The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-24
QUIET DAY in STOCKS
MARKET IN A WAITING ATTITUDE
ON SEVERAL POINTS.
Coal strike, Eoer Peace Negotiations
and the Corn Crop Are Chief
Factors-Monetary Outlook.

NEW YORK, May %. - To-day's stock
market was dull to the point of stagnation.
The higher prices in London induced an
improvement at the opening here, but II
was lost through mere hamilton. Until the
last hour there was hardly enough motive
power TO show any direction in the move
ment, with the exception of some special
stocks. There was quite an active demand
for the National Lead stocks, due to the
expectation that the company would benefit
from a proposed combination in an allied
branch of the trade. The American Lin
seed stocks rose on rumors of a combina-
ton of the vegetable-oil interests. The
firmness of Amalgamated Copper. Ana
conda and Smelling was due to the contin-
ued reports of the widening demand for
raw copper, both here and abroad. The
Improvement in the copper trade is an in
fiuence extending far beyond the stocks i'm
mediately affected. The allegation is made
that the recent heavy exports of copper
going abroad, in part, at least as stocks
are, to get the benefit of the cheaper money
rates over there for holding purposes.
There was a renewal of the recent strength
in Canadian Pacific, but when the advance
reached Ia it halted. Pacific Nails 21s
point rise was unexplained. The George
a. Fuller stocks made wide advances and
the New York public utilities and Colora-
do Fuel developed late strength, the latter
rising "a. The appearance of the prelim-
mary figures of the weeks movement of
currency awakened more animation than
at any time during the day. Outside of
those stocks already mentioned the effect
was not noteworthy except in st. Paul,
pa flo and chi he nov
hgureS indicate net gain by the banks
on the interior movement of nearly S., 000 900,
which is supplemented by gain on sub
treasury operations of $3.50 Bankers
are generally agreed that there has been
further heavy contraction of loans and re-
duction of deposit liabilities. 1t will be
seen that the promise is for an extremely
favorable bank statement. The response
IN the stock market is very moderate. Pos
slbly this was due to the fact that the in
ward movement of currency has been
checked. New York exchange at Chicago
fell back to-day to near par, compared with
6Oc premium early in the week. There was
transferred to-day through the subtreas-
ury, 100000 to New Orleans, following the
like amount transferred yesterday. There
was a call to-day for a rs per cent. in
stallment of cash on subscriptions TO the
steamship merger syndicate, which calls
for Sl2,50000O, of which about 90 per cent
Is payable in New York. The transaction
ala not cause ripple to-day In the local
money market. The determined waiting
attitude of the market seems to be due to
the uncertainties of the coal strike and
TO the approach OF the critical period of
the corn crop. The latter is receiving more
and more attention every day and is deS-
tined to have a greater influence on specu-
! lation than any other one factor. Definite
news is also awaited of the result of the
| BOer peace conference. Confidence is grow
| ing that there will be a favorable outcome.
The bond market was dull, but firm. To-
tai sales, at par value were 81, 290 900. United
| States bonds were all unchanged on the
/ last call
Following are the days share sales and
| the recorded price changes: