realize
profits, and the general level of prices
ended lower than last night. There was
a lHCI CONTRACTION dlSO III the NOluUle
OF the dealings, which dropped back again
below half a million shares. Unofficial es-
Inmates on to-day's government reports in
dictate a wheat harvest Of over 100000
bushels. This is nearly 1O0, O00, 900 bushels
below the crop of last year, but has never
been exceeded. except by that crop and the
one Of 1898. AS for the corn crop, to-day's
government figures indicate a yield the
largest in the history of the country. This
had its effect among the Southwestern
grangers, especially in the Gould
group. Another striking show Of strength
was made by Baltimore & Ohio.
Among the returns of railroad gross earn
ings for the first week of August, Chesa-
peake q Ohio shows a decrease of S1O3, 553,
compared with last year, and Missouri Pa
cihc earnings for the same period declined
$4,000. The two groups of railroads in
which the strongest stocks are were thus
handicapped by this unfavorable influence.
As for the money market, the rate for call
loans averaged more nearly 4 per cent.
than 8 per cent, which was the maximum
up TO yesterday. The loans and CONNER
cial paper showed a hardening tendency as
well, hVe and six months loans on good
mixed Stock Exchange collateral ruling at
3 per cent. The rise in money rates. how
ever, had a percept1ble effect upon the for
elgn exchange rates, which receded a frdc-
ton, and tentative plans for further ship
ments of gold this week were abandoned.
The currency movement seems TO be still
in favor of New York. Exchange at Chi
cago remained at a premium of 20 cents to-
day. Another development was an increased
export demand for grain, which held the
market firm in spite of the crop report
and made some exchange. The United
States treasury operations are also show
ing a continued deficit, the excess of ex-
penditures thus far this month exceeding
$500, GOO, while for the same period last
year receipts were more than 100000 in eX-
cess of expenditures. This affords some
relief to the money market, but the be-
ginning of the interior demand for curren-
cy is awaited, nevertheless, with anxiety.
The bond market was dull, and the Gen.
trail of Georgia incomes were weak. Total
sales at par value were $1,3S0,O0O. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: