The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-25
STOCKS ARE VERY DULL
VOLUME OF BUSINESS DECLINES TO
BELOW 100000 SHARES.
Generally Firm Undertone i'm the Mar
ket. hut There Are Few Weak
Spots-Monetary Conditions.

NEW YORK, Aug 2i.-To-day's dull and
sluggish market accorded with expecta-
tons The volume of transactions fell to
about a quarter of a million shares and
this small business was on a rapidly di-
minishing scale during the latter part OF
the day In the last hour of the market
there were long intervals when no quota
ton was recorded. The tone was rather
heavy throughout but hardened slightly at
the last on covering by the room shorts
Some inclination to sell was carried over
from Saturday on account of the bank
statement and the filing of petition in
bankruptcy by Stock Exchange member,
although ii was subsequently withdrawn,
had a slightly depressing influence. The
special weakness in New York Central at
a decline of points was not explained
by specific development, but the known
necessity for the raising of additional cap
ital overhangs this stock and causes IL TO
be depressed at intervals. Only a few 9TH
er stocks Of the first importance got as
much point away from last weeks
close. Realty preferred made a dip or "a
points, but afterwards rallied and steadied.
There was evidence of support by market
managers for various leading stocks, which
served to reassurs sentiment. 1t is the
general conviction that the process of clos
ing out the larger class of speculative ac-
counts, which are the outgrowth of a pro-
longed price movement In either direction,
has been about completed and the market
left to revert to the smaller class of spec
ulators, who confine their operations to
the board room in efforts to scalp daily
profit of fraction. Last weeks lessen
ing fluctuations and to-day's stagnation
are the results Of closing up Of large ac-
counts.
Sentiment I'm Wall street also continues
doubtful as to whether the industrial and
| mercantile structure at large will be spared
| process of contraction similar to that
| which has been going on in Wall street
Money continues cheap and abundant, but
| this is because lenders continue to keep
| their resources in such shape as to be
readily available. Time loans and mercan-
| tile paper continue to reflect firm tone in
| the interest rate and great circumspection
| Is exercised in the matter OF collateral on
all loans. There is considerable demand
| from the mercantile community and bank
ers attributed last weeks loan expansion
by the banks largely to this cause. 1t is
expected that the late corn and cotton
crops may delay somewhat the full interior
requirements for currency, but this de-
mand is now daily awaited. Sterling ex-
| change was strong again to-day and gold
| was advanced In London. Rains In the
! spring wheat belt and talk of large export
| engagements gave firm tone to that
| cereal, corn was easier on good weather.
! grain movement continues small but rail-
| way officials assert that the movement OF
| general commodities is keeping the traffic
/ at high level.
The bond market was dull and heavy.
| Total sales at par value were ELIAS, 600.
| United States bonds were all unchanged on
| the last call.
Following are the days share sales and
| the recorded price changes: