The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-15
STRENGTH OF CHANGERS
THE REDEEMING FEATURE OF A
GENERALLY WEAK MARKET.
Industrial stocks ConspIcuousiy
Heavy-MissOuri Pacific Also Low
er-Monetary Conditions.

NEW YORK, July 14-Speculative oper-
ators in favor Of higher prices for stocks
took held Of the market with renewed vigor
to-day, centering their campaign in St
Paul That stock has always been pc
cuIiarly effective as a leader. owing to its
representative character among the West
ern trunk lines, and 10 the large floating
supply in the market. It's notable rise to-
day therefore had some sympathetic effect
on stocks Of its own class. The mass of Sc
curities. however, remained singularly I'M
responsive to the aggressive strength OF
ST. Paul and even sa~ged in spots from tor
pid demand In the Early market the effect
of the St. Paul movement was interfered
with by the obvious profit taking going on
in Missouri Pacific and the suspicion thus
aroused that the ST. Paul manipulation was
expressly designed to facilitate this profit
taking. There were also weak spots among
the industrials The declines from Satur-
days level reached a point in Missouri Pa
cihc, Sugar and Amalgamated. Atchison
responded early to the St. Paul rise and
followed II closely throughout the day, but
it was not until late that Union Pacific
and still later when Southern Pacific came
into the movement. The St. Louis South
also conspicuous. A reference to the days
sales list Will show that the stocks above
specified made Up the principal portion of
the days market. AS each stock was sue
cessively brought forward into the move
ment the buying took on large proportions.
Blocks of from thousand to 5000 shares
were dealt in freely i'm all of the active
issues. The weak stocks recovered and
closed unchanged or at slight losses. An
EFFORT was made to advance the Readings.
but 1t was not pursued. Much was made
IN connection with the advance or hopeful
talk Of crop prospects, and no account was
taken OF the signs of the strength in the
grain markets based on reports of more
unwelcome rains in the Southwest. The
grain markets are not considered a reliable
barometer or actual crop conditions, owing
to the disturbance caused by speculation.
1t must be considered also that the specu-
latlve mind is much confused in following
the statistical rectification In the govern
ments crop acreage figures in the attempt
to conform the Agricultural Departments
figures to the census returns. The favor
able bank statement on Saturday was
urged as an evidence of easing conditions
OF the money market, but money rates
were not appreciably easier here to-day,
ana foreign exchange advanced a fraction
| again. There deposit of 100000 at
| the subtreaSury for telegraphic transfer
/ 10 New Orleans and New York exchange
at Chicago remained at 25c discount. The
market closed rather irregular, but with
| the grangers at the top level.
The bond market was more irregular
| even than stocks. but was without con-
| SpicuouS feature. Total sales at par value
| were A,247.O00. United States refunding
| twos declined = and the threes and old
/ and new fours IA on call.
| Following are the days share sales and
the recorded price changes: