The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-21
ACTIVE TRADE in STOCKS
III HAS BEEN THE FEATURE OF THE
WALL-sTREET WEEK.
Attempts to Secure Profits Brought
Statement Helped n Recovery.

NEW YORK, July 19.-Former buyers of
stocks attempted to take profits this morn
ing, and found poor market for the pur-
pose, with the result that prices were car
ried generally below last nights level in
the course of the first hours trading. The
market, however, continued to show
breadth and variety, and the pressure to
sell promptly r9iaxed at the lower level OF
prices. a favorable bank statement was
expected, but the exhibit of the clearing
house institutions proved more favorable
than had been anticipated and resulted in
an effective rally in prices The realizing
! was renewed at the advance and the clos
Ing was active and easy. Probably the re-
/ ports OF yesterdays heavy rains and floods
| III the western States aroused some mis-
| swings over the results to grain. There
were FRACTIONAL advances among the grang
eIS dIl9 Southwesterns, nevertheless. Penn
| sylNdhla was the feature Of the market on
| very large dealings and rose above 100,
cIoslhS at that figure. Official denials of
seslerday persistent reports that control
| Vi Reading had been secured did not hurt
| Inc stock. but its subsidiary stocks, c. & ..
ana n * W., suffered from realizing, the
former falling at one time ia under last
/ nIght. There were strong spots through
the market including Hooking Valley,
| western Union. Fuller Construction and
some OF the public utilities of this and
There has been notable revival of specu-
! auve activity in the stock market this
week, SO that the volume of dealings
| crossed the milllon-share mark for Thurs
| Gay and Friday. There have been indica-
| uons OF a strong, organized campaign, in
| ciudlng some of the great financial groups
| Which nave hitherto seemed TO hold alOof
| from the market during the operations con-
/ quoted by the sO-called Western contin-
| gent Dealings have been in great variety,
| shItlng from one to another group of
| SuCceSSiVelV. taking n
| one group under cover of the sympathetic
strength induced by the rise in prices of
| the new group. The movement is regarded
! as being professional still to a large extent.
I mat is TO say, as being conducted by the
| large capitalists who have controlling in
| terests in great corporations and by the
! traders whose means of livelihood is the
| buying and selling of securities The his
| tqTy OF speculative movements shows that
/ the general public never embarks in q
| general speculation except under a leader
| ship of this character During the past
| week the commission houses in Wall street
report some excess of demand from scat
! tered sources, but not TO important eX-
| tent The bulk of the transactions is still
In the hands of the professionals.
| IL Is not TO be supposed that large CAPT
| tallsts In embarklng upon such an under
| taxing base their expectations of success
| upon mere arbitrary methods of manipula-
| ton OF prices. They must count on feel
| Ing OF confidence in the people at large in
| the prosperity of business and the earning
| power of invested capital. In the present
| instance much stress is laid on the success
| of the great staple crops of the country,
| and above all of the corn crop. The good
| progress made by this crop and the favor
| able weather which promises to carry it
| TO fruition undoubtedly form the principal
| basis of the speculative campaign which
| has been begun The report during the
| week that the corner in the July corn Op-
ton at Chicago had been abandoned and
| the break in the price were regarded with
| satisfaction in Wall-street circles owing to
the fear that the artificial condition sought
TIT a
| keting of the coming corn crop, and that
the effort to support the corn market might
necesSitate sacrifices i'm the stock market.
| The suspicion that a sequel still remains
to the corn corner has revived some app e
| hensiOn on this score.
All trade reports agree that the demand
| for all grades of iron product is still at
| high-water mark and running into the in
| definite future without the first indication
| of reaction. These two basic facts. plenti-
| full crops and active iron trade have been
| accepted usually in the past as conclusive
induces of the cOuntrys prosperity. Re
ports of railroad earnings continue to
| show increases over last years unprece-
dented level and corrOborate other evidences
of prosperity. including the large volume
Of bank clearings the country over. The
! unusually early demand from the interior
for currency. which caused some uneasineSS
last week account or the danger OF Its
encroa chment on New York bank reserves,
is accepted in another sense as indicating
the activity of trade. The losses suffered
by the anthracite coal carriers as re-
suit of the miners strike make them
| an exception to the increased earning
power of railroads in general, but the de-
termination of the miners in convention
at Indianapolis not to make the strike
general has been made an opportunity to
advance prices of the coalers as feature
of the bull market of the week The con-
fidence expressed by coal road officials that
| the strike is near an END apparently mas
been accepted by the speculative contn-
gent The affidavits offered by the United
States Steel officials in answer to the suit
l.s.v.I rls,...
the earning power of the corporation were
| regarded as gratifying evidence OF the
prosperous conditions of the trade, but the
| corporation securities were were Dut
The rate for cal'loans have been easier
this week and have fostered specu-
lation. but the future of the money
market is by no means clear and
lenders hold firmly for higher rates on
time loans. The unexpected volume OF the
| governments disbursements has been re-
lief to the money market, but it is by no
| means certain that the present rate of dis
bursement will be maintained. The ques-
iton of the extent of the foreign indebted
ness of this market is much canvassed. but
with no definite result beyond the general
| agreement that our floating Indebtedness
| abroad is unusually large and its con-
venient liquidation much dependent on
the volume OF our exports of do
nestle products this fall Some OBJ
servers have claimed to detect
disposition of French capital to which this
markets largest indebtedness is due, &c
invest in American securities, but inquiry
in the channels i'm New York through which
| such an investment would most likely float
fails to corroborate this view.
The principal activity in the bond market
| has been in speculative and convertible
bonds in sympathy with their interchange
able stocks. United States new tours re-
clined y per cent; the old fours 8 per cent
| and refunding tWOS and threeS "A per cent
on call this week
Following are Saturdays share sales and
the recorded price changes:
High Low CLOSING
Stocks. Sales. est. est. Bid
Atchison ................... 1920 S9Ss SS4s SCH
| Atchison preferred ....... $500 1918 10l1s 10ll
Baltimore x Ohio ....-... 100 n0A lo924 .Il0A
BaItimoTe S.C ono pref 6o6 13;7: ,2;i se