The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-28
STOCKS ARE LETHARGIC
PRICES AT THE CLOSE GENERALLY
BELOW MONDAY NIGHT.
A Few Exceptional Movements, Chief
Iy in Minor Securities, Have No
Enect-Monetary Forebodings.

NEW YORK, May 27.-To-day's stock
market was an irregular drift over frac-
tional range, for the most part below yes
terday's closing level There were a few
exceptions among minor stocks. The re-
cent demand for Wisconsin Central stocks
continued, accompanied by rumors Of buy
ing for control There was an upward
movement in Sugar when the report
reached Wall street OF a conference of SEN
ators to attempt an agreement on Cuban
reciprocity, but the stock dropped back
when the conference adjourned without
action. A rise of nearly two points in
American Locomotive seemed a supplement
TO that Of yesterday in the car stocks.
Pressed Steel Car preferred rallied sharply
three points on the emphatic denial of yes
terday's rumor Of merger with the Amer
lean Car Company. Canadian Pacific con-
tinued by far the most active stock in the
list. 1t dropped sharply "a in the first
few minutes of trading. but was rallied by
arbitrage buying from Canadian centers,
where the absorption OF the stock con-
tinued at figures above the New York level.
The reaction was considered result of the
speculation which has followed the rise.
but the conviction remains in Wall street
that important developments are pending
in the property. The absence of develop.
ments in the coal strike situation did not
prevent the repressive influence exercised
by the strike, which is emphasized by the
Increasing scarcity of coal and the growing
effect on other industries. The govern
ments weekly crop bulletin may have had
some unfavorable effect because Of the de-
lay OF the seeding of the corn crop report
ed. A batch OF favorable railroad earn
ings, including the net showing for April
OF number Of important systems, and
good increases in gross earnings for the
third week in May of others, was without
any apparent effect in the market. The
money market has grown easy, at or be-
low per cent for call loans, as to have
lost importance as factor. But while the
money rate shows an easy condition ii
easily may be that a consideration of the
money situation, present and prospective,
has an influence against the policy of
present large borrowings for speculative
purposes. Opinion is by no means agreed
in Wall street as to the effect on this mar
ket OF declaration of peace in South
Africa. The small effect produced here in
contrast with the speculative activity
abroad by the current rumorS of peace
awakened conjecture here. OF course, there
is the possibility Of a miscarriage of the
negotiations. but there is also a possibility
that the activity in speculation and invest
ment aroused by the end of the South
African war will be diverted into foreign
securities. shaken down as they have been
- AOhS POAAON VI ilduluttiOh
industrial depression. An awakening of
speculative and industrial activity abroad
would be likely to lead TO the withdrawal
of large amounts of foreign capital now
placed in New York in bankers loans. The
effect could hardly be salutary on Amer
lean financial affairs.
The bond market was dull and irregular.
Total sales at par value were 81, 10000.
United States bonds were all unchanged
upon the last call.
Following are the days share sales and
the recorded price changes: