The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-29
OUTLOOK is IMPROVING
GENERALLY BETTER CONDITION AS
REGARDS THE MONEY MARKET.
Western Demand Is Delayed Beyond
that of Former Years-Stocks Are
Little Bit higher.

NEW YORK. Aug 2s.-The stock market
had it's upward turn again to-day. The
volume of dealings was considerably larger
than in yesterdays almost stagnant mar
ket. and the fluctuations were rather wider,
but the market retained its highly profess
sional character and gave little evidence
of any interest originating outside the
board room. The principal reason for the
movement of the market seemed still TO be
that it was a reversal of that OF the pre-
viouS day the obvious tendency being to
oscillate narrowly about fixed point.
Thus the morning news that the squadron
of American warships had been ordered
to proceed to Beirut, Turkey. prepared TO
exact reparation for the murder of the vice
vice consul there did not create so much
as a ripple in the stock market although
the report of an appeal for protection for
American missionaries in Syria promised
an additional complication. There is an I'M
disguised confidence in the financial dis
trict that this incident is capable of ad-
justment by diplomatic means. The dis
cussion on measures for repression Of
trusts precipitated before the session of the
American Bar Association might have
caused great trepidation in Wall street In
the Western flood news were equally ig-
nored with the Turkish incident.
There is growing confidence in the
money market outlook which was fostered
by several notices of the days develop
ments and this was probably the principal
factor in advancing prices of stocks. The
reports from Washington that the secre-
tary Of the treasury had accumulated some
$40 100000 of internal revenue payments.
which would be available for deposit I'm ma
tlonal banks, was a greatly reassuring
factor, as the possible means of relief for
the money market by the Treasury De-
partment has been matter of considerable
doubt and conjecture. AS 1t is. the ques-
ton remains of an adequate supply Of
government bonds by the banks as Sc
curity to obtain these deposits or the fur
Their acceptance by the secretary of the
treasury of municipal and State bonds, in
resumption of last years policy, which has
been considered of doubtful expediency.
The Incidental explanation that the S40,-
100000 accumulation was contingent pro-
vision for Panama canal payments, was
received as an official confirmation of the
unlikeliness of the payments being called
for this year.
The special strength of the Pacifics, led
by Union Pacific, was attributed to the
obstacles thus indicated for the Panama
project. The principal movements of cur
rency for the week show that the move
ment is still in favor of this center as
against the interior, the indicated gain on
that account being over 100000 In the
| last week of August last year the loss to
! the interior was as much that and for
the year before was about s3,5O0O0O. With
| this delay in the interior demand for cur
rency the banks themselves are showing
| signs OF weakness with the policy of keep
| ing their resources In call loans al a rate
| below that which they are paying to trust
| companies and interior banks for their de-
posits. The result was shown to-day in
| somewhat more offerings of funds for time
! loans and an appreciably easier tone in
| that marKet. Mercantile paper was also
in somewhat improved demand.
Prices of active stocks advanced pretty
| generally between l and points and con-
siderably larger gains were shown by some
| of the specialties without explanation. The
| strength of Amalgamated was in SYM
pathy with copper securities generally at
| other points and with an improved senti-
ment in the trade for that metal. The
market closed heavy and somewhat below
| the best.
The bond market was dull and Irregular
1 Total sales, at par value, were ST. 265, O0t
| United States twos advanced Il per cent
and the old fours "a; the new threes regis
tered, declined 4 per cent. on the last call
Following are the days share sales and
the recorded price changes: