The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-04
STOCK MARKET SUFFERS
DEARTH OF INTEREST on 'CHANGE
BECOMES MORE PRONOUNCED.
Market Becomes Stagnant and Closes
mt About Low LeveI-Fsu in
London Consols.

NEW YORK, Sept 3.-To-day's volume
of dealings was not greatly below these of
yesterday. but the dearth of interest in
the market and the dead level OF dizziness
was more pronounced thar at any time
heretofore. Yesterdays Upward movement
of prices was pretty promptly halted after
the market got started and there was quite
liberal profit taking by yesterdays buy
ers. The decline was not far extended and
only a few OF the principal active stocks
were depressed as much as a point. Read
ing was notably under pressure. The sell
ing was supposed 10 be unloading of some
pool holdings taken on in anticipation of a
rise in the price as a result OF the favor
able annual showing by the company. AS
a matter OF fact the consideration of the
past heavy earnings by the anthracite car
riers has generally given way to the effect
of the discussion OF the accumulation of
steam sizes Of coal followed by the Shut
ting down of some of the collieries and
some of the suggestions Of a curtailment Of
the production.
The principal event of the day in the
financial world was the advance in the Bank
OF England discount rate from 3 to 4 per
cent. This is one Of the customary meas
ures TO oppose an outward movement OF
gold. The advance is not unusual in the
later than this. But the drain on the Bank
of England gold supply has become SO con-
siderable as to suggest the interposing Of
some obstacle. over S4,000,O0O was taken
from the bank to-day and of this $780,
600 went to Germany, which is the prin-
cipal source OF the drain. The London mar
ket was decidedly depressed In consequence
of the advance in the rate, the price OF con-
soils falling lower than during the Boer war.
The depression reflected In New York from
that source, however. was but slight and
may have been due to the fact that New
York Is likely to join in the demand on
London for gold before long. Our foreign
exchange market responded to the in
creased bank rate In London but our
money market was practically unaffected.
The heavy liquidation In the cotton mar
ket was due to the complete surprise at the
condition of that crop reported by the Ag-
ricultural Department and this was nat
urally q favorable influence on stocks. The
effect, however, was scarcely perceptible.
The continued firmness in the corn market
attracted more notice.
The slump in Colorado Fuel was the con-
sequence of the passing of the dividend on
the preferred stock and the heavy require
ments for additional capital which are i'm
pending over the corporation. Metropolitan
Street Railway reflected the continued un-
favorable view of the significance of the
turning back by the writing syndicate
managers of their holdings of the stock
TO the dominant interests In the property.
The market became practically stagnant
late in the day and closed heavy about the
low level.
The bond market was dull and irregular;
total sales par value, $1,060, 900. United
States twos advanced n and the new fours
"a per cent, last call.
Following are the days share sales and
the recorded price changes: