The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-26
QUIET WEEK IN STOCKS
PRICE LEVEL, HOWEVER, HAS
SHOWN A STEADY GAIN.
Money Market Is in Much Better Con-
Acknowledgement Business Also
Prosperous Basis.

feature of Importance in to-day's market
was the buying of Canadian Pacific, which
has been IN evidence for several days past
and which was halted by the presidents
statement that the general prosperity of the
company was all he knew Of to account for
it. The price reached a record figure to-
day at 1855. This movement helped to
keep the general market steady. There
were number of special movements in less
important stocks. but the list, as a whole.
was inert and closed at small net changes
either way. The hopeful views of the peace
outlook in South Africa did not alter this
state of affairs. nor did the bank statement.
There is a disposition TO await definite re-
suits in South Africa and a feeling that
there might be hitch that would again
delay the decision. The outcome of the
coal strike is also awaited. The report hat
the control of L & y. and, in consequence,
the Chicago, Indianapolis & Louisville alb
sorption project are in a measure contin-
gent and dependent on holding under OPP
tons was disturbing because Of the posi-
bility suggested of complications. The
weather map was construed as favorable to
crop prospects, although showers in the
Northwest are not desired at this time.
The bank statement shows an encouraging
recuperation of reserves but neither the
increase in cash nor the reduction in loans
was fully up TO the expectations formed by
the street. The effect on the market was
therefore scarcely perceptible. The market
closed steady.
There has been a quiet speculation in
stocks this week, as is natural TO the sea-
son and the various factors OF uncertainty
in the situation. But with the exception of
a cd of xxyoa during
first two hours Of the weeks trading the
undertOne of the market has been firm and
unevenly strong. Prices are materially
higher for the week. This is in large part
due TO the easier condition of the money
market, which has shown the results of the
attraction of funds from domestic centers
and from foreign money markets by the
recently prevailing high rates for money.
The rates for call loans have settled down
for the week to below 4 per cent, and con-
trary TO the general expectation the rate
for foreign exchange has not responded
with any material advance. 1t was feared
that the first show OF ease in the local
money market would lead TO the with
drawal OF funds placed here 10 take ad-
vantage of the more profitable interest rate.
The fact is that the large demands made
on Paris and Berlin for New York account
made an insignificant impression on money
rates at those centers. and there is still
sufficient profit to keep foreign loans in
this market London's money require
ments are considerable, but there is so
great plethora of capital in Paris and
Berlin as to afford resources for London
surplus requirements as well. Berlin is
Still going through its long process OF
preston there, and French capital Is still
indisposed to venture into Industrial ven
lures since its costly experience with Rus
sian projects. The result has been free
lending of funds in the New York market.
The pressure on speculative borrowers in
the securities market has been relaxed, and
the process of wedding out undesirable col
lateral loans apparently
pleted. The memory OF this process still
remains and is an element of the caution
which is manifest in the character of the
operations in stocks. With the exception
of the anthracite miners strike general
conditions have been so favorable that the
provision of better facilities has encour-
aged buying.
The statements of railroad gross earnings
for the first and second weeks of May
show a continuance OF the increases over
last years corresponding level. There is
no gainsaying the significance of this as an
index of the maintenance of prosperous
conditions in general business. and it goes
far to explain the determination with
which securities are held. The completion
of the acquisition of the Chicago. Indian
apolis & Louisville in the joint interest of
the Southern Railway and the Louisville *
Nashville and the passing of the Ann Ar
Dor TO the control of a Wabash syndicate
has kept alive the faith of spectators in
the future course of absorption of smaller
railroad systems, and has led to specula-
tive movements in stocks of various small
err railroad systems. There has been some
evidence of spirit of hostility to these
projects on the part of the older railroad
systems, in the termination by the Penn
sylvania of its Western Union contracts.
but this has passed without much influence
in the stock market.
The stocks affected by the copper indus
try have risen, led by Amalgamated Cop
per, on the advancing tendency and report
ed increasing demand for raw copper. The
frmer tendency in the silver market has
also benefited some of the metal COM
panies. European markets have reflected
a growing confidence in the approach of
peace in South Africa. This has been an
occasional influence in stock markets for a
long time, but IL is expected that its actual
consummatiOn must awaken some degree
of speculative activity in many directions.
Business in bonds has not been large, but
prices are we'll sustained. United States
new tours declined /, the old fours % the
twos % and the threes and fives Il per cent.
below the closing OF last week.
Following are the days share sales and
recorded price changes:
High Low Closing
Stocks Sales Rid