The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-11
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. 1O.-Higher 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 Yesterdays close
for important stocks on a renewal of pro-
fessional selling. The interest excited in
the government monthly crop report and
the prospect of some important develop
ments in the strike situation next week
caused a large diminution i'm the volume
OF business. The paucity of the demand
helped to increase the downward tendency,
which was most marked in the rangers,
Paciics. coalers and Southwesterns Mis-
souri, Pacific and kindred stocks were in
huenced by 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 ii TO yester-
days level. But little of interest attended
the fluctuations in 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 "a lower. The bank statement, while
less favorable than anticipated, was with
out any decided effect on the market. The
increase in loans of $7,94S, 700 was not read
lily explained, and it decreased surplus
holdings 81. 712. 100. The closing was irregu-
lar and almost ~lifelese.
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 in the absence Of
the governments monthly report and the
wide variance In 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
to the possible ramifications of the steel
strike and crop scares. Discussion of the
effect on general business by the reduced
purchasing power of the wage earners and
farmers, in the event of their condition be-
coming critical. was u 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
nation of an alleged pool, prepared to take
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 influential
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.
P~essimistic views regarding damage to
the corps. which had hitherto made large
inroads on prices of the grain-carrying
roads, were not borne out by the tenor OF
the late adviceS. Reports of copiOuS rains
remedied conditions somewhat and the inn
proVement noted by the weekly crop report
caused a modification of alarmist reports
Stock nricpS then reflected an 1nn1Tpnfly
oversold market. Operations of the Ions
account, however. were conducted with
caution, traders taking profits quickly and
being content TO await the monthly show
ing. General prosperity being represented
i'm a large part by the agricultural yield and
the prices obtained, fluctuations in the
grain market were watched closely ano
stocks conformed pretty closely to their
variations. Damage is admittedly greatest
i'm the corn belt, but some interests believe
the prospects are good for an unprecedent
ell growth Of spring and winter wheat
This outlook furnished n good back log &c
the grangers heavy shipments to the sea-
board TO fill the export demand being re-
fiected in the increased earnings.
Recent liquidation in stocks was condu-
Give to ease I'm the money market and cal
rates ruled at about 2la per cent through
out. Lenders reported time loans in fan
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 gair
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 lin
its throughout and displayed little featur,
aside from pool operations I'm a few rela
lively unirnportant issues. United State,
bonds were all unchanged on the call price,
for the week.
Following are Saturdays share sales anC