The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-15
THE INDIANAPOLIS JOURNAL SUNDAY. JUNE Is.
STOCKS ARE VERY DULL
FOREIGN MONETARY SITUATION a
SERIOUS REPREssIVE INFLUENCE.
Strike Conditions and Contingencies
Also Have Much Efect-Prices
Hold Fairly Well.

NEW YORK, June livery little i'm
portance can be attached TO to-days deal
ngs in stocks. Prices were well held. but
this was not because there was any general
demand, but rather because there were no
Outside Of Missouri Pacific and
ST. Paul the dealings were hardly more than
nominal. These two stocks were lifted
point after the appearance of the bank
statement, but neither closed at the best
The closing was fairly steady, however, but
very dull. The bank statement was con
sldered favorable and helped the market
The gain of million and a quarter in cash
reserves was larger than expected, and the
contraction of over 100000 in the loan
item came in the place of some apprehen-
sion of a further expansion of that account
The net result was TO add more than 5000
coo to the surplus over the legal requirement
in the reserves of the associated banks.
The buying of Missouri Pacific and of st.
Paul was of the same character as during
the week, and is attributed to the opera
lions of speculative pools. The coalers
were neglected owing to the lack of cor
rpboration OF yesterdays rumors of meas
ures taking which would end the strike
The rise of point in Norfolk & Western
was based on the reports that the strike
of the soft coal miners in the Virginias has
been broken. There was nothing in the
days crop news to stimulate speculation
The trading perfunctory throughout.
The favorable reports of the mercantile
agencies, which showed the anthracite
strike to be the only cloud on the industrial
horizon, and a showing of railroad earn
ings for the first week in June, which are
larger by over per cent than those of the
same period last year, were influences to-
ward conserving the firm undertone Of
stocks.
There has been a slight revival in the
stock market this week, but II was not hus-
sition to relapse into lethargy and to await
the clearing up of some of the elements of
uncertainty in the situation. The midweek
increase I'm activity was due largely to a
personal element and was attributed to the
operations of the leader of the so-called
Western party, which has dominated all the
recent important speculative movements III
the stock market, and has been largely in
fuential we'll in the corn market. The
return of this leader TO the Wall-street dis
trict was followed by large dealings IN
some of the grangers and Southern roads
This leadership induced some professional
following, but the inertness of the outside
public discouraged the campaign, and il
discontinued. to all appearances. The
Developments of the week have been such
as to discourage present speculative activ-
tty, but have confirmed the general conf
dence that is felt In the general soundness
or the business and industrial situation.
The continuance of the labor trouble in the
anthracite coal regions has kept attention
focused on this phase Of the industrial sit
uation and has given general Importance 10
some lesser manifestation Of labor discon-
tent The differences between miners and
operators have defined themselvs as appar-
emily irreconcilable, and the early rumors
of further negotiations toward settlement
and Of possible Intervention by the federal
executive to attempt harmOniZati ton have
given way to the conviction that the strug
gle must settle down into a test OF endur-
ance a possible spread by sympathy into
the soft-coal regions has been the further
development on which conjecture rests.
The suspension Of mining among West Vir-
ginia and Virginia miners has not been re-
flected In any appreciate stock movements,
except as it may have helped to repress
activity.
Another question yet &c be answered
which hangs over the situation is the ulti-
mate effect on the financial situation of
the peace in South Africa. The Stock Ex-
change settlement In London this week
has revealed overbought condition of
securities, espeC ally of Kaffir mining
stocks. and the weakness of many
of the holders has neceSSitated realizing
and has kept prices in London on the
downward grade. Not much revival is eX-
pected in England before the coronation
festivities are finished. There has been
much controversy for two years past over
the question of the relative influence on
the depression which has ruled abroad of
the Boer war and of the competition of the
expanded American industries. With the
war ended, the problem arises of the direc-
ton to be taken by the stimulating in
f1uenceS arising from the settlement. a
long period OF liquidation in Europe has
shaken securities down TO a substantial
basis which may prove attractive TO capt.
tai The present condition in this country
is one of expansion, if not of initiation but
the field for new development il this coun-
try Is clearly out Of all proportions yet TO
that of the older countries of Europe Even
during the period of our largest increase in
wealth and while we have bought foreign
holdings of our own securities in all quar-
ters we have continued large borrowers
from foreigners for our new development.
In effect, foreigners have used the pro-
ceeds of sales of our securities TO place in
our loan markets But while our money
market has been repenished by large tenn
porary loans from this source, there has
been very little investment of foreign capt.
whether the reviving effect of the cessation
of the South African war and the resump-
ton Of the important gold supply from
the Rand will induce investment in Ameri-
can securities or the withdrawal of capital
from here for investment in revived enter
prises abroad. The answer is of vast i'm
portance 10 the expanded credit markets
of this country.
There has been a dull and narrow market
for bonds United States threes and new
fours declined p, the twos, registered, q
and the twos. coupon, and fves Il. The
old tours, registered advanced one-eighth
of ! per cent, as compared with last
weeks close.
the recorded price changes:
TIfgb- low CIosfnq