The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-27
REVERTS TO STAGNATION
STOCK MARKET SHOWS a PAUCITY
OF ORDERS On EITHER SIDE.
General Tone Is Heavy. as Natural
COncomitant of Tuesdays Rise
The Monetary Outlook.

NEW YORK. Aug. 26.-Nothing worthy
of extended comment was accomplished by
to-day's meager bidding i'm stocks either i'm
the way of distribution of securities or
price changes. The volume of dealings fell
another notch toward absolute stagnation
with total for the day of only about 200
600 shares and the cases in which the price
variations reached a point were very few.
IL was observed that the telephone calls
on the exchange and the annunciator calls
TO members by number were extraordinarily
few. which is regarded as evidence that
very little business originated outside the
exchange. Even the professional operators
OF larger caliber are going away for de-
layed vacations. which have been prevented
heretofore by the troubled state of the mar
ket. and the smaller class of room traders
have the market to themselves. 1t is the
complaint among these that when they
offer prices down they are unable to force
any renewal of liquidation and that they
soon meet supporting orders, while If they
attempt turn on the long side of the mar
ket they are unable TO find satisfactory
market TO realize on at any advance in
prices.
The undertone of to-days market was
heavy, but the only apparent reason for this
was that yesterdays movement was up
ward. thus exhausting the limits of the
small traders in the decline. Attention in
the financial districts is centered on the
money market rather than upon stocks. To-
days official admission that the efforts of
the Consolidated Lake Superior Company
to secure subscriptions to it's bond issue
had failed was another example Of the ex-
IRENE difficulty at present of inducing cap
ital to assume any fixed form. There is
continued unwillingness to lend money on
time and rates are strongly held, although
there Is little demand for loans of this class
owing to the dull market But commercial
paper of the highest grade finds a difficult
market. There were further offerings OF
| change market to-day, which caused a
| yielding tone in spite of a hardening ten
| dency in discounts at London and Paris.
| the Canadian banks for July, which show a
| falling off in the loans on call i'm the
| United States by these institutions of
| more than $l4,O000O0 in twelve months, while
| current loans in the United States were re-
| duced by about 81, 100000. This helps to ex-
plain the persistent maintenance of the
loan accounts of our own banks in face of
| the heavy stock market liquidation. The
| marked strength of silver Is also feature
| of the situation, to-day's rise to 56ssc an
| ounce marking the highest level touched
| since November of 1901 1t is believed that
| the London dealers have oversold the mar
ket and are now covering and there is some
| special buying for mintage purposes by the
| French government.
| Atchison had some advantage from its
| July statement of earnings, showing an in
| crease of 1926, 931 in the net conserved out
of an increase of $7SS Ss5 In the gross. Erie
| and Reading also were relatively firm on
| the expectation of very favorable showing
in the forthcoming annual reports There
| was profit-taking In cotton but wheat ad-
| vanced on unfavorable crop news and corn
| showed some strength.
The bond market was exceedingly dull,
| but steady. Total sales. at par value, were
| 81, 260, 900. United States twos advanced Il
| per cent. on the last call.
| Following are the days share sales and
| the recorded price changes: