The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-11
BOTH PROFIT AND LOSS
RAILWAY STOCKS DECLINED, WHILE
INDUsTRIALs ADVANCED.
Reported Serious Illness of Russell
Sage Caused FURRY and Selling
of Gould Interests.

NEW YORK Sept. 10.-For the most part,
the tendency Of to-day's market was ir-
regular, though opening with considerable
strength, which was well maintained until
the last hour. About that time rumors OF
the serious illness of Russell Sage caused
a selling movement in the Gould stocks,
the remainder of the list being sympathet-
ically affected. Conditions as a whole IA
vored higher prices. London reported
strong tone for Americans, another gold
importation was announced, call money,
though nominally as high as per cent,
was actually hardly higher than per cent,
crop news was encouraging and early ad-
vices told of truce between the Pennsyl-
vania and Gould interests.
Largely as a result Of these last rumors.
and aided by clever manipulation. Penn
sylvania and Baltimore & Ohio. whose in
terests are virtually Identical, advanced
over point each, and the Gould stocks
also gained. In the same move improve
ment was shown by st. Paul, Louisville 81
Nashville, Rock Island, New York Central.
Illinois Central and the Wabash, but the
Industrial list was neglected, save for some
activity in the gas stocks and American
Ice preferred Following brief halt TO-
ward the end of the first hour, during
demand for Union Pacific, Reading, Man
haitian, Atchison and some of the special
ties. AT the same time there was some
selling OF Missouri Pacific by brokers, VINO
had been active on the other side. St. Paul,
on persistent rumors of an increased divi-
dend. made a further advance, and Read
ings strength was we'll maintained In spite
of obvious profit taking in Pennsylvania,
Baltimore & Ohio and New York Central.
United States Steel shares were taken up,
the common being extensively traded in,
shown
Tennessee Coal and Iron and other stocks
of that class. There was no news to &C
,, count for the increased interest In these
issues other than the general prosperity or
the steel and iron trade. In the miscella-
neous list the shares of the express COM
panies advanced from to points on very
light trading Westinghouse Electric and
Pere Marquette gained points each.
The feature of the last hour was 3-point
decline in Missouri Pacific and the recess
sions In the standard railway list, including
Baltimore & Ohio, Norfolk & Western,
Reading. st. Paul and New York Central.
The selling movement wiped out the greater
part OF the days gains and in some in
stances caused net losses, St. Paul and
Missouri Pacific making the most serious
declines. New high records for the day
included st. Paul, Missouri Pacific, Rock
Island. Baltimore & Ohio, Reading firsts
preferred Southern Pacific, Missouri, Kan
sas q Texas preferred. Wabash common
and preferred. Wheeling & Lake Erie sec
ond preferred. st. Joseph & Grand Island
first preferred, Keokuk Des Moines,
Westinghouse, Republic Iron and Steel and
American Car and Foundry.
The new issues of the Rock Island Com
| pany were again the feature on the curb,
| the per cent bonds selling up to S912 on
| transactions aggregating about $1,000
| Londons operations here amounted to per-
| haps $1,000 shares, equally divided as to
purchases and sales. Increased public in
| terest was reported by leading commission
| houses, and the days business, which was
| in excess of 100000 shares, was well dis
| tributed. Money conditions were somewhat
| easier, but the loss OF cash by the banks
| to the subtreasury continued and last
weeks surplus reserve was practically OBJ
| liberated. The gold movement from Aus
| tralia is likely TO assume formidable pro-
portions. Foreign exchange broke some 20
| points early in the day. There were no
| transfers by the subtreasury.
The bond market maintained a firm tone
during the greater part of the day, despite
the heavy realizing in Wabasl debentures,
which depressed them points. The market
sold off in sympathy with the decline in
stocks. Total sales, par value, 81 900.
United States old As declined Il per cent.
and the new As registered advanced and
| new As coupon y per cent. on the last call.
| The following table shows the range of
prices on Wednesday: