The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-15
However. the Market Showed Plenty
of Evidence of Leadership and
SkiIIfuI Management.
MARKETS EARLY STRENGTH
CONSPICUOUS IN WESTERN GRAIN
CARRYING RAILROADS.
There Has Been Heavy Borrowing,
and There Is Necessarily Curiosity
Regarding the Bank Statement.

NEW YORK. Aug. 14-There was an
other recovery from the extreme deposition
of last week. So violent did the movement
become that 1t was regarded with some sus-
picion and professional traders became very
watchful for symptoms of reaction in order
to seize a ripening opportunity for a shit
to the short side for a turn. The market
showed abundant evidences of leadership
and skillful management and was held by
transferring bull operations from one stock
or group of stocks to another. taking profits
in the one as buying was shifted to an
other. News seemed TO have nothing to do
with the advance beyond the fact that the
market had turned. That is to say, the
conclusion was general that liquidation had
been completed for the present and prices
consequently left free to seek the level OF
true values. Little was heard of yester-
days numerous stories regarding Reading
which ranged over a wide field of credulity,
and that stock was steadily under pressure
to take profits all day, with the sustaining
strength at other points in the list. 1t was
not at any time more than a fraction over
last night, and for the greater part of the
day was below
The early strength in the market was
most conspicuous In the Western grain-car-
rying railroads, and the principal buying
shifted afterwards to the Eastern part of
the map. led by New York Central and fol-
lowed by the other trunk line stocks. Lon
don was reported an eager buyer of New
York Central, but no other news was forth
coming to explain the strength in the stock.
London was a seller on the balance Of the
list in the days market, the advance there
/ falling fn kaan nana with tho vnouapnapf
here, and so Offering arbitrage profit in
selling in this matter all day. The foreign
exchange market was somewhat affected
and hardened on a demand for remittance
by .to-morrow's steamers. There was great
interest in the question whether foreigners
would resell Americans largely on the ad-
vance in prices here. The United States
Steel stocks Jagged in the upward move
ment of the day and were somewhat af-
fected by the reports of extensive shutting
down of mills i'm western Pennsylvania and
eastern Ohio. Amalgamated Copper was
helped by a rise in the price of the metal
In London there was a rise in copper flu.
lures. with a slight recession in the price OF
spot. A feature of the days news was the
report of sales of cash wheat at Minneapo.
lis for a dollar a bushel.
IicLiuHldIy SstlIldtcS VI Tie week > cur
rency movement pointed to a cash gain by
the banks this week of nearly $1,000, 900
Curiosity regarding the bank statement
centers on the loan item. The active buy
ing of stocks during the week has undoubt
edly involved some heavy borrowing. Blu
the entire lack of response in the loar
item of the banks to the long liquidation
makes the question of the effect of the re
newed buying of stocks on loans n doubtful
one. The violent upward movement of 81
points to so in A~malgamated Copper OF
dealings in nearly 10000 shares sustaine,
the later market, which had shown sign
of hesitation. As it was, last prices werv
often a little below the best, but the clos
ing was strong and active. The days gain
range from l to 4 points and the leadin,
Pacifcs, rangers, trunk lines and special
ties were all strong.
There were a few heavy spots i'm the bon,
market, but the tone was generally strone
Total sales, at par value, were So. $50. OG
United States bonds were unchanged o.
call.
Following are the days share sales an
the recorded price changes: