The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-06-27
GOT UNDER THE MARKET
FINANCIAL POWERS FELT THAT 1T
NEEDED SUPPORT.
This Was Withdrawn Soon as the
Necessity Was Passed-Resuit Was
Dull but ChangeabIe Session.

NEW YORK, June 26.-The sentiment re-
fected by the changes in stock prices I'M
derwent an astonishing number OF muta-
tions to-day. considering the small volume
Of the trading and the narrowness Of the
interest in the market. The market was
palpably soft Notwithstanding these occa-
sional variations. There was a residue Of
apprehension caused by yesterdays bank
ing disturbance in spite OF the clearing
up of many wild rumors that were cir
culated yesterday by the explicit state
ments put out over night. 1t was doubt
less owing TO this feeling of uneasiness
that strong supporting orders were put in
the market at the opening TO guard against
any violent disturbance of prices. The ad-
vances which were caused in that way
were, in fact. met by considerable selling
orders by the element which professed TO
expect further trouble. The persistence OF
the support and the news that the bank
which was affected yesterday had met to-
days debit balance at the clearing house
auieted the slight tendency to feverish-
ness in the market Afterwards the trad
ing took on the tone OF the recent market
and consideration returned to the situation
of the money market. The fact that the
Clearing House Association had consid-
cred it unnecessary to accord assistance
10 the bank in trouble yesterday was re-
garded in itself reassuring, as indicating
a belief that the banks affairs offered no
threat TO the general situation, and that
the trouble was localized. With the de-
velopment Of this sentiment the support
OF the market seemed to be less, as though
it were not deemed necessary. When the
money rate stiffened to above per cent.
and increased offerings came the mar
ket prices yielded easily. This period of
greatest weakness In the market was also
that of the greatest activity. The furry
in money rates was exactly such has
been anticipated for two weeks past, and
which is a usual incident of the last week
In June on account of the large accumula-
tionS necessary to provide for dividend
and interest disbursements. Very possibly
yesterdays disturbance to credit slight
though it was, had it's effect in the shift
ing or loans which occurred to-day and
which precipitated the sprinkle Of liquida-
ton owing to the difficulty of securing new
accommodation. The decline in prices was
most pronounced in ST. Paul, Union Pa
cine, Manhattan and some of the less
prominent stocks which have been under
manipulation recently for an advance. ST.
Paul fell extreme 27s under last night.
The latter part of the day was taken up
by very general but desultory recovery
Not few of the most important stocks
were lifted well above last nights level
while the larger number rallied TO that
level The closing was very dull but firm
The reaction in sterling exchange in re-
Spouse TO the rise in the money rate and
the favorable progress in the Stock Elk
change settlements in London and also
in Berlin in spite OF yesterdays bank fail
ure in Leipsic carried the price of ex-
change we'll away from the gold export
point.
The bond market was dull, but prices
yielded to selling in sympathy with stocks
Total sales at par value were 1895. 900.
United States refunding twos advanced "a
per cent. on the last call
The governors of the Stock Exchange
have voted not to close the exchange on
July and 6.
Following are the days share sales and
the closing bid prices: