The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-09-19
GOOD BUYING OF SHARES
SOUTHERN RAILROAD EASILY THE
LEADER FOR THE DAY.
Junior Vanderbilts Also Heavily
BOught-Break i'm AmaIgamated
Copper-Monetnry Situation.

NEW YORK, Sept. 1S.-People who ar
gued that the sudden weakness that devei-
oped in the stock market yesterday after
noon after the early show of strength was
due to the frost scare in the corn pelL
found confirmation for their views In the
recovery in the stock market to-day SIM
UNANIMOUSLY with the reaction in corn. The
loss of all yesterdays rise in the prices OF
corn showed an eagerness to realize on
long lines that took the edge of the appre-
hension regarding the reported further
damage to the crop. The effect of this de-
veIopment was naturally most pronounced
in the stocks of the great Western rail-
roads. whose traffic is largely in corn,
namely the grangers and Pacifics, includ-
ing Atchison and Missouri Pacific. But
there was no reason why the developments
in the corn market should have a sympa-
tbetic effect on railroads in Southern terri
tory. those carrying anthracite and BIZ
luminous coal and the network of central
traffic and minor Eastern trunk lines which
are usually designated as junior Wander
bits. Prices of all of these stocks were
notably buoyant, and the buying of them
was on a scale which could only be for
the account of the largest of the local in
terests. Buying was without any specific
news to explain it. It was attributed to
the same sources as that which constituted
the determined support of the market all
through the recent crisis. The public in
Wall street was strong in the conviction
that what are called the Vanderbilt. Nor
gan, Gould, Rockefeller and Hartman in
terests were all buyers on a very large
scale of the various stocks in which they
cd DrOfpSSlOn-
al operators exhausted the best powers Of
conjecture in striving to discover the mo-
tive of this buying There was considerable
cross-trading early in the day. which had
the appearance of an effort to confuse
sentiment, brokers usually acting for large
capitalists. making very large trades on
both sides of the market and almost sim.
ultaneously. The persistent weakness or
Amalgamated Copper, which fell another
ga points, still further confused sentiment.
When that stock made vigorous rally of
2ss, the effect Of the buying elsewhere be-
came emphasized and prices rose buoy
antly throughout the list to the top level
OF the day. Southern Railway was easily
the feature, and nearly all the transactions
in the stock during the last hour were in
LOCO 10 5,0OO-share lots. The price rose 2
points and an extended additional list Of
the Morgan railroads advanced from to
points. Hooking Valley gained 51S. The
Vanderbilt group, including New York
Central the New York Chicago & ST.
Louis stocks, Canada Southern, Cleveland,
G., C. a St. Louis, Peoria * Eastern and
Lake Erie & Western rose from 212 to rs,
giving rise to confident predictions of an
early announcement of a comprehensive
plan of merger for all the Vanderbilts.
The rise of AS in Sugar was due to these
stocks subscription rights declared by the
stockholders to-day. Conditions In the
money market were tranquil under the in
huence of continued large out-go from the
subtreasury TO the money market. The
banks have gained during the week from
that institution $11 546, 000 The easing eff
feet of this replenishment served to further
steady foreign exchange rates and deferred
engagements OF gold for export.
Speculative bonds were active and strong,
but there was some irregularity among
less active issues. Total sales at par value
were $2,095,0O0 United States refunding
twos advanced II per cent. on the last call.
Following are the days share sales and
the recorded price changes: