The Indianapolis journal., 1903-08-28
STOCKS ARE VERY DULL
SALES IN SMALLER AGGREGATE
THAN FOR THREE YEARS PAST.
Prices Slightly Downward Till Near
the Close-Losses About Regained
The Monetary Outlook.

NEW YORK, Aug. 27.-Dealings in stocks
were smaller to-day than for more than
three years past.s the aggregate dealings
reaching only about 10000 shares Trading
by room professionals made up the entire
market. They tried in the early dealings
to continue yesterdays downward coarse.
and succeeded to the extent of point in
few prominent stocks. Covering of shorts
tical recovery of the declines, and the mar
ket closed dull and heavy, and not appre-
ciably changed from last nights level.
The dwindling interest in the yacht races
did not result in any increased attention TO
the stock market, and many of the members
who came down this morning did not stay
the day out. The preliminary annual state
ment of Erie, showing in the neighborhood
of per cent. earned on the common stock,
accorded closely with expectations and re-
suited in profit-taking sales which carried
the price at one time a point under last
night Disappointment over this movement
reflected depression at other points in the
market. News Of the murder of United
States vice consul in Turkey was assigned
as the motive for some selling here for Lon
don account, but the incident awakened lit
tie apprehension In our own market. where
it was assumed that the Turkish govern
ment would make all the reparation de-
manded. The days weather map was re-
garded as unfavorable for grains. Some
selling orders attributed to Philadelphia ac-
count were commonly supposed to be due
to the exigencies of the coming reOrganiZa-
tion Of the Consolidated Lake Superior Com
pany. The trade reports in iron and steel
were distinctly more cheerful, and indi-
Gated a growing demand at the concessions
now ruling.
Foreign banking houses continued to make
loans here. in spite of the large Withdrawals
to-day of gold from the Bank of England.
This had the effect of causing a somewhat
easier tone in the time money market No
large interior demand for currency is yet
evident. while in the week ended Aug 30
of last year there were large transfers both
to New Orleans and Chicago. Previous to
that week last year there had been the
serves were so large that small require
ment on Eastern reserves was probable.
But for the week ended Aug. 30 New York
bank reserves declined $685. 400 On Sept.
there was an additional shrinkage of
s.. 800. On Sept. 1s the decrease was
T.0Ss. 300. and on Sept. % further decrease
oi Ss,oo1, fVo, Will d ucnclt DefOW tne leSdl
reserve of $l.642. .O5o This occurred notwith-
standing loan contraction from Aug 80 10
| Sept. 20 of over $22.0O0,OO0. The severe ex-
perience of this precedent, more than any
| thing else has prompted the conservative
and cautious attitude of the New York
banks recently. and, although the usual
| movement of currency TO the interior Is now
| expected, the opinion Is growing that the
banks have so carefully provided for it that
| they will be able to meet requirements
| without a severe strain on the money mar.
| ket.
There was slightly more breadth to the
| bond market than TO the stock market, but
| ii was dull and irregular. Total sales, at
| par value, were $1.590000. United States
| bonds were all unchanged on the last call
Following the days share sales and
| the recorded price changes: