The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-12
Dull WEEK in SHARES
SPECULATION AWAITS DEFINITE
STRIKE AND CROP NEWS.
Decreasing Volume of business at
Generally Lower Prices-Money
Market In Good Condition.

NEW YORK. Aug. W-Iligher prices
from London were reflected in a fairly good
tone for railway stocks at the opening. but
small gains were soon wiped out and
prices dipped well below yesterday close
for important stocks on a renewal OF pro-
fessional selling. The interest excited III
the government monthly crop report ana
the prospect of some important develop
ments in the strike situation next week
caused a large diminution in the volume
OF business. The paucity OF the demafu
helped to increase the downward tendency
which was most marked in the gransers,
Paciics. coalers and Southwesterns Mis-
souri, Pacific and kindred stocks were in
huenced Dy denials of recent reports Of the
impending absorption of Mexican railroads.
As on the two preceding days. Missouri
Pacific spurted up sharply at the close, the
final figure to-day bringing il 10 yester-
days level. But little of interest attended
the fluctuations i'm the United States Steel
stocks, their movement being only frac-
tional. but indicating more support for the
common than the preferred. the latter end
ing u lower The bank statement, while
less favorable than anticipated, was with
out any decided effect on the market. The
increase i'm loans of S7,94s, 100 was not read
lily explained, and ii decreased surplus
holdings II ,7l2. 400. The closing was irregu-
lar and almost lifeless.
Developments OF the week were not suf-
fciently defined to afford much encourage
ment to either bulls or bears, and the re-
suit was a dull. narrow and unsettled mar
ket. In addition, the uncertainty as to the
crop situation continued I'm the absence or
the governments monthly report and the
wide variance in estimates by recognized
trade authorities. These conditions reduced
public operations, and from day to day
fluctuations represented only the character
of the professional views. Liquidation was
on a large scale. largely on uneasiness as
70 the n0SSthla ~ rnfiaafinnQ 0f the steel
strike and crop scares. Discussion of the
effect on general business by the reduced
farmers, i'm the event of their condition be-
coming critical. was a factor in limiting
general speculation. Large amounts of the
United States Steel issues came on the mar
ket, but the actual declines were less than
when the rupture first occurred weeks ago.
This circumstance was ascribed TO the for
enormous amounts at fixed prices. The
known conditions rendered professionals
chary of attacking the stocks, the POSSIBLE
ity of an early termination of the strike
and the consequences of a squeeze being
weighed. Nevertheless, their recovery from
the low point when various plants resumed
work was checked at times by 'infuential'
selling. Consistent support was lacking for
other stocks, and speculative favorites. such
as Sugar. st. Paul. Atchison, Union Pacific
and Southern Pacific, covered a wide range
either way frequently.
Pessimistic views regarding damage to
the corps. which had hitherto made large
llTOdOS on prices OF lnt SIdll-tdIIv lI6
roads. were not borne out by the tenor OF
the late advices. Reports of copious rains
remedied conditions somewhat and the i'm
provement noted by the weekly crop report
caused d modification of alarmist reports.
Stock prices then reflected an apparently
oversold market. Operations of the long
account, however. were conducted with
caution. traders taking profits quickly and
being content TO await the monthly show
ing. General prosperity being represented
in a large part by the agricultural yield and
the prices obtained, fluctuations in the
stocks conformed pretty closely to their
variations. Damage is admittedly greatest
in the corn belt. but some interests believe
the prospects are good for an unprecedent-
ed growth of spring and winter wheat.
This outlook furnished a good back log to
the grangers. heavy shipments TO the sea-
board to fill the export demand being re-
hected in the increased earnings.
Recent liquidation in stocks was cOndu-
Give TO ease in the money market and call
rates ruled at about PIG per cent through
out. Lenders reported time loans in fair
demand and mercantile paper terms with
out especial change. Considerable salts
faction was expressed at the liberal re-
ceipts Of gold at Pacific coast points from
the Klondike and Australia, credited to the
local banks, which enabled them TO gain
largely on subtreasury operations. That
institution also disbursed the August gov
eminent interest, and, as the interior cur
rency movement favored the banks. the
prospects for a good bank statement helped
to maintain market prices.
Prices of bonds moved within narrow linn
its throughout and displayed little feature
aside from pool operations in a few rela-
lively unimportant issues. United States
bonds were all unchanged on the call prices
for the week.
Following are Saturdays share sales and
the recorded price changes: