The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-18
GOOD BUYING OF READING
SALIENT FEATURE OF THE DAYS
MARKET. FOR STOCKS.
Leading IndustriaIs Are Heavy, but
Some Minor Issues Rise Sharply
Demands on Money Market.

NEW YORK, June 17.-Yesterday's vol
ume of activity in stocks was about main
tanned to-day, and the degree of diversity
of the trade was very similar. The move
ment of prices was rather irregular. in
spite of the striking gains by some of the
stocks which led the market in point of
activity. a movement to take profits in St
Paul added to the irregular appearance of
the market, as the grain-carrying railroads
generally showed some conspicuous points
of strength. The upward movement in the
Readings was also pronounced, and the
dealings in that stock were on a very large
scale, even after allowing for its enuemra-
ton as half shares. The forces back Of
these movements were concentrated. and
their operations were not conspicuous out
side of few stocks. 1t was not clear that
the large buying movements in all cases
were from identical sources, but it was evil
dent that the operations were in concert.
The brokers who were buying Reading
were sellers of St Paul, while the large
absorption of Missouri Pacific seemed to
come from other sources, said TO be a pool
which has operated in this stock for many
months. Union Pacific maintained its re-
cent stable tendency, and the Atchisons
were not so active as yesterday. Several
minor stocks among the grangers were
active and strong, notably the st. Joseph
and Grand Island stocks, under the com
bined influence Of the approach of the div
idend period and rumorS of absorption by
Union Pacific. There great irregu-
larity among the industrials, but the most
important stocks in that department were
heavy. There was active liquidation in
Sugar owing TO unfaYorable opinion of the
chances of Cuban reciprocity in the Sen
ate. United States Steel stocks were de-
pressed by yesterdays injunction measure
against the stock conversion. General
Electric was easily forced down 9 points
I on light selling. There was demand, on the
other hand, Tor Pressed Steel Car, Amer
lean Car Snuff, Bicycle preferred and New
York Dock, the last named rising GA points.
There was no news to explain the move
mentS among the leaders beyond the prog
ress of a speculative campaign The
element in the corn market seemingly did
not affect the cOrn-carrying railroads, as
II was not associated with bad crop re-
ports. The falling OF showers in the cot
ton belt was learned with satisfaction, and
the strength OF wheat in foreign markets.
which was reflected here, was a favorable
influence on the price of securities There
was no news of the coal strike to account
for the strength OF the Readings, although
assertions were heard in Wall street that
the collapse of the strike probably is near
at hdnd. There was no uneasinesS appar-
/ Cnt over the money market, nOtWithS IA nd
lns the approach OF the time for prepara-
} UOn Tor the SSmi-annual settlement and the
known requirements of the several syndi-
cate operations, including the payment of
NSUJ5,O0 for the Western Maryland Rail
read at Baltimore this week The market
closed quite active and steady.
Ihe bond market WAS irregular. Total
SaIts at par value were -. Z4J,UUJ. Unit q
states OH fouIs, e gistereG, declined Is
ana the new ioGls Is on the last cal.
Following are the days snare safes and
/ the recorded price ChaIs-,S: