The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-04
BREAK in u. S. STEEL
CAUSED BY WORDING OF THE DIvI-
DEM DECLARATION.
Very Dull Day Brought to an End a
Very Dull Half week-Condi-
ton of the Money Market.

NEW YORK. July :. To-day's stock
market was little more than nominal. The
volume of business was so small that had
there been a wide price movement little
significance could have attached TO the
fact. The subject Of most vital interest
on the exchange was whether II would be
possible TO get together a quorum OF the
governors TO achieve the longed-for ad-
journment of the exchange until Monday
next. When this was accomplished IL was
greeted with cheers all through the WALL
street district. and there was an imme-
date hegira Of members OF the board.
Only those who were compelled to stay
to close up contracts remained in the board
room. While the board of governors was In
session to-day a communication was read
from a number OF principal banks saying
that the banks would restrict business as
much as possible on July 5 and 6 on ac-
count Of the heat. and that as many en-
ployes as could be spared would be excused
on those days. Members of the Cotton Ex-
change said that the exchange will be I'M
able to close on Friday and Saturday. Fri
Gay Is regular notice day for the delivery
OF July cotton on option contracts. The un-
certain condition of the crop is urged by
the officers of the exchange as a reason
why 1t would be unwise to suspend bust
ness.
The leader in such market as there
was was United States Steel. That stock
reflected clearly enough the disappoint-
menu OF holders over the dividend. or,
ratner, over the wording of the dividend
declaration. The omission of the word
quarterly in connection with the | per
cent. dividend on common stock was al
ieged to throw doubt on the continuity of
She dividend rate thus established. The
OF the friends of the stock that
room was thus left TO increase the rate,
as Well as to decrease it. did not assure the
SPECTATORS, and they sold the stock freely.
me preferred suffered even more markedly.
oecilning 3s from the top level. The COM
mon Tell rs from the best. Both stocks
seemed to be without aggressive support.
The effort of belated borrowers TO secure
loans 10 carry over the four-day interval
uhul Monday caused a lively furry in
money. AS high as IS per cent. was paid for
can loans and considerable liquidation
was preclpitated. The last hour was the
most active of the day on the closing up
Oh accounts, and a number of leading
Stocks were carried down a point or more.
Inc disturbance in the money market was
evidence OF the delay in the return to the
market OF the money paid out in dividends
ana interest. In spite Of payment of gov
eminent interest. the subtreasury has taken
a small sum from the market on balance
tn's week. The sharp discount to which
Snicago exchange has fallen Is also evil
dence of the presence in that market of
neavy claims on New York.
-Ine bond market was dull and irregular.
Iotal sales at par value were 81, 7S5. 900.
United States bonds were all unchanged on
call.
Inere was a general hope and expecta-
ton among professional operators in stocks
last week that there would be some re-
vival of speculation this week. which has
oeen totally disappointing. 1t is not un-
nkeiy that quite favorable developments
Would nave proved inadequate to over
come the repressive influence on stock
operations, as on every other form of hu-
nan actiyity: for the terrible heat OF
weather.. BUSINESS af the ar -
such small proportions that the price
changes offer little significance. 1t is no un-
after the passing of a half-yearly divi-
dend period owing to the delay In distribu-
tioh or resources accumulated In loans to
b tne channels OF the money market again.
put operators for the rise this year had 10
race in addition the discouragingly small
demand from investment sources in anti
/ cipatfon of dividend disbursements. 1t is
NOT customary for prospective recipients
Oh profits TO await actual money I'm hand to
Ieinvest when there is a rising market
before them. This year the anticipatory in
vestment demand was con~spicuouslv alb
sent. There has been an undertone of un-
easiness also as an outgrowth of the dis
cuSSion and criticism OF the affairs of the
Seventh National Bank and Marquand &
Co. whose failures were of very moderate
effect on the market last week. The sur
race OF affairs, while quiet, has reflected
that a process was going on of the over
hauling OF collateral in loans, and the oper-
alton of credits lacked the perfect smooth
1870 WIN NhiC nave tIldTdCleI-
lied the money market since the recuper-
alton was fairly established after the Nav
panic Certifcation of checks for the large
amounts employed by Stock Exchange
houses have been less ready. Conjecture
regarding the character of collateral for
bank loans in general was stimulated by
this condition and also by the closing OF
two banks in Buffalo. not In themselves
of Importance. In the public discussion
which has been going on the argument
has been frankly advanced that some of
the methods of the failed bank which have
been most criticised and which are ad-
mittedly in contravention OF the statutes
are really essential TO the conduct OF bus
mess In the Wall-street district and are
entirely In common practice among New
York city banks.
There has been. as usual. q bear con-
tingent of professional operators ready TO
make use of all available means to work
reaction. They have had on their side the
currency OF reports in London rejecting
on the security Of New York bank loans.
Tn feeling thus engendered has had the
effect OF depressing rather than depressing
speculation.
Railroad bonds have been as much neg
lected as stocks and have moved narrow
ly.
Following are Wednesdays share sales
and the closing bid prices: