The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-21
BROKERS AT THE RACES
AT NEW YORK STOCK
EXCHANGE MATERIALLY REDUCED.
Prices Declined Early, but Recovered
on Small Dealings-Money Situa-
ton and bond Market.

NEW YORK, Aug n.-There was more
selling of stocks this morning of the same
character as that of yesterday and little
resistance was offered. Prices I'm conse-
quence declined early and effective inroads
were made on the shares advanced from
the low level of the year, which had been
achieved last week. The reaction has run
to about points in Rock Island and Anal
gamated, which were the late leaders of
the upward movement, and which have in
turn led the downward movement, The very
large volume of trading in Rock Island at
the top level causes a belief that large
distribution of stock was effected by in
siders at that level and has given rise 10
the supposition In some quarters that the
general market was under manipulation 20
facilitate this operation. There was no sign
of the support and resistance to decline
which helped the market upwards in the
first stage of tie recovery This was
cepted by the purely speculative contingent
as an intimation that great banking insti-
tutions and influential capitalists do not
favor a further advance in prices nor an
active speculation at this time. There is
an expectation in consequence that period
of dizziness and sluggish fiuctua tons lies
before the market. The rate at which the
recovery was proceeding and the extent OF
the speculative commitments which were
being made, seemed to arouse apprehen-
sions OF renewed entanglements which the
coming requirements upon the money mar
| ket might make hazardous.
Special significance was attached to the
| drop or 2$ in Amalgamated Copper, of ,
| points in st. Paul and points in Console
dated Gas, owing to the popular concep-
| ton in Wall street that the course of these
particular stocks represents the attitude OF
| Standard Oil capitalists in the market.
The money situation is carefully watched
from day 10 day for the development OF
the interior demand for currency. Ship
| ments to the interior have been on a larger
scale this week than last. and the balance
| may turn against New York at any time.
| Call loan rates continue easy, but the time
money market is hardening apprecia bly,.
! The banks point out that it is their pur-
pose TO conserve their resources for regular
! commercial needs and the quoted rates
represent the terms for those purposes.
Rates otherwise are matters Of private
4 agreement.
! The stock market contingent is still in
| clined. TO disappointment over the doubts
expressed as to currency legislation at the
| coming session of Congress.
| The days movements in the grain and
| cotton markets Were favorable to stocks.
| the decline in prices there indicating i'm
| proved chances for the crops. The tone of
| sentiment in tine IRON trade was more cheer
| full to-day, reports iu5ica ting that the down.
| Waru course Oh prices mas caused some liz
creased demand at last. The attendance at
| the Stock Exchange was reduced by visits
| TO the yacht race, and after the race was
under way the interest on the floor was
| largely diverted TO the bulletins of the
| race. With the decrease in the activity of
| the market large short interest was left
| uncovered, which showed gathering concern
| as the day progressed Prices recovered
| steadily, and on small dealings, and closed
| firm at about the best of the day. Net
gains OF point or more are shown by a
| number of the Pacifics and trunk lines,
Atchison rising last night. Bonds
| were irregular and turned heavy after the
opening. Total sales had a par value OF
| 81 ,322OoO. United States bonds were all I'M
changed OH last call.
Following are the days share sales and
| the recorded price changes: