The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-23
SLUGGISH STOCK MARKET
DUE PARTLY TO DIyERTING INFLU-
ENCE OF YACHT RACES.
Interesting Review of the Weeks
Fluctuations and the Causes That
Brought Them About.

NEW YORK, Aug. 2s.-The stock market
was practically idle to-day, a large part Of
the membership being absent at the yacht
races or for end-of-the-week holidays out
of town. a holiday on the London Stock
Exchange subtracted also from normal
business. The sluggish movements of prices
under these circumstances were of little
significance United States Realty pre-
ferred suffered from the rumors prevalent
that the next dividend would be passed
Minneapolis & st. Paul and Sault Ste. Ma
RE rose momentarily on the declaration of
The first dividend on the stock. then yielded
the profit taking. Favorable weekly re-
views of trade by the mercantile agencies
were reassuring factor and the crop news
had nothing threatening in it. Attention
was attracted to the large import or reim-
port movement of cotton thus far i'm August
for delivery on contracts. owing TO the ex-
istsaee of corner. This is adverse fac
tor in the exchange market. The Financial
Chronicle points out that the municipal
bond market has suffered in common with
other securities from the dearth of demand
and estimates that no less than 155 offerings
of municipal bonds throughout the country
have failed of takers in the last three
months. There was a slight splitting out of
stocks on the publication Of the bank state
ment- The large loan decrease was a dis
appointment. but the room shorts in the
narrow market covered before the closing.
which was steady and almost stagnant
Bankers are inclined to attribute the loan
expansion to corporate borrowings but to a
larger extent to regular commercial de-
mands
veloped i'm the early part of the month
reached IT'S limit this week, and there has
been a sharp downward reaction The sue
cessive fluctuations seem 10 be the normal
sequel TO the prolonged decline rather than
response to any new factors in the situa-
ton. With the cessation Of the forced
selling OF collateral out OF loans violent
reooind was to be expected when the long
standing bear account began to cover.
With the satisfaction OF the demand from
uncovered shorts IL was natural that there
should be augmented selling pressure by
those seeking TO take profits who had been
buyers at the low level. The market of the
early part OF the week showed plainIv
enough that many OF these buyers ar the
low level were capitalists of large re-
sources and with skilled market MANAGERS
on the moor or the Stock Exchange IN
guard their interests. The upward rebound
IN prices WAS mus prolonged to some
tent Before the middle OF the week the
manipulation had become so violent and
the uprush OF prices so feverish as 10 arouse
there had been very heavy proflt-fatJne
ander cover OF the whipping nm Of the
market. aud the supporting tactics ware
afterwards withdrawn. The Reaction vas
eorreepondingly violent and sudden Pm
q gave rise 30 none OF the uneasinass mi
rumors or business disasters that had ~
come so prevalent at the lower ievaIs or
the market. The reaction was an ad,non,
ton not TO be mistaken thai IT,
exigeneies which We're being Dr,na rcd
for by the long liquidation were real
exlgencies and that the rsvo,,rces
provided To meet them were not Ia h.. s,fei,,
dissipated at once IN wild speculation nh.
course TO be expected of The market in the
absence OF important new Influences vvauId
he a lessening series OF huctl;aflons FOL
Owed by a period OF dulness ana sI,e
gfshness- The tighfness Of the rnone,, MAJ
lket and the expectation OF the early dexel-
opment OF the seasOnable interior den,ana
for currency To move the cEops arr. factors
likely 10 tend To this result The course ~
interior exchanges during the week has
pointed unnistakably TO the conclusion tina
money Is beginning To move from New York
and that the balance will shortly turn in
favor of the Interior. timely event In
view OF this development. was the arrival
RI San Francisco OF nearly two millions Of
Australian gold. which was made immedI-
ateiy available To New York bank reserves
by teIegraphic transfer through the medium,
of the Treasury Department IL so hap
D~ned thats In the nnal upward squirt OF