The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-14

STOCK PRICES GET A LIFT
DUE TO A SPECULATIVE LEADERS,
RETURN To WALL STREET.
Crop News UnfavorabIe and Foreign
Exports Away Below What They
Should BE.

NEW YORK, June 13.-After a dull and
hesitating market during the greater part
of to-day, with isolated upward movements
here and there the market broadened in
the final hour and moved upwards Gener-
ally with a considerable show OF strength.
The activity was attributed to the same
speculative leader who has been concerned
in all recent important movements and
whose return to Wall street this week
gave immediate rise to a show of awak-
ening. Whatever the motive of the buy
ing, the bull leadership secured a larger
following to-day than at any time this
week Notwithstanding number of new
developments not Immediately encourag-
ing to a rise in prices. The preliminary
figures of the weeks movement of cur
rency. which are usually the center of in
terest in Fridays market, gave no
promise OF a strong bank statement. The
subtreasury absorption of S24o6,Oo0 appar-
emily has been little more than offset by
the balance of receipts from the interior.
There is no indication of any consider
able loan contraction during the week
and the time-money market continues TO
reflect the cautious desire of borrowers
to provide themselves with fixed sums
for a considerable time TO come.
To-days crop news was regarded as ia
vorable. owing to complaints of too much
rain in the Southwest. Part of the strength
of wheat was attributed to improved
demand for export but this failed TO de-
velop fully. The figures of the May agri-
cultural exports were decidedly unfavor-
able at the decrease in value from those
of May last year. reaching over S2O,OoO,WO,
the breadstuffs alone decreasing Sl9, 5000,
and amounting to only about half of last
May. Last weeks exports of wheat
and flour show a continuance of the low
average, although the most notable fall
ing off is in the corn exports. This does
not offer encouragement TO the hope of
an early supply of foreign exchange to
facilitate remittances for repayment of
foreign obligations.
The advance of a point or over in the
Reading stocks was an important sympa-
thetic influence upon the late market, but
there no news to show a prospect
of an early settlement of the strike Inc
increase in the demand for stocks was IN
| contestable. nevertheless In some cases
! the movement was due 10 individual causes
Sugar advanced on the oVersold condition
| of the market for the refined product ana
was benefited also by the reports OF a
special presidential message to Congress
| reinforcing the recommendation for Cuban
| reciprocity There was e number of very
large individual buying orders for Next
| can Central executed in the early market,
| but the buying was not followed UP. Inc
| drop of S12 points in General Electric was
| probably due to reports of a new combina-
| ton of electrical manufacturing compan-
les, backed by influential capitalists. The
| stock afterward rallied four points.
| Chicago * Eastern Illinois rose Az points
/ further on persistent rumors OF an o1er
for control. The days reports of railroad
| earnings showed a continuance of the in
creases over last years corresponding per-
| iod. The market closed rather quiet but
| steady. There was a large demand Tor
| Wabash debenture BIS at an advance OF
| 21a per cent. The Burlington joint tours
| were also in demand. The market gener-
| ally was firm. Total sales at par value
| were $3.69O,O00. United States threes de-
| clined "a on the last call.
Following are the days share sales and
! the recorded fluctuations in prices: