The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-22
RALLY AGAINST SHORTS
INDUCED THEM TO COVER LARGELY
on STOCK EXCHANGE.
Decline I'm Average Prices Of Forty
Five Points from High Level of
1902 tn Present Month.

NEW YORK. Aug. T-'Ihe iessening
range of the huctua tons in to-days stock
market, its irregular tone and the diminish
ing volume of business all indicated pretty
clearly the approach of another period OF
speculative rest, which is likely to mean
small trading Gnd sluggish fluctuations
until some marked change in condi-
lions develops. The rally which developed
yesterday Afternoon was carried forward
this morning to the extent of between and
points for the principal active stocks. The
rally was apparently directed against the
shorts and was effective in inducing them
to cover largely. This served as an admoni-
ton to the Lears that forces existed to
oppose their efforts to force prices lower,
just as the reaction of Tuesday had a
warning effect on the overenthusiastic bulls.
A comparison of prices of twenty active
railroad stocks indicates that the decline
in average prices from the high level of
1902 to the low Level OF the early part of
the present month reached something over
40 points. The only substantial intervening
rally was in the latter part of last year
and the first part of this under the infiu-
ence or what wall street has come to name
the faith cure" consisting I'm informal III
timations from an influential party of the
bank officials last fall when bank reserves
were falling, that they stood prepared to
supply $4,000 0fO of credits to the stock mar
ket IL necessary to avert trouble. That
measure postponed the process of liqufdd-
ton, but did rot avert 1t, and it is evident
that the course the market has run since
had its inception previous to that. The raj
ly In the average price of the same twenty
stocks up to- the elimination of Tuesday
is estimated at IL Joints. The reaction TO
the low point was IN the neighborhOod of
points, and to-days upward movement
did not avail to overcome that. The APP
proach towards a condition of more stable
equilibrium is easily perceptible.
The early demand to-day did not go far
beyond the uncovered short interest The
acute weakness developed by the United
States realty stocks was a factor i'm check
ing the advance, but it was not effectively
renewed after the realty stocks rallied.
The days weather map was reported per-
rect Tor the growing crops, and wheat and
corn eased off in consequence. The cotton
market was influenced by new assertions
or control by the managers of the corner.
Copper was strong in London. and Senti-
ment abroad was more cheerful regarding
the political outlook for southeastern Eu-
rope. The weeks receipts of Australian
gold and the fact that the currency move
ment at the Interior is still I'm favor of New
York on balance promise well for to-mor-
rows bank statement, although the usual
doubts surround the loan item. These new
developments did not avail to hold the
market. Weakness became decided I'm the
United States Steel stocks and i'm PennsyI-
wanna, and quite number of the leading
active stocks were forced point more
under last nights level A final rally ac-
centuated the irregular character of the
market and the closing was firm.
Bonds were irregular. Total sales. at par
value, were Sl165.O00. United States bonds
were unchanged on call.
Following are the days share sales and
the recorded price changes: