The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-15
STOCKS in GOOD DEMAND
HIGH PRICES ESTABLISHED IN SEW
ERAL IMPORTANT ISSUES.
Good News Concerning the Strike Ne
gOtiations Causes the Upturn-Brief
Recession I'm PROFIT Taking.


aroused a cheerful sentiment in Wall
street to-day and the opinion was ex-
pressed that the matters at issue were in
fair way of adjustment. The monetary
was momentarily lost sight of In
the optimistic feeling that prevailed at the
opening. and stocks were eagerly bought at
advances of from one to four points over
yesterdays final prices. Recent specula-
tive favorites in which the pool liquida-
ton had been heaviest were most In de-
mand, especially the coalers and trans
continental stocks. Individual orders for
blocks of from 1000 to 1900 shares were
taken at advancing prices, and trading was
in enormous volume throughout. The
readiness with which prices responded to
the good news. combined with the appear
ance of London a heavy buyer, en-
couraged the bull interests to renewed
efforts in driving the short interests to
cover. The inquiry embraced all classes
Of stocks. but the largest advances
were centered in the highest-priced
class Some comment was aroused over
the fact that the active coalers did not
advance proportionately more than other
stocks, although the demand for them was
heavier than at other points. Early prices
showed such handsome profit to the trad
ers who bought early yesterday in the
semi-demoralized market that they began
to unload quickly. Commission houses
were well represented in the early demand,
but the volume of realizing sales soon ex-
hausted their orders and prices relapsed
all around. Before noon the opening sub
stantial advances had been pretty gener-
oil 20 nd
celed in some important stocks. The
downward movement of prices was ac-
CELEBRATED by IL per cent. call money rate,
which recalled to mind the fact that the
monetary situation had to be reckoned with
in an effort to create a bull market Deal
ings then subsidized into merely nominal
proportions for a long time. but there was
steadily increasing undercurrent of
strength, which eliminated in a violent
buying movement again in the closing hour
which carried the entire market to the best
prices of the day. Prominent leaders, such
as ST. Paul. the Pacifics, Reading, Penn
sylvania. Atchison, Sugar and Amalga-
mated Copper were bought heavily. and
there was a large absorption of various
minor stocks. The rally in prices was slim
ulated by brNak in money rates from IL
per cent, the highest in the forenoon, to
5 per cent.
The action of the coal operators in agree
ing to submit the questions at issue with
the miners to a board Of arbitration to be
named by President Roosevelt was freely
discussed during the day and all news
bearing on the subject was absorbed with
the keenest interest. London purchases of
stocks were considerable, and this, COM
bined with more liberal offerings of COM
merc1al bills. caused a rather sharp de-
cline in sterling exchange rates. News of
the day included the September statement
of foreign trade statistics, which showed
an excess OF exports over imports of ST.
$4,000 from the corresponding figures of
last year This indication of the lessened
demand abroad for some of our staple
products explains in measure the recent
hrmness of the foreign exchange market,
despite the prevailing high money rates
Nearly million dollars were withdrawn
from the Bank of England to-day for ex-
portation to Egypt, and it was announced
that the price of American eagles was ad-
vanced I'D and bar gold SD. This will tend,
in the event of any indication of gold inn
ports from here, to shift the demand from
here to the continental markets. The sub
treasury statement shows that the banks
have gained nearly s., OO0 600 from that in
stitution since Friday, and 1t is believed
that the position of the banks has been
materially strengthened by the early
liquidation In stocks yesterday. 1t is ex-
pected that the resumption of the mining
operations will necessitate the forwarding
OF considerable money TO the anthracite
region. In the final dealings the stock
market began to feel the weight of the
traders profit-taking sales, but the de-
mand was sufficiently large to prevent much
impression on prices and the closing was
generally firm.
with the course of stocks and fairly active.
Total sales at par value were $500 900.
United States new tours declined u per
cent on the last call.