The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-27
MORE ACTIVE But LOWER
HEAVY LIQUIDATION IN STOCKS AZ
FECTs THE PRICE LEVEL.
Tired Holders Get Rid of Long Lines
Few Ineffective Points Of Strength
Money Market Easy.

NEW YORK, May 23.-There was rather
more activity in the market to-day than
during the latter part Of last week, but it
was at the expense of value of standard
stocks. Some Of the specialties made strik-
ing advances which would have served as
a sustaining influence under other circum-
stances. Neither was there any bad news
to account for the selling. The days imme-
date developments were rather favorable.
But the failure of the favorable develop
ments and OF the persistent hardness of
the market to attract any speculative de-
mand for stocks served to discourage some
considerable holders, who have tired of
the passivity of the market. with the result
that they unloaded considerable lines to-
day. There seemed TO be a large specu-
lative line OF St. Paul and Union Pacific
and less amounts of various other stocks
which were urgently pressed for sale. The
only immediate news o. a depressing char
acter was the spread of the coal mining
labor trouble into some portions of the
soft coal fields of Virginia and West Vir-
ginia. The coalers themselves, however.
were little affected. The rate for call
money simmered down TO a quiet three
the foreign exchange market for return Of
borrowed money abroad. But despite the
relief accorded by the large sums borrowed
on the European continent and from domes-
tic centers. there is some solicitude appar-
ent In financial circles over the future meet
ing Of the large obligations which have
been incurred. Bankers are inclined to
nurse their reserve to some extent in 0r-
aer TO strengthen their position against
the future need. 1t is believed that the
trust companies also are disposed to build
up their reserves, in compliance with the
intimaton from the clearing house author
tiles that the total volume of outstanding
credits ought to have greater reserves back
of them than those included in the banks
reserve alone. The retention of the
change rate at the low level, despite the
easing of the money market, is the more
remarkable in view Of the considerable
buying of British consols for American ac-
count The arrangement for the holding of
certificates, which are negotiable in this
country, have resulted, according to an
official of the bank which made the ar
rangement, in the purchase of some &c.,
100000 worth Of consols for account of vari-
Gus banks in this country. The apparent
approach of peace in South Africa was an
inspiring influence in foreign stock mar
kets, but seemed to be disregarded here.
Canadian Pacific continued its remarkable
advance, which gave rise to rumors of
something like a struggle for control be-
tween the present dominant interest and
the Northern Securities group There were
a few minor points of strength among the
railroads. Among the industrials, which
were as irregular as the railroads, Pressed
Steel Car was conspicuous for a rise of
nearly points without explanation. Fav-
orable news from the crops, continued in
creases in railroad earnings reported for
the third week of May, and generally en-
couraging news from all branches Of in
dustry except the coal trade seemed to be
ignored In the trading. The market closed
quite active and irregular, but with many
prominent stocks at about the lowest.
The bond market was rather dull and ir-
regular. Total sales at par value were
2.O45.WO. United States bonds were all I'M
changed on the last call.
Following are the days share sales and
the recorded price changes: