The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-10
WELL SUPPORTED
LIQUIDATION IN SHARES CHECKED
BY GOOD BUYING ORDERS.
Notable Advance in several Leading
Securities-CoIIateraI Causes Help
in the Days Rise.

NEW YORK, July 9.-Support for the
market from the large banking interests
and syndicates which seemed yesterday TO
have abandoned il TO the effects of forced
liquidation worked a prompt transforma-
ton in speculative sentiment to-day. The
opening dealings disclosed that there was
still urgent liquidation TO be effected, and
some heavy blocks were thrown on the
market at sharp concessions from last
nights closing prices. but brokers with
supporting orders were present at the same
time and were bidding above the prices at
which others were letting stocks 60 The
consequence was some wide openings in the
prices of the grangers, Pacifcs and South
western stocks on sales of 1000 TO $500
shares of each. The average level of prices
was carried a point or more below last
night and there were exceptional losses in
Louisville of 3as. in Baltimore & Ohio of
ga, and of Southern Pacific of "a. United
States Steel received determined support
from the outset and although the first Of
ferings were 1900 shares the price. was
held at last nights level. During the rest
of the day the market showed steady re-
cuperation and at times developed a tone
of positive buoyancy. The stock which suf-
fered most acutely in yesterdays liquida-
ton were most conspicuous in to-day's
rally. notably St. Paul, Union Pacific. Mis-
souri, Pacific and Atchison. The movement
In these stocks was eclipsed by that of
Louisville, in which the dealings were on a
large scale. The opening loss gave color TO
the supposition that it was raided for the
purpose of accommodating stock. In the late
dealings it spurted to 1101z. an extreme rise
of IA. 1t closed with a net gain of 212. The
recovery in the other leaders from the low
point ranged from 3 to 8. Some special
strength was shown by Illinois Central on
the declaration of the dividend and the de-
cision TO issue new stock, and by st. Louis
81 San Francisco preferred on the placing
of stock on "A A per cent. dividend basis.
There was no apparent cause for the recov-
cry in the general list aside from the con-
fidence inspired by the evidence that pow
erful support was in the market and that
the ominous and urgent liquidation of yes
terday was thereby checked. The diSquiet
which was caused yesterday by the mys-
terry surrounding last weeks large loss in
the cash reserves of the banks was dis
PEELED by the explanation that cash had
been shipped TO Buffalo TO provide against
a possible run on the banks there. The
open-handed freedom with which loans
were made by banks under Morgan control
quieted fears of credit contraction and
counteracted the effect of the recent policy
OF the banks in discriminating against col
lateral. This policy had its part in induc-
ing liquidation which might have endan-
gered the banks themselves if carried to
extreme. It's check, therefore, caused gen.
eral relief. News regarding the corn crop
was not improved to-day, and Atchison of
ficialS continued to talk in a belligerent
tone of the announced cut in freight rates.
The bond market was moderately active,
but only a part of the list recovered in
sympathy with stocks. Total sales, par
value. $2,905 600. United States new tours
declined Il per cent. and the old tours ad-
vanced "a per cent. on the last call.
Following are the days share sales and
the closing bid prices: