The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-08
STOCKS ARE VERY Dull
REPRESSIyE INFLUENCES FOUND IN
NEARLY ALL CONDITIONS.
Monetary Situation Even More Potent
Than the Coal Strike i'm DiscOur-
aging Active Trading.

NEW YORK, June 7.-There was no
change in the several repressive influences
on speculation in stocks to-day and the
market was practically idle in consequence.
The policy Of the large interests in stocks
seems 10 be defined as one of pertinacious
holding until the underlying strength of the
valuation energies from the present obscur-
ing influences. Meantime the professional
spectators are apparently unwilling to
venture on a campaign against values. To-
day some influence on sentiment was ex-
erted by the strike of the soft-coal miners
in West Virginia, by the increasing diff
Guilty of protecting the anthracite mines
from flooding by keeping the pumps going
with make-shift labor. by reports of too
abundant rains in the corn belt and by the
failure OF the bank statement TO show any
recuperation in the percentage of reserve
against deposits. While these facts had
the effect Of absolutely killing any demand
for stocks, the selling induced was of quite
insignificant proportions. and the light play
between professional room traders, whose
attendance at the board was reduced to a
minimum, was all that made the days
market. There was lazy and halting ad-
vance of a large fraction in Canadian
Pacific. Otherwise not a single leading
stock on the list varied more than a small
fraction. The small decrease in loans by
the banks was insufficient to offset the de-
cline of over a million in cash reserves,
leaving the surplus slightly lower than last
week.
1t has been dull week in the stock mar
ket, the volume of dealings for Tuesday
running down TO the lowest total for any
one day in nearly two years The general
character of the market was one of wait
ing, but there was evidence Of liquidation
by some tired holders, and the professional
element on the Exchange was attentive TO
rumors Of the formation Of a formidable
bear party with campaign against prices
in view. The great bear leaders OF past
campaigns have been committed to the pro-
lection of various important stocks for
some time, and this has been an important
element in the sense of security in the sta
bility of the market that has been felt.
The anthracite coal strike has been more
or less depressing Influence, and has served
TO discourage any attempts TO advance
prices in other parts of the list. There
were efforts by pools in one or two cases
to advance prices after the first OF the
week, but the lack of market TO realize
on after prices had been lifted discouraged
these efforts and the market fell into
state Of profound neglect. There can be no
question of the heavy cost in earrings In
volved in the total shutting down OF the
anthracite mines and the withdrawal or the
principal item of traffic from the coal roads.
The calling out of the engineers and pump
men and the struggle on the part or the
mine owners TO keep their pumps running
and save the mines from damage by flood
ing have added to the depressing influence
of the strike on values. The increased Dit
terness and hostility resulting from the
continuance of the struggle have added to
the anxiety which ii causes. The stocks OF
the coalers themselves have been we'll sup
ported and have not suffered acutely, but
the effect is potent on the market at large.
Whatever expectation was INDUCED that
the declaration of peace in South Africa
would result in Immediately stimulating the
securities market was promptly dlsSlpated
on Monday when ii was seen that the order
of the day in London was the taking OF
profits by the spectators who had bought
i'm anticipation of the peace The profit
taking continued during the week, but
seems to have spent it's force. There has
been no activity Of consequence developed
in foreign securities markets as yet and
il is the opinion of foreign observers that
there will not be until after the coronation
of the King.
An important feature of the realizing in
London was the taking of profits by Ameri-
can holders of British consols. This opera
ton would naturally tend to replenish the
supply of sterling exchange in New York.
The higher rate for money which resulted
from last weeks large loan expansion by
the banks was at the same time an influ-
ence deterrent to make remittances to for
eign markets. Despite this the course of
foreign exchange has been upwards due TO
demands of bankers to cover maturities on
bills sold heretofore in the course of Dor
borrowings by American capitalists are
known to be very heavy at this time, and
the effect Of the maturing of these loans
from time to time during the remainder of
the year is the subject of much conjecture.
Much depends, of course, on the volume of
exports of our maturing crops The prom
ise of a plentiful corn crop, and especially
the fattering report of the cotton crop
prospect by the government Weather
Bureau, are received with qualification on
this account Great Importance is attached
ultimate effect
in awakening activity in business and in
duStry abroad. Enlarged demand for capt.
tai will have marked effect on the inclina-
ton of foreign lenders to renew their loans
here.
The national bank returns for the whole
country for April show a low percentage of
reserves against deposits over the whole
country, which emphasized the point often
made recently of the narrow margin of re-
serves afforded by New York banks cash
holdings against their own and New York
trust companies deposits. An analysis of
the controllers return by the Evening Post
OF this city shows that country banks hold
q per cent. of reserves, against 30A year
ago. The demand for money to move the
crops is therefore likely to fall, at least as
largely as usual, on the Eastern banks. For
the banks of the Eastern seaboard the per-
centage of reserves to deposits is 23Ts per
cent, compared with 27ss year ago. More
than usual Importance Is therefore attached
to the crop-moving needs this year. first in
the demand from the interior and later in
the volume of exchange created by exports
TO meet maturing foreign obligations. The
present narrow reserves OF banks and the
liability of the money market TO syndicate
requirements as that which expanded last
weeks bank loans by sl5.OO0000 indicate the
hazard of large speculative commitments
on borrowed money liable TO sudden call
for payment Aside from the labor troubles
and the future needs to be met by the
money market conditions are almost with
out exception favorable to values. The I'M
dertone of firmness and confidence in the
stock market is in accordance.
There has been some liquidation OF specu-
lative bond issues and an irregular tone in
that department of the market. United
States twos, registered, and the new threes
declined Il and the threes, coupon, and old
tours Is from the closing call of last week
Following are the days share sales and
the recorded price changes
High Low Closing
Stocks. Sales. est. est Bid
Atchison ................ $500 79X 7s1s 7sx
Atchison pref............ loo eSh eSI. eSl.