The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-02
DULLNESS And NEGLECT
TWO FEATURES THAT CHARACTER
lied CLOSE OF STOCK MARKET.
Mondays Increased Volume of BUSH
ness Cut I'm Two and Prices Finally
Remain Motionless.

NEW YORK, Sept. yesterdays in
creased volume of business was cut in two
to-day. the aggregate sales falling to below
quarter of million shares The most
of this again was done in the first two
hours of trading. Prices of a number of
the principal market leaders ran off in that
time point or more. There was no i'm
portant recovery after that, but the market
fell into profound dullness and nelect and
prices remained almost motionless. The
closing was lifeless and heavy There was
nothing in the news of the day bearing
on the reversal in the direction of the
prices of stocks. 1t was accepted simply
as a demonstration Of the futility of the
efforts of professional traders to move
prices upwards to any large extent. part
of these efforts had consisted in conveying
the impression that the large financial in
terests were in sympathy with the move
ment There were operations in to-day's
market which were understood as intended
to show that the large banking and rail-
road interests felt no approval of these pro-
fessional efforts to advance stocks. Brokers
VINO were attempting to force declines dur
ing the past week and were supposed to
act for great financial leaders sold openly
IL.
This led to the presumption that Ii was
intended to discourage efforts to lift prices
An attempt TO stimulate speculation on
account or the emergency relief held in
readiness by the secretary of the treasury
Is felt TO be unwise and there is feeling
OF disapproval of any course which would
lend to create an emergency in the money
market by expansion of credits for specu-
iative uses. The tone of increased conf
dence over the money market on account Of
an available fund in the treasury ready for
deposit in the banks is, however undis-
turbed.. The time money market has be-
come almost wholly nominal, owing to the
lightness of the demand, but lenders are
not disposed to urge their funds upon bor-
rowers.
Interior exchanges are beginning to move
against New York, the discount In Chicago
falling to 40 cents to-day, compared to 70
Which haHs Of
ternal revenue payments, In covering these
receipts into the treasury are doing SO
through the New York subtreasury by or
ders on their New York correspondents
| This Is an indirect manner of currency ship
ment to the interior. Yesterdays views OF
| the transfer OF the underwriting syndicate's
| holdings In Metropolitan securities to other
| inside interests was decidedly modified to-
| day. The rise in the local fractions yester-
| day helped the advance elsewhere and to-
| days sharp reaction In those stocks was
OF corresponding sympathetic effect. Wall
| street was inclined to-day TO regard the
| operation rather as a withdrawal Of i'm
portant interests from the company than as
| measure looking to further consolidation
| OF interests, as was the case yesterday.
The Weather Bureaus weekly report was
| not considered reassuring, either as to cot
| ton or corn. and the wheat market also re-
fiected bullish sentiment. The very favor
| able July statement of the Reading sys-
4 tenn was made the occasion for profit tax.
| ing In the same way that other recent good
Showings have been. The continued realiz
| ing in Amalgamated Copper also had con.
1 siderable sympathetic effect
There was 81 further advance in sterling
! exchange on demand for remittance by to-
morrow's steamer, but that market reacted
slightly when this demand was satisfied
| The bond market was dull and irregular
| Total sales, par value. $1,20 900. United
States twos, new tours and fives advanced
| 4 per cent. on the last call.
| Following are Mondays share sales anC
| the recorded price changes: