The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-09
GAINS in ALL STOCKS
MANY NEW HIGH RECORDS MADE IN
RAILROAD SECURITIES.
sharp Advances I'm TrnnscOntinentals
Rock Island Scoring Ia Points
ut Close of Market.

NEW YORK, Sept. s.-Persistent strength
in the face of continued high money, which
at one time ruled at 10 per cent. and a
further declining of local resources, was
the most striking feature of the days
stock market. Under Londons lead the
list ignored last weeks bank statement,
opening with but the slightest trace of IT.
regularity. although this condition became
rather acute before the end of the first
hour, when demand loans were quoted at
S per cent. Apparently the buying move
ment which was again largely speculative.
was based upon the assumption that
continuance of high money would bring
gold imports.
Reading common advanced about two
points in the initial trading, but soon lost
much of it's gain, only TO more than re-
cover its loss at the close. Other early
features in point of strength and activity
were Missouri Pacific, st. Paul, Baltimore
& Ohio. Wabash issues, Canadian Pacific,
Pacific Coast, Pacific Mail and some other
railway issues, while In the industrial class
there were very material gains in the indie
pendent steel and iron stocks, American
Smelling and Amalgamated Copper. New
high records were again the order OF the
day. st. Paul. Minneapolis & Sault Ste.
Marie. Pacific Coast common and second
preferred, American Car and Foundry,
Pressed Steel Car preferred, Republic Iron
and Steel common and preferred, Cast-iron
Pipe and Railway Steel Springs selling
higher than at any previous time. In the
outside market heavy dealings In Northern
Securities advanced that stock to 1915,
new high record, and there was CONSIDER
~ NfwrfN H. DAolr al nh
sues. Recession of the early markets was
clearly due TO profit taking, no less than
| 10 apprehension over the monetary outlook,
| but from start to close the market main
| tained a firm undertone.
Reference has already been made to the
| dominance of the speculative element In to-
days transactions, and 1t is fact thar
commission-houses report little increase OF
| investment or public buying. No less true,
however. is it that much OF the days buy
| ing came from strong quarters, Missouri
! Pacific and st. Paul, for instance, being
bought in large blocks by brokers who
were said TO represent the so-called Stand
| ard Oil interests. Western advices relterat-
| ing promises of bumper corn crops in Mis-
| souri, and Kansas are supposed to have
| stimulated the buying of the railway stocks
| in that territory London traded moder-
| ately in the market, selling about 500
| shares on balances out of total of $500
| shares. A significant feature was the UNI
| usually heavy demand for stocks in the
| loan crowd, especially Union Pacific fol
4
| chase of the Detroit Southern and Pere
| Marquette by Pennsylvania interests were
| not confrmable. Further indications of the
| disintegraton of the soft-coal strike were
| at hand, but no news bearing on the an
| thracite situation was heard.
In the last hour the market broadenet
and grew stronger In many directions thu
| transcontinental stocks leading, with sharI
| gains in Atchison, Missouri Pacific, South
| ern Pacific, st. Paul and Rock Island, tn,
| latter making the greater part OF its AZ
point gain at that time.
Transfers of $3.50 900 to New Orleans fol
crop purposes were reported and the sub
treasury had a credit balance of 100000 a
the clearinghouse as a result of heav,
| internal revenue collections. Call money
| declined to per cent, closing at pc
| cent. There were further declines In Ster
| ling exchange. The closing was in tn,
| main firm.
The bond market was active and firm
| with 3-point rise in the Wabash deben
| ture BIS on enormous dealings. Their,
| was no news TO account for the extraor
| binary activity in this ISSUE but the opin
| ion was expressed that 1t was In the ma
| ture of a speculative movement based upoI
the strengthening of the system.
Total sales, par value, sf.3500 900. Unitet
States old tours declined II ne
cent, and the new tours registere,
advanced III per cent. and the new
tours coupons ia per cent. on tn
| last call.
The following table shows the range O
| prices on Monday: