The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-20
TRADE in STOCKS
1T HAS BEEN THE FEATURE OF THE
WALL-sTREET WEEK.
Attempts to Secure Profits Brought
Statement Helped n Recovery.

NEW YORK, July l9.-EOrmer buyers OF
stocks attempted to take profits this morn
ing. and found a poor market for the pur-
pose, with the result hat prices were car
ried generally below last nights level in
the course of the first hours trading. The
market, however, continued TO show
breadth and variety, and the pressure to
sell promptly relaxed at the lower level OF
prices. a favorable bank statement was
expected, but the exhibit of the clearing
house institutions proved more favorable
than had been anticipated and resulted in
an effective rally in prices. The realizing
was renewed at the advance and the clos
ing was active and easy. Probably the re-
ports Of yesterdays heavy rains and floods
in the Western States aroused some mis-
Sivings over the results to grain. There
were fractional advances among the grang-
ers and Southwesterrs. nevertheless. Penn
s$rania was the feature of the market on
very large dealings and rose above leo.
closing at that figure. Official denials Of
Yesterdays persistent reports that control
of Reading had been secured did not hurt
the stock, but its subsidiary stocks, c. & o.
and y. & w. suffered from realizing. the
former falling at one time IA under last
night. There were strong spots through
the market, including Hooking Valley,
Western Union. Fuller Construction and
some OF the public utilities of this and
other cities.
There has been notable revival Of specu-
lative activity in the stock market this
week, so that the volume Of dealings
crossed the million-share mark for Thurs
day and Friday. There have been indica-
tons Of a strong, organized campaign, in
Guiding some of the great financial groups
which have hitherto seemed to hold aloof
from the market during the operations con-
Quoted by the so-called Western contin-
gent. Dealings have been in great variety,
shlfting from one TO another group of
stocks successfully. taking profits I'm the
one group under cover of the sympathetic
strength induced by the rise in prices of
the new group. The movement is regarded
as being professional still to a large extent.
That is to say, as being conducted by the
large capitalists who have controlling in
terests in great corporations and by the
traders whose means of livelihood is the
buying and selling of securities. The his
tory or speculative movements shows that
the general public never embarks i'm a
general speculation except under a leader
snip or this character. During the past
week the commission houses In Wall street
report some excess Of demand from scat
tered sources, but not to an important ex-
Git LIN DLlh . the TRANSACTIONS Is sui
In the hands of the professionals.
1t is not to be supposed that large capt.
talists in embarking upon such an under
taklng base their expectations Of success
upon mere arbitrary methods of manipula-
ton of prices. They must count on a feel
ing Of confidence i'm the people at large in
the prosperity of business and the earning
power or invested capital. In the present
instance much stress is laid on the success
of the great staple crops of the country.
and above all OF the corn crop. The good
nann-.nn ~A1A - ~L4- - a. -
able weather which promises 10 carry it
10 fruition undoubtedly form the principal
basis of the speculative campaign which
has been begun. The report during the
week that the corner in the July corn op-
ton at Chicago had been abandoned and
the break in the price were regarded with
satisfaction in Wall-street circles owing TO
the rear that the artificial condition sought
TO be maintained would do harm to the mar
keting' of the coming corn crop. and that
the effort TO support the corn market might
necesSitate sacrifices in the stock market.
The suspicion that a sequel still remains
to the corn corner has revived some appre-
hension on this score.
All trade reports agree that the demand
for all grades of iron product is still at
high-water mark and running into the in
definite future without the first indication
of reaction. These two basic facts, plenti-
full crops and active iron trade have been
accepted usually in the past as conclusive
indices of the country's prosperity. Re
ports of railroad earnings continue to
viz ON1A Aa2L 1LaA . AHA111-
denied level and corrobOrate other evidences
of prosperity. including the large volume
Of bank clearings the country over. The
unusualj , early demand from the interior
for currency, which caused some uneasiness
last week on account of the danger of its
enCrOachment on New York bank reserves,
is accepted in another sense as indicating
the activity of trade. The losses suffered
by the anthracite coal carriers as a re-
suit of the miners strike make them
an exception to the Increased earning
,D-~1r 81 -af1rnn6U IN OannFal hft tho do
termination of the miners in convention
at indianapolis not to make the strike
general has been made an opportunity to
advance prices of the cOalerS as a feature
of the bull market of the week. The con-
idence expressed by coal road officials that
the strike is near an end apparently has
been accepted by the speculative cOntin-
gent. The ~affidavits offered by the United
States Steel officials in answer TO the suit
against the proposed bond issue regarding
the earning power of the corporation were
regarded as gratifying evidence of the
prosperous conditions of the trade, but the
corporations securities were were but
slightly affected.
The rate for call loans have been easier
this week and have fostered specu-
lation. but the future of the money
market is by no means clear and
lenders hold firmly for higher rates on
time loans. The unexpected volume of the
governments disbursements has been a re-
lief 10 the money market. but 1t Is by no
means certain that the present rate of dis
1AA VII ~ - -
iton Of the extent Of the foreign indebted
ness of this market is much canvassed, but
with no definite result beyond the general
agreement that our floating Indebtedness
abroad is unusually large and it's con-
venient liquidation much dependent on
the volume of our exports Of do
nestle products this fail. Some OBJ
servers have claimed to detect a
disposition OF French capital, to which this
markets largest Indebtedness is due, to
invest in American securities, but inquiry
in the channels in New York through which
such an investment would most likely feat
fails to corrobOrate this view.
The principal activity in the bond market
has been IN speculative and convertible
bonds in sympathy with their interchange
able stocks. United States new fOurs re-
clined y per cent. the old tours 8 per cent.
and refunding twos and threes Il per cent.
on call this week.
Following are Saturdays share sales and
the recorded price changes:
High Low Closing
Stocks. Sales. est. est. Bid.
AfphiEOu il 200 SQAs SSTb SQia