The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-16
STOCKS ARE VERY DULL
FOREIGN MONETARY SITUATION A
SERIOUS REPREssIyE INFLUENCE.
Strike Conditions and Contingencies
Also Have Much Enect-Prices
Hold Fairly Well.

Il
portance can be attached to to-days deal
| ings in stocks. Prices were well held. but
this was not because there was any general
demand. but rather because there were no
offerings Outside of Missouri Pacific and
| st. Paul the dealings were hardly more than
nominal These two stocks were lifted a
point after the appearance of the bank
statement. but neither closed at the best
The closing was fairly steady, however, but
very dull. The bank statement was con
sdered favorable and helped the market.
The gain of million and a quarter in cash
reserves was larger than expected, and the
contraction of over 100000 in the loan
item came in the place CT some apprehen-
sion of further expansion of that account.
! The net result was to add more than 5000
600 to the surplus over the legal requirement
in the reserves of the associated banks.
The buying of Missouri Pacific and of st.
Paul was of the same character as during
the week. and is attributed 10 the opera
tons of speculative pools. The coalers
were neglected owing to the lack of cor
roboration of yesterdays Pumors of meas
ures taking which would end the strike,
| The rise of a point in Norfolk & Western
was based on the reports that the strike
|
been broken. There was nothing in the
| days crop news to stimulate speculation.
| The trading was perfunctory throughout.
The favorable reports of the mercantile
| agencies, which showed the anthracite
strike TO be the only cloud on the industrial
horizon, and a showing Of railroad earn
| ings for the first week in June, which are
larger by over per cent than those Of the
|
ward conserving the firm undertone of
stocks
There has been a slight revival in the
stock market this week, but it was not hus-
banded and the market has shown a dispo-
sition TO relapse into lethargy and to await
| the clearing up of some Of the elements of
| uncertainty in the situation. The midweek
| increase in activity was due largely TO
| personal element and was attributed 10 the
| operations of the leader of the so-called
| Western party, which has dominated all the
| recent important speculative movements III
the stock market, and has been largely in
| fluential as we'll in the corn market. The
return of this leader TO the Wall-street dis
| trict was followed by large dealings III
| some OF the grangers and Southern roads.
| This leadership induced some professional
| following, but the inertness OF the outside
| public discouraged the campaign, and 1t
| was discontinued. to all appearances, The
| developments of the week have been such
| as to discourage present speculative activ-
! ity. but have confirmed the general conf
dence that is felt in the general soundness
! of the business and industrial situation.
| The continuance of the labor trouble in the
| anthracite coal regions has kept attention
| focused on this phase of the Industrial sit
| uation and has given general Importance 10
! some lesser manifestations OF labor discon-
tent. The differences between miners and
| operators have defined themselvs as appar-
| emily irreconcilable. and the early rumors
| of further negotiations toward settlement
| and of possible Intervention by the federal
anNffx nj 1fyaf ion QN q
given way 10 the conviction that the strug-
gle must settle down into a test of endur-
! ance. A possible spread by sympathy into
the sOft-coal regions has been the further
development on which conjecture rests.
The suspension of mining among West Nir
| GINA and Virginia miners has not been re-
flected in any appreciable stock movements,
except as IT may have helped to repress
| activity.
Another question yet to be answered
| which hangs over the situation is the ulti-
mate effect on the financial situation of
the peace in South Africa. The Stock Elk
change settlement in London this week
| securities, especially of Kaffr mining
stocks, and the weakness of many
of the holders has necessitated realizing
| and has kept prices in London on the
| downward grade. Not much revival is eX-
| pected in England before the coronation
festivities are finished There has been
| the question of the relative influence on
| the depression which has ruled abroad of
| the BOer and of the competition of the
| expanded American industries. With the
| war ended, the problem arises of the direc-
| ton to be taken by the stimulating in
| fuences arising from the settlement. A
long period of liquidation in Europe has
| shaken securities down 10 substantial
| basis, which may prove attractive TO capt.
| tai. The present condition in this country
| Is one Of expansion, if not OF imitation, but
the field for development in this coun-
| try is clearly out of all proportions yet 10
| that of the older countries of Europe. Even
| during the period of our largest increase in
| wealth and while we have bought foreign
| holdings. of our own securities in all quar-
| ters, we have continued large borrowers
| from foreigners for our new development
| In effect foreigners have used the pro-
| ceeds of sales of our securities to place in
market has been replenished by large tenn
| porary loans from this source, there has
| been very little investment of foreign CAPT.
tai i'm our securities The question is
| whether the reviving effect of the cessation
ton of the important gold supply from
the Rand will induce investment I'm Ameri-
can securities or the withdrawal of capital
from here for investment in revived enter
prises abroad. The answer is OF vast i'm
| portance to the expanded credit markets
of this country.
There has been a dull and narrow market
for bonds United States threes and new
tours declined Il. the twos, registered, IS
and the twos. coupon, and fves Il. The
old fours, registered, advanced one-eighth
of l per cent, as compared with last
weeks close.