The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-26

MARKET CLOSES STRONG
ALTHOUGH TRADING IL MEAGER,
STOCK PRICES TREND HIGHER.
Brokers Pay More Attention tn the
Yacht Races than They Do to Bust
ness ON the Exchange.

NEW YORK, Aug. 25.-The semi-stagna-
tion of the stock market was unrelieved
to-day and the dealings were in smaller
volume than yesterday. There was some re-
vival of activity towards the last and the
market closed strong. The majority of the
stocks which made up the great bulk of the
meager trading left off l to 2 points higher
than last night. The strong features were
Missouri Pacific. ST. Paul, Atchison, ANAL
gamated Copper and Tennessee Coal. There
was news TO explain the advancing ten
dency of the market and the true cause
seemed TO be that the room traders reached
the limit of their ability to depress prices
yesterday and so covered their short con-
tracts
Attention was almost wholly diverted to
the yacht race throughout the day. There
was large list of absent members and
those on the floor spent their time watching
the bulletins of the yacht race. Morning re-
ports from London showed some DISPOSE
ton to buy American stocks there and the
opening advance here was in sympathy.
Erie was conspicuously i'm demand for Lon
don account. The development of this for
eign demand was of special interest in its
bearing on the exchange situation. There
was large reselling of foreign holdings of
our securities taken at the bottom of the
decline when the rally here showed signs
OF eliminating, and the renewal Of the de-
mand on the reaction has not yet assumed
important proportions. The easier tone in
to-day's exchange market was largely due
to the appearance in that market of bank
ers' finance bills which are connected with
borrowing abroad. The foreign banking
houses in New York also are an important
source of supply for funds In the time
money market. Rates for time money and
commercial paper continue very firm. The
present abundance of call loans Is largely
caused by the placing on deposit of trust
company funds with the banks to secure
the interest OF deposit accounts, which is
higher than the present call loan rate.
Any rise In the call loan rate would be
promptly followed by the withdrawal of
these trust company deposits from the
banks for placing In the call loan market,
which would necessitate a shifting of the
loan accounts of the banks also and some
probable disturbance in the money market.
This contingency is a repressive influence
on stock market speculation just now.
There Is anxiety also over the closing up
of the cotton corner, which ii is generally
believed is yet to be achieved and which
Will necessarily be an operation Of some
peril.
Many rumors are still prevalent of efforts
making by large industrial corporations to
secure temporary loans. The recent heavi-
ness of New York Central, which was
depressing factor for a time this morning,
also seems to be explained by the petition
to the Stock Exchange to list Sc, 600 600 addi-
tional general mortgage bonds. These are
in connection with the continuing operation
of the companys refunding plan. Lake
Shores statement of earnings for the June
quarter showing decline In surplus to
$75S,2lS, compared with S,777.S54 for the
corresponding quarter of last year. may
also account for the recent depression of
New York Central. The weekly crop bulle-
tin was counted bullish on cotton and
beariSh corn and wheat. Some old
rumors were revived of coming control of
Tennessee Coal by the United States Steel
Corporation but without confirma tion Con-
fidence In the copper trade outlook was as
signed as a cause for the strength of ANAL
gamated Copper. The bond market was
dull and steady. Total sales, par value,
$4,000. United States bonds were all UNI
changed on the last call.
Following are the days share sales and
the recorded price changes: