The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-29
"TRADING JACK KNIVES"
wALL-sTREET BROKERS' DO AN EX-
CEEDINGLY SMALL BUSINESS.
News of the Day Absolutely without
Influence on Prices-Coming Holt
day Also Cheek.

NEW YORK, May 2S.-To-day's stock
market offers small subject for comment.
Ii was strictly an affair OF room trading Of
a class which is known in Stock Exchange
parlance as trading jack-knives." The
profits made or the losses suffered were
confined to the limits of the board room.
Outside orders were insignificant. The news
of the day, which was slight. was only a
nominal influence and the real incentive TO
the dealings was the impression of the
traders as TO the volume of contracts exist
ing with them or on the other side The de-
cline of the preceding days found the
traders finally committed in a small way to
the short side and they attempted to cover
their short contracts before the rival
traders could do so. The fact that the rise
of something over a point in Reading was
accompanied by rumors that developments
were impending encouraging a hope of the
settlement Of the coal strike was of very
little weight, and many WalI-street offices
had dispatches from the mining region re-
porting the prospects unchanged. without
affecting the small dealing that was in
progress. The buying of st. Paul was just
as little accepted as indicating any i'm
portant development in the progress OF the
crops although the weather map was IA
vorable and the sharp reaction in the grain
markets offered some confederation. The
present speculative temper regarding the
crop is that last seasons great short
age and the high price prevailing is bound
TO insure all possible measures to secure
plentiful yield this season. Until definite
information Is known, therefore, Of damage
to the coming corn crop, a large crop will
BE taken for granted. There was some de-
mand for the soft coal carriers on the
ground that the shortage of anthracite
enhances the demand for soft coal as a
substitute, but there is the doubtful ele-
ment also of the possibility of the success
of efforts making TO get the bituminous
coal miners to join the anthracite strikers.
The 319-point rise in Hooking Valley had
additional ground a report of the proposed
increase in the dividend rate. Pressed Steel
Car preferred moved upward again to-day,
but did not hold the gain, and the tendency
TO sympathy OF stocks in other railroad
equipment companies found its most effect
ual effect in Railway Steel Spring, which
moved up a point. The speculative
realizing in Canadian Pacific continued to-
day and removed the stimulating effect of
the recent rise in that stock from the mar
ket The feeling of disappointment over
the lack of definite peace announcement by
the British Cabinet had some slight reflec
ton at the opening here. A sharp break in
the London market for raw copper helped
to keep back Amalgamated Copper. The
approach of a half-week holiday empha-
sized the disposition to refrain from spec
ulation. A good part of the advances were
lost on room prof1t-taking and the market
closed Hfeless and heavy.
The market for bonds was dull and
steady. Total sales at par value were ST.
10000. United States bonds were all un-
changed on the last cali
Following are the days share sales and
the recorded price changes: