The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-14
QUIET WEEK in STOCKS
PRICE LEVEL, HOWEVER, Is HIGH
Err THAN AT THE OPENING.
Changers Especially Affected by Pros
nant-Trade Demand for Money.

NEW YORK, July PA disposition to
advance prices was held in check to-day
by the fears that a poor bank statement
would insure selling of stocks. This check
was removed when the bank statement
proved Unexpectedly favorable, and the
market closed firm, with the average level
of prices at about the highest The prin-
cipal evidence OF strength was in the
grangers, especially the corn-carriers.
Atchison which was neglected yesterday,
took up the leadership to-day, while Mis-
souri, Pacific hung back until the late deal
ings, when it rose in the regular dealings
a point Rock Island rose points to
level Of points higher than yesterdays
highest. but the dealings were small and
the gain was not well held. A rise of
nearly a point in New York Central was
apparently due to support in view of the
decrease in gross earnings reported for
June by the system. The industrials were
somewhat depressed, but took part in the
late rally.
There has been considerable activity and
strength in the stock market this week. but
it has been of an irregular character and
confined to comparatively few stocks. 1t IS
sufficiently obvious that the prevailing sem
timent among security holders is one OF
confidence in the maintenance of the pros
porous conditions of the country and the
continuance of the present earning power
OF securities. Holders OF railroad stocks
especially show no disposition to part with
their property. But no general public de-
mand for stocks is aroused by the tactics
of the party which seeks to lead a bull
movement The active leaders seem to feel
themselves exempt from danger of strin
gency in the money market and have dealt
freely in stocks, shifting operations from
one quarter of tho market to another, but
combining their operations to few leading
stocks in each group. The sympathetic in
fuences OF these special movements on the
general list has been strengthening, and ii
is probable that they We're designed to sup
port values TO some extent and thus to
guard the credits which the same large in
tereStS are employing in other projects or
magnitude. 1t is a novelty for large inter-
estS TO be committed at the same time 10
the long side both in stocks and grains.
Yet 1t is generally assumed that the So
called Western contingent, which controls
the corn corner in the Chicago market is
also the most influential element on the
bull side in the stocks. This is explained
by the fact that the grain speculation is III
the remnant of last years deficient corn
crop, while the prospect for the years crop
in present conditions is considered excel
lent. The government crop report or con-
ditions as of July 1. published on Thurs
day, was taken as confirming optimistic
ideas of the coming crop, and the rains
reported doing some damage during the
week have not been sufficient to disturb the
general confidence i'm a favorable outcome.
An important influence in maintaining
prices at a high level is the general con-
viction of large projects for extension of
control in the railroad world by existing
large railroad interests. For many years
the control of the big railroad systems has
been felt to be sufficiently secure by the
centralized holdings of strong minorities of
the stock. The desire to control Reading
is attributed TO various railroad interests
and the same is true of Chicago q North
western and some other systems. The high
| prices of such stocks are urged arg
ument for an advance in other stocks in
analogous circumstances In the industrial
! field, on the other hand, the process of con-
sOldation of excessive capitalization is felt
to have Over-discounted the future, and this
/ class of securities continues to allow re-
/ turn of money invested as would prevent
/ any immediate absorption in the case OF
! any railroad stock.
/ Millions of dollars have been shipped to
\ interior points by the New York banks and
/ foreign bankers This foreign borrowing
\ has averted an outward movement of gold,
which is thus shown to be more urgently
/ required at home. The eXigencies of the
corn corner in Chicago are assigned as a
reason for the large demand for currency
/ there, but the demand comes as well from
| Southern points and Chicago's demand is
reflected from large demand on that center
| from Western and Northwestern points
| he DdilkS Oh the country at large are
in fact, Withdrawing their deposits from the
reserve cities for their own home needs
/ The active demand for money may be con-
sidered as ore of the most important in
dications of the country's prosperity Ac-
tive trade demands for money are common
| ly expected to Interfere with speculative
activity in securities.
There has been a fairly large proportion
| of bonds and a rather irregular movement
| of prices. United States refunding twos
have declined Is. the new tours and old
fcurs, regular, Il and the old tours, cou-
pom, y on call during the week.
Following are the days share sales and