The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-08
influence of Unknown In
terests Exerted Quietly to Steady
the Market.
BETTER FEELING ON CHANGE
ALTHOUGH THE UPWARD TENDENCY
WAS NOT CONTINUED.
No Acute Weakness, but the Tone Was
Somewhat Heavy and the Move
ment Sluggish.

NEW YORK, Aug. 7.-To-day's market
started upwards in continuation of yester-
days late movement towards recovery, but
it became apparent very quickly that the
further advance in prices was e~ncountering
sales 20 take profits on yesterdays late
rise. The buying movement also seemed
to have spent its force, n there was no
disposition shown to follow the advance
in prices. On the other hand, 1t was ap-
parent that support was forthcoming for
the market on declines, and there was no
renewal of the tone of decentralization such
as characterized the market yesterday
morning before the rally set in. Even the
resumption of liquidation in spots, which
was easily perceptible, was taken calmly
by the market, which developed no appear
ance of disorder at any time. There was
free selling Of some of the Western grain
carriers, New York Central and the special
ties. Pressure was renewed upon Virginia.
Carolina Chemical, and it was believed that
collateral for loans was being thrown on
the market again.
Later in the day raiding tactics by the
bears showed themselves distinctly. espe-
cially in Canadian Pacific. which was
forced down 4 points on the circulation of
baseless rumors alleging the closing of the
Montreal Stock Exchange and renewed
financial difficulties there. Even this did
not disturb the apparent equanimity of the
market. The tone was heavy and sluggish
all day, but the character of the market
was very different from the acute weak
ness shown in the latter stages Of the recent
decline. What the cause of the improve
ment was did not become known. although
rumors to account for the change were
abundant. II was believed that some large
settlements had been effected by the taking
over Of important holdings Of various
stocks by private agreement, thus relieving
some weak points in the situation. Yes
terday's demonstration of buying power
was accepted as evidence that important
financial interests were prepared to afford
vent its running into GENERALIZATION. Yes
terday's supposition that a vigorous upward
movement of prices had been determined
on by the financial powers was seen to be
without foundation. But this did not pre-
vent a feeling OF comfort over the conse-
quent contraction of credits, which was
threatening disaster.
One of the Developments Of the day was
a steadler tone in the foreign exchange
market, which seemed rapidly approaching
the gold import point In the last few days.
Il I II III dhdHiOIy III liz SltudllOH tIldt Ill
frrner tone of exchange afforded some re-
lief TO sentiment. The heavy offerings of
the last few days have not been against
commercial exports, but have been of bank
ers lean bills, which, Ii was feared, rep
resented an urgent pressure for credit that
could not be satisfied at home. The lighter
offerings of this class of bills to-day was
viewed with satisfaction.
To-morrow's bank statement promises to
show a small loss in cash, the receipts on
balance from the interior being so much
Cn, &har 1aat xvaAlr "A. 80 - s> @.&
the loss by the banks to the subtreasury
of $3,500,000. 1t will be remembered that the
banks gained upwards of $1,000, 900 last
week. The market seemed to be undis-
turbed by this contrast. The outlook for
the loan item is obscured, and there is
nothing to indicate that the weeks liquida-
ton in stocks will be any more reflected
In the loan item than was the disappointing
case last week.
Bends were irregular. Total sales, par
value. 81. 135. 900. United States bonds were
all unchanged on the last call.
Following are to-day's share sales and
the recorded price changes: