The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-07
PERIOD OF QUIESCENCE
STOCKS ARE FLAT, But THE UNDER
TONE Is FAIRLY STRONG.
Few Notable Points of Strength,
However, Have Little Enect-MOn-
etary Outlook Is Improving.

NEW YORK. Aug. 6.-To-day's stock
market continued to demonstrate in a mega
tive way the underlying strength of the
financial and business situation in the
country. Trading was mostly idle. The
few stocks which were strong did not make
an impressive showing did not alter
the Istless tone of the irket in general.
But it is clear that TT is no eagerness
to sell stocks. With luyers on a large
scale in view holders 81 themselves con-
tent TO carry stocks { ! wait for more
active demand. The very idleness OF the
market is a reassuring fact Overexten-
sion of credits in speculative ventures is
the one factor that threatened bad con-
sequences. Now there seems to be a COM
mon agreement to await the satisfaction
Of the coming requirements Of the country
for moving the crops. All authorities are
agreed that this requirement will be
usually large this year. To-day's small
export of gold was obviously a mercantile
transaction, and it was broadly intimated
that something equivalent TO a premium
was paid by those who are to get 1t. The
nearer approach of the period OF safety for
the years crops confirms the confidence
in their abundance With plentiful harvests
and large surplus of our products for ex-
port any anxiety over the liquidation of our
floating foreign Indebtedness without EN-
barrassment is quoted. The decision OF the
Stock Exchange to close on Saturday for
no other cause than the coronation of the
King Of England is testimony TO the gen
eral aquiescence in the present dizziness Of
the trading in securities. A demand for
the Gould SOuthwesterns was the most
conspicuous feature Of the days trading.
The very heavy buying OF Texas & Pacific
was by the same brokers who have been
active I'm Missouri Pacific for some time
past. and the response of other railroads
in the group was purely sympathetic. The
operations were supposed TO be for account
of the same pool which has followed the
upward movement in these stocks from the
start. Hooking Coal made Jump on in
spired limitations that large new interests
were 10 enter the property and expand It's
field OF activity. Hooking Valley was
bought on the advantage the bituminous
coal trade IS enjoying from the paralysis
of the anthracite trade. The movement in
Sugar was characteristic OF that stock in
period OF dizziness in the general market,
and was ascribed to the prospect of an
active season in the fruit-canning trade.
The only stock which seemed to be directly
afected by the excellent corn crop reports
was Atchison, Of which the absorption was
very large. There were number of minor
stocks to show some strength. Brooklyn
Transit was heavy on the poor report of
earnings for the fiscal year. st. Louis &
San Francisco reflected some disappoint-
ment over the deferred announcement of
the details of it's new requirements. The
express stocks made further easy advances
on light transactions. The market closed
moderately active, but irregular.
Early firmness in bonds gave way to
some reaction. Total sales at par value
were s1,640,Oo. United States bonds were
unchanged on call.
Following are the days share sales and
the recorded price changes: