The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-26
PRICES RISE VIOLENTLY
STOCKS ARE ERRATIC AND MANY
ARE IN HEAVY DEMAND.
High-6rade Trunk Line Securities
Furnish the Bulk of the Activities
-PennsyIvania-Gou Rumors.

NEW YORK, July 25.-Violent price
movements and very heavy demand in some
of the high-priced stocks were the char
acteristics of to-day's stock market. There
was large realizing at intervals, both in
the stocks which were moved upwards to-
day and in others which had previously adj
vanced. The industrials and the low-priced
railroad stocks played only a small part
in the market, the high-priced standard
stocks of roads traversng all portions of
the country being in the van of all the days
movements. The grangers, the Pacifcs. the
Southern trunk lines and the Eastern trunk
lines all had their turn in the days activi-
ties. The bulls had the advantage of con-
tinuing satisfactory conditions of the crops
and the easy money market, but the fac
tors were rumors of great financial opera
lions looking 10 the harmonizing and con-
solidating OF control of the great railroad
systems Of the country. All of these were
more or less vague and none of them was
accorded opportunity for official sanction.
That regarding Rock Island was the most
clearly defined and IL was noticeable that
that stock, with something like explicit in
formation 10 go on fell out OF the fore
front and failed to maintain all of yester-
days advance There was authoritative in
timation also that another large railroad
system is TO be absorbed, the belief point
ing to ST Louis & San Francisco. Asser-
lions that Atchison was TO be taken over
were denied. Rumors continued thick con-
corning St. Paul, the one assigning il to the
Union Pacific being most persistent, but
without any authentic cOuntenance. The
Southern trunk line consolidation story and
the Eastern trunk line readjustment story
also did effective service without receiving
any formal authorization. Even the sup
posed hostility between the Pennsylvania
and the GOuldS was made to do service by
the bulls on the theory that the defeat OF
the Pennsylvania Hudson-river tunnel con-
tract was due to Gould influence and there
fore bull card for that group of securi-
ties, while it was alleged that the Penn
sylvania interests were buying to control
AtchisOn with a view to a trancontinental
system in retaliation for the Gould in
cursion into Pennsylvania territory. An in
cident of the day was the fierce raid on
Western Union which forced ii down over
three points by half-point drops. The stock
closed al a rally of point. There is promise
of a gain in cash reserves of over million
dollars by the banks tomorrow in spite of
the weeks exports of gold, the receipts on
balance from the interior and the excess of
disbursements by the subtreaSury having
more than Offset the exports The item of
loans, however, is beyond power OF COM
putation. The market closed very irregular,
but with a few stocks at the top.
Bonds were firm to-day. Total sales at
par value were $50, $4,000 United States new
tours, regular, advanced Il per cent. on the
last call.
Following are the days share sales and
the recorded price changes