The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-17
U. S. STEEL SUPPORTED
THIS GAVE An UNDERCURRENT OF
FIRMNEss TO STOCKS.
A Few Grain-Carrying Roads Lost in
the Late DeaIings-Money Market
Conditions Are Better.

NEW YORK. July 16.-There was a show
of strength in the early stock market to-
day, but it was mostly dissipated before
the close The attention to the crop news
and the reports over night of rains
strong influence in the advance of corn
carrying railroads, which extended TO from
2 TO 2Ssc in the most prominent members
of the group, Atchison leading. The sharp
rally In the corn market late in the day
and the announcement of the government
weekly crop report depressed the grain
roads again. and just before the close ST.
Paul fell TO a sharp fraction under last
night. The government cotton report was
considered favorable and was reflected in
the comparative frmness of some of the
Southern lines. The United States steel
stocks were apparently pegged, and their
unyielding support discouraged mere raid
ing tactics on the part of the bears. but
the insiders who bought the stock had to
accept continued stream of liquidation
all day. There seemed to be influential buy
ing also of the Pacifics. Changers and
Southwesterns. but IL consisted in the ac-
ceptance of offerings than of active bid
ding for stock and not much resistance
was offered to the later reaction. Banks
show no desire TO foster renewed specula-
ton and are asking rather higher rates
for time money. Call loan rates receded,
but without resulting In any actual pres
sure of money to loan. Sterling exchange
was also easier this morning, although it
stiffened again before the close. Favorable
progress was reported in the London Stock
Exchange settlement the support
corded the United States steel stocks SEEM
ing to reassure sentiment there. The dis
count rate at Berlin was easier and the
situation there was reported 10 be sensi-
bly, ameliorated. New York exchange at
Chicago rose again to 25c premium from
&C yesterday. The subtreasury is contrib
uting TO the money market and that inSti-
tutions debit at the clearing house to-day
ran up to 81, $40, S35. due TO heavy pension
payments and to the payment OF a check
for Klondike gold deposited on the Pacific
coast. The relaxation thus variously indi-
Gated OF requirements on the New York
money market was the important factor in
the nrmer and quieter market to-day. The
headlong liquidation of last week and yes
terday was shown to be unnecessary. There
is no disposition, however, 10 enroach upon
the, money market supplies. which. it is
believed. certainly will be needed at an
early period in the crop movement Among
usually inactive stocks. wide advances
worthy of notice were in Chicago x East
ern Illinois, So; Texas & Pacific Land
Trust, s: General Electric, 5 (afterward
l0sD; La Clede Gas. .; Des Moines az Fort
Dodge 4%; Consolidated Gas, 319, and
North America 8.
The railroad bond market quiet and
irregular within narrow range. Total
sales at par value were 81. 435, 90 United
States threes, the old tours and the fves
advanced a and the new tours declined a
per cent. on the last call
Following are the days share sales and
the closing bid prices.