The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-15
THE INDIANAPOLIS JOURNAL FRIDAY. AUGUST 15. 1902
TRADE in STOCKS
PRICES ALSO ARE HIGHER ~ MANY
OF THE LEADING ISSUES.
IndustriaIs and Public Utilities Gem
orally Heavy-Money Market Con-
ditiOnS Are Much Improved.

NEW YORK, Aug. 14.-To-day's dealings
in stocks were larger than those of yester-
DAY, and there were more Of the usual mar
ket leaders conspicuous in the trading. But
the market remained uneven. and the spe-
cial features of strength did not have news
TO explain them beyond the reported activ-
iy Of speculative pools. The Gould stocks
continued to be well looked after. Texas &
Pacific and Missouri Pacific being very
largely dealt in. but the leadership Of the
market was assumed by Southern Pacific,
in which the dealings were more than twice
as great as in any other stock. The argu-
ment advanced for the rise was that the
this stock for SOM time past is about to
embark from foreign shores for home. Rock
Island was marked up 3ss and L. & n. adj
vanced 2 points on account Of the meeting
of the directors to-day and the expectation
that some steps might be taken towards
completing the transfer of the company to
the new interests in control. A number of
minor railroad stocks available for possible
absorption were strong features. The
gransers and Pacihcs generally were affect
ed In sympathy, but the dealings were on
a small scale. In the industrial list Sugar
made a conspicuous upward movement
without explanation, and the express stocks
NOANDlUCu u lllONGh lQCi1 ia SDlNC VI III
denl6ls of reports of a merger. Amalsa-
mated Copper, Peoples Gas and Brooklyn
Transit were conspicuously heavy all day.
The brilliant prospects for the country s
crops was the underlying influence in the
strength of the Western railroad stocks.
But the most important development OF the
day was the abundant supply of foreign
exchange bills which appeared in the mar
ket, causing a sharp break in rates and re-
moving all apprehension of further gold
exports for the present. Buying of stocks
for IOndOn account GnnnlfCH Onma of tins
exchange, and the improved foreign demand
for wheat also made some exchange. But
the most important element in the weak
ness or exchange was the increased oner-
ingS OF loan bills. The foreign demand for
grain encouraged the offering of bills
against future shipments. There were large
offerings also for simple borrowing pur-
poses, based on the present attractive diff
ference IN the interest rates here and
abroad. Tn hardening of discounts in
London to-day reflected the tendency OF
this process TO equalize rates. The present
situation of the foreign exchange market
is highly abnormal, owing TO the large fall
ing off in our exports during the last few
months, which upset the calculations of
previous large borrowers abroad, and ne
cessitated the renewal Of their recently
maturing loans. But it must be recollect-
ed that the foreign trade balance in our
favor. although less than expected, is new
ertheless accommodating week after week,
with the promise OF notable increases as
soon as the crops begin to move out. There
is no probability in sight of a change in
this course of things, so that borrowings
abroad to discount il are effected with
comparative ease. The listing of a Russian
government bond on the New York Stock
Exchange marks q departure, which, it is
hoped, will develop into a regular market
for foreign government securities. The fact
that the step was due TO the initiative OF
the Russian authorities themselves may be
accepted as a recognition of the growing
Importance Of New York as a supply source
of capital.
The bond market was dull but steady.
Total sales at par value were S2,050,0 900. Uni
ted States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: