The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-01
BEARS DRIVEN TO COVER
SHOW OF STRENGTH IN NEW YORK
STOCKS THAT DID NOT LAST.
Confidence in Money Situation In
creased by Secretary of Treasury's
Ofer-The Bond Market.

NETWORK, Aug. 31.-There was a con-
siderable growth in the volume of business
in stocks to-day and a show of strength
which was quite imposing. but neither the
activity nor the strength lasted the day
out. The aggregate transactions rose to
the half million share mark, but the largest
part Of this was done in the two hours be-
fore noon. During the active period of the
market advances over Saturday of l TO
points had become quite numerous, but the
last prices of the day show very few gains
in excess of point.
The demonstration of strength was evil
IDENTIFY due largely to concerted action by
professional traders. Uncovered bears be-
came discouraged by the dull resistance of
last weeks market to any attack, and the
bullish traders became correspondingly en-
couraged and helped to drive the bears to
cover. Professional sentiment was more
cheerful on account Of improved factors in
the general outlook, but there was nothing
to show that any considerable outside de-
mand for stocks played a part in the days
movement. There is doubt that conf
dence over the money situation has been
greatly increased since the intimation OF
the readiness on the part Of the secretary
of the treasury to deposit $40, 000,0 900 of the
governments money in the treasury in de-
positary banks. This is felt to be an ef-
fectual safeguard against a threat of violent
stringency i'm money, and money lenders are
decidedly less exacting In their conditions
for time loans. Quoted rates are only
slightly lower, but the stringent conditions
which have attached to the making of loans
for some time past are relaxed. These con-
ditions were pr6fhbitive except to favorite
borrowers on the part of some banks The
limits of available supply have been con-
siderably extended, and with the present
surplus reserve held by the banks conf
dence is pretty firmly established in the
ability of the money market TO meet re-
auirements upon it, Encouraging reports
of railroad traffic to-day. last weeks cheer
full tone over the general trade situation on
the part Of the mercantile agents and the
belief that a quiet absorption of securities
by investors, both foreign and domestic.
has been going on had to do with the
stronger feeling in the stock market
This morning much was made or the
| transfer of the holdings of the underwrit-
ing syndicate for Metropolitan securities to
other dominant interests in the property
| tending TO consolidate the control Very
| free differences were drawn by the traders
| from this transaction of coming CONSOLE
dation Of all the traction and lighting In
| terests in Greater New York and in guilty.
! ing territories. A considerable stimulation
| to the speculation was the result, but
| heavy realizing In Amalgam4ted copper ana
the Inference drawn from that of the atti-
| tude towards the market of the controlling
| interest checked the advance with the re-
| suit that followed. The market became al
| most stagnant i'm the later stage, bud
closed heavy. Some buying for London ac-
| count which was large in Erie, helped the
/ early advance. Reading hung back on ac-
count of the utterances attributed to the
| executive head of the system, pointing to an
| accumulation of steam sizes of anthracite
| and q possible curtailment of the produc-
| In,
leader in the railroad list and enjoyed an
| extreme advance of two points.
The bond market was firmer. Total sales
par value 81, 900. United States bonds
were all unchanged on the last call.
The following are the days share sales
/ and the recorded price changes: