The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-08-14
BETTER TONE PREVAILS
WITH ONE OR TWO EXCEPTIONS
sTOCKs RISE SHARPLY.
Waning influence of the Strike and
Crop Conditions-Noney situation
II Materially Better.

NEW YORK. Aug. 13.-Business to-day
was on a small scale. but there was a
wider distribution OF the dealings. Strength
was shown by many important stocks. but
the general movement continued irregular.
The opening was higher on a resumption
of yesterdays strength and the good tone
of the London market. The fortnightly
settlement abroad was arranged satisfac-
toriiy, and arbitrage houses bought more
literally here than for some days. First
prices were not long maintained. as traders
realized, but when a demand arose for
the Eastern trunk lines and bituminous
coal road stocks the entire market rallied
sharply. Sugar was about the only notable
exception TO to-day's strength. the bears
lowering IL 2 points at one time and selling
steadily when IL rallied. There was little
news of Importance bearing on either the
crop conditions or the steel strike and the
influence was less marked. Frequent re-
lapses in prices were made. causing Pacific
stocks TO sag temporarily under yesterday ;
close. When pressure ceased prices rallied
easily, and there were large purchases of
st. Paul and the Eastern stocks. Shorts
covered more generally in the market.
The Improvement in the trunk lines and
soft coal stocks was partly due 10 the
benefits expected to accrue from the recent
formation of a bituminous coal cOmbina-
ton. New York Central made the largest
rise of ia, but Baltimore * Ohio. Pennsyl-
vania, Chesapeake Il Ohio and Norfolk *
Western averaged > points better. Minor
Vanderbilt stocks sympathized with the
movement in New York Central, especially
C., c., c. * ST. J.. ST. Paul was taken in
good amounts and advanced 3s on reports
that there might be an increased dividend
declared next month. Short buying was
considered to be responsible for the i'm
proved tone of the market, but the waning
infiuence OF the crop conditions and the
steel strike were also considered. Western
and Pacific stocks followed pretty closely
I'm the wake OF st. Paul on its advance, and
the grain-carrying roads were helped by
the heayiness of the grain market. The
coalers, fractions and some OF the low
priced industrials showed good strength at
various times, the strong rise i'm lnterna-
tional paper being due to expectations of
a very favorable annual statement. But
little interest was manifested i'm the United
States Steel stocks and they moved quite
generally Independent of other stocks. An
early rise of "a and Is, respectively, in the
common and preferred was followed by "a
gradual decline, and they ended only 10 and
y higher. The large payments-S2,9 94. 9I4-
made by the subtreasury on account of
army and navy credits. and some receipts
Of gold at Pacific coast points caused a
loss of about 81. 100000 by the banks 10 the
subtreasury up to yesterday, to be turned
into a gain of about as much. The stock
market closed strong at about the best.
Bonds were quiet and firm. Total sales
at par value were $3.50. 900. United States
bonds were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: