The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-17
BROAD SHARE MOVEMENT
STOCKS TAKE ON CONSIDERABLE
ACTIVITY AT HIGHER PRICES.
Proft-Taking i'm the High-Grade
Changers Does Not Depress Values
-CoaIers Also Are Improved.

NEW YORK, July 16-There was an
active and variegated speculation in stocks
to-day. the market rejecting the play of
larger forces than at any time during the
recent advancing tendency No specific
new developments were evident to account
for the movement, which was apparently
due to the substantial basis OF confidence
in the generally prosperous condition of
the country and the firm foundation OF
credits The uneasiness over the resources
OF the money markets TO meet the ex-
pended requirements on them also was less
in evidence. The reported dissolution of
the speculative corner in the July corr
option at Chicago had not a little to do
with engendering confidence, as there has
been a fear for several days past that the
struggle to maintain the artificial con-
ditions in that market would result in pres
sure on New York for money and enforced
liquidation Of stocks that might prove dis
astrous TO the market. The published alb
stracts of the affidavits of officials of the
United States Steel Corporation as to the
intrinsic value Of the properties and the
earning power of the company which were
filed in connection with the reply to the
suit against the corporation, were ex-
pected to have a stimulating effect on
prices The fact that the advance in the
United States Steel stocks came to a stand
still under the flood Of long stock which
came out when they were bid up, and the
further fact that Chicago renewed it's de-
mand on New York for currency causing a
shipment of 100000 through the subtreas-
ury. were without effect in checking the
hull oh IF
laid much more stress on their belief that
they detected the operations of Morgan
and Standard Oil interests In the large
buying orders executed by various brokers.
1t was obvious that the bringing forward
OF new stocks into the upward movement
was taken advantage of on very large
scale to take profits In stocks which have
risen hitherto. But this profit taking was
achieved successfully without making Sc
| rious inroads on prices of the stocks af-
/ fected which were. generally speaking, the
! hlgh-prlced established dividend payers, es-
/ pecially among the grangers. The stocks
| of the second grade. lower in price and
| with no established dividend paying record,
| took the leadership of the market. The
| heavy absorption of Chicago x Alton had
| a strengthening effect on other low-priced
| railroad stocks in the West and South
/ west, while the aggressive rise in Chesa-
peake & Ohio affected the low-priced coal
/ carriers, both in the anthracite and bitumi-
/ nous group. The belief that tomorrow S
/ miners convention at Indianapolis VIII de-
/ eide against a general strike and thus
! lead Up TO an early settlement of the
/ anthracite strike was the predomina ting
| influence in this group. Much was made
| also OF a current rumor that the control of
Reading has passed TO the Pennsylvania
/ thus further centralizing that corporation S
control of the coal traffic. There were other
| points of strength from individual
/ causes. Amalgamated Copper was bought
in the belief that the present dividend rate
is to be maintained. Tennessee Coal re-
| Elected a favorable report of earnings. The
| settlement OF the freight handlers strike
! in Chicago was a favorable influence, es-
! pecially on the Chicago Terminal Trans
| fer stocks. The market closed somewhat
! irregular with the profit taking continuing
| but there was notable renewal of the buy
ing power in the strong stocks.
| There was a large business in bonds and
/ offerings were absorbed without hurting
| prices. Total sales, at par value, were
| s2,611,0e0. United States bonds were I'M
| changed on the last call.
| Following are the days share sales and
| the recorded price changes: