The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-25
VIOLENT PRICE ADVANCE
FEW STOCKS SOAR UNEXPECTED
LY TO NEW HEIGHTS.
Subsequent Reaction Takes in Most of
the Market-NO Good ExpIana-
ton for Either Movement.

NEW YORK. July 24-The violent ad-
vance in few stocks on the stock market
took on an appearance of frothy effer-
vescence in the later stages of the dealings,
which is rather characteristic Of the cul-
mination OF a bull movement. Suspicious
We're aroused as to the course of the
wealthy spectators who have been leading
the market The dribble OF speculative
liquidation which had been a feature of the
market all day turned into a general anG
somewhat precipitate selling movement anC
prices broke sharply throughout the list.
With the exception of a few stocks which
were selected as sustaining points of tn,
market prices generally closed lower, the
net losses for the day running from one TO
two points in some of the more prominent
stocks. There was no news to explain the
extraordinary advance of one or two stocks
nor the selling OF the general list. The
movement seemed to be purely technical
and due to the desire Of recent large buy
ers Of stocks to realize their profits Such
movements incident of all rising
markets. and there is no means Of telling
whether the falling back of prices is a
manipulative movement due to desire on
the part of leaders TO shake off a weak
and unwieldy following or a elimination
of an upward movement. So far as could
be perceived from public information con-
ditions to-day bearing on values were
tirely the same as those of yesterday. The
news from the crops was favorable, rail-
road earnings reported showed increases
over last year, advices from the iron and
steel trade showed no impairment of the
active demand and money continued easy.
There were numerous points of effective
strength in various stocks. Nevertheless
feeling Of distrust overcame the market,
with the result described. The early
strength in the grangers and Paciics be-
came specialized in st. Paul and Rock
Island The latter was rushed up 10 points
TO record figure at 200, accompanied by
vague rumOrs Of closer relations with the
Mexican Central which would afford an en-
trance to the City of Mexico There were
also uncOnfirmed assertions of further large
absorptions in the interest of the company
and incidental valuable rights to stock
holders. None of these received any formal
sanction from official sources. The move
ment in st. Paul was equally mysterious.
| There were ShadoWy reports of arrange
ments to benefit st. Paul by readjustment
| OF relations among Western railroads.
Nothing could be learned from any au-
| thOritative source Of any pending develop
ments but the price swept upwards
on flood Of buying orders. Something was
| heard also of project Of a Southern Sc
| curities holding company, which held
to explain the strength of Louisville &
| Nashville. Only slight recoveries were
! scored from the late downward plunge of
/ prices and the closing easy.
The convertible bond issues gave way
! in sympathy with stocks and the market
| became easy. Total sales at par value
! were A,345 600. United States new tours,
| registered and the old tours, coupon, de-
| clined Il and the old fours, coupon, y per
cent on the last call.
Following are the days share sales and
/ the recorded price changes: