The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-13
STOCKS BECOME TORPID
MISSOURI PACIFIC AND READING
ABOUT THE ONLY EXCEPTIONS.
Prices Decline from Mere Inertia
Effect of the Crop Conditions on
the share Market.

NEW YORK, June 12.-The stock market
to-day relapsed into a torpid condition and
dealings fell off about one-third from yes
terday's aggregate. The efforts which were
conspicuous yesterday to advance prices,
and which were stin in evidence in the
early market to-day, were discontinued in
face of the discouraging reception which
they met. and prices were allowed to fall
back There was no actual weakness de-
veloped and the selling was pretty we'll Gb-
sorbed. In Reading. especially, in which
there were large offerings, there was ready
absorption, and apparently a determination
to support the stock. The conspicuous po-
sition Of Missouri Pacific was enhanced to-
day and the volume of the dealings in that
stock were far in excess Of those in any
other on the list It was moved upwards
point at one time, followed by Texas & Pa
cific, but the advance met such heavy sell
ing orders that the movement for the ad-
vance was abandoned and practically all
the gain was lost. The only development
TO account for the strength of the stock
was the continued gossip that the divi-
dend will shortly be increased. The reac-
ton in the market was largely due to
better appreciation of the decrease in the
coming wheat crop estimate involved in the
falling off in the spring wheat acreage.
The transfer of Nebraska from the spring
wheat to the winter wheat list involves the
deduction of most of its acreage from the
spring wheat estimate. The revision in the
coming wheat crop estimate thus involved
caused persistent strength in the wheat
market. The strength of the corn market
was said 10 be in sympathy with wheat
hut bod -fevNf nFaf
on the stock market, owing to the vast i'm
portance attached TO the fate of the coming
crop in its bearing on the prosperity OF the
whole country. Speculative sentiment was
less hopeful to-day regarding the position
Of the coal mining controversy. This feel
ing was emphasized by rumors which found
circulation that a message TO Congress by
the President on the subject was in con-
temptation Yesterdays public statement
by the operators of their position was GER
tain TO involve, in effect the dissolution or
the miners union, and the irreconcilable
position thus presented was felt to threaten
a heightened contest. The pressure on
Sugar was connected with yesterdays tes-
timony before the Senate committee re-
garding the methods pursued in the advo-
cacy of the Cuban reciprocity policy. A
notable decline in May exports of the prin-
cipal domestic articles reported from
Washington had a depressing effect, espe-
cially in view of the great importance OF a
sustained trade balance in favor OF this
country during the next few months, on
account of the heavy obligations TO foreign
lenders which will mature in that time.
There also a significant demand in the
time loan market for accommodations run
ming over the period of the coming semi
annual settlement and Of the later demand
for currency to move the crops. The mar
ket closed dull but steady.
The movements in the bond market were
irregular. Total sales, at par value, were
81, $780, 900. United States twos, regular, de-
clined IA and the new fours p. The old
fours. regular, advanced Is per cent on the
last call.
Following are the days share sales and
the recorded price changes: