The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-03
STOCK MARKET SLUGGISH
MORE INERT THAN AT ANY TINE
DURING NEGLECTED PERIOD.
However, Level of Prices Lifted Above
Those of Tuesday Night-Money
and Bond Market.

NEW YORK, Sept. 2.-There was TO news
to account for any change in the complex
ion of to-day's stock market and the early
part of the session was given over TO
dizziness more profound and a sluggishness
more inert than at any time during the
present neglected condition OF the market
Later there was some revival of activity
which expanded the volume OF transactions
considerably over those of yesterday and
lifted the level of prices above last night
Atchison was the leader at an extreme rise
of 2H and three or four of the other
grangers responded to the extent of point
Prices eased of before TIE close, which
was unsteady. The afternoon demonstra-
ton seemed to be directed against the
short interest in Atchison and especially in
the other grangers incidentally. The opera
lions on the advance were conducted by
several well-known speculative operators,
whose return to the street from vacation
absences was thus signalized. The uncer-
tainty over the corn crop has been the mo-
tive for putting out considerable short
lines in the grangers, and this has been
reflected for some time by the strength
of the borrowing demand for Atchison in
the loan crowd. This seems to have con-
stituted the current for the professional
operators refused to bid up prices in the
was the consequence The rise In these
stocks was simultaneous with strength in
the corn and wheat market, which seemed
10 leave no room for the inference that the
buying was based on a more favorable i'm
mediate outlook for the crops.
The cotton market failed TO continue yes
terday's reactionary tendency. During the
early depression Metropolitan Street Rail-
way was conSpicuously weak on account
OF the current impression that the dividend
on the stock guaranteed by the securities
m &c nf hniF ftrl1x
was report also of 100000 decrease in
the net earnings for August of United
States Steel. The relatively small increase
in Pennsylvania net earnings for July
compared with the gross earnings and the
sharp decrease in net for the lines west of
Pittsburg and Erie were unfavorably COM
Amalgamated Copper interest in Montana
and the three-pOint break in Consolidated
Gas aroused misgivings amongst the pro-
fessionals as to market attitude of the
Standard Oil interests. The unsettled labor
situation in Colorado Fuel reflected Colorado
Fuel and American Smelling stocks. But
these influences, as we'll as the incident at
Oyster Bay, were diregarded in the late
covering movement
The money market has become almost as
nominal an affair as the stock market.
Bankers seem convinced that when the
money begins to move the call-loan rate
Will stiffen and borrowers will resort to
| time loans, while brokers and commission
| houses are content with the call-loan mar
ket at the present per cent. level. There
| was some recovery in New York exchange
| at Chicago to-day but foreign exchange
| here was somewhat easier.
| Bills against future shipments of cotton
| are beginning to make their appearance in
| the exchange market for the first time.
| The fate of the corn crop and the outcome
| of the call money market are the basic
| factors in the stock market situation as for
some time past.
There was some breadth to the bond mar
| ket, but the price movement was irregular.
Total sales par value, 81, 900. The rise in
| quotations for government bonds is at
! tributed TO the demand from banks for use
as securities against the expected increase
| in government deposits United States
twoS, threeS and the old and new tours adj
vanced n per cent The fives declined "A
| per cent. on the last call.
Following are the days share sales and
| the record price changes: