The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-19
GOULD STOCKS LEADING
STOCK MARKET SHOWS A VERY
FAIR DEGREE OF STRENGTH.
Rock Island Also Makes a Substantial
Gain-Monetary Conditions Re-
pressive of Speculation.

NEW YORK, Sept. 1S.-The stock market
maintained it's undertone of strength to-
day, but the trading was extremely apa-
thetic outside of a spotty assortment OF
stocks whose show of strength helped to
sustain the general list. The money market
was quieter, but the rates were still stiff.
The loans were left undisturbed, however.
and no pressure of liquidation was forced
The level Of prices, therefore, was not dis
turbed except as the sympathetic influence
of the strong stocks helped to harden the
mardet. The Gould group was the most
conspicuous Reports of a plan were cur
rent, with color of official sanction for an
exchange of St. Louis Southwestern pre-
ferred for a Missouri Pacific bond. This
was interpreted by a speculative contin-
gent as a f~orerunner of the long expected
Gould consolidation plan. Missouri Pacific
came into the movement late in the day and
took the leadership Of the whole market.
The return to New York of President
Gould from a tour of inspection served to
stimulate the movement. Rock Island made
a much larger gain on a small volume OF
dealings. The advance was based on the
decision of the Iowa State authorities that
the Rock Island reorganization plan is not
In contravention of the Iowa law. There
was activity and strength in the curb mar
ket in contracts for the new Rock Island
securities. The stocks of independent steei
companies were strong as a rule because of
the reports of the extraordinary pressure
OF orders for all gades of iron and steel
products and a degree Of activity In pro-
duction which is limited only by the avail
able supply of material. The freezing
weather in the Northwest was ignored un-
til the break in the corn and wheat market
which helped to stiffen stocks. The COM
p~arative heaviness of some of the Southern
railroads may nave been due to the per-
sistent unfavorable reports from the cot
ton crop.
The money outlook continued the princi-
pal topic of discussion I'm the financial dis
trict. There was no radical change in the
situation to-day. An additional engage
ment OF 100000 Australian gold was an
nounced to arrive several weeks hence.
The banks continued to lose to the SUBJ
treasury, Notwithstanding the disburse-
ments by that institution on account of Oc-
tober government interest, the customs COL
lections and the deposits for transfer TO
the interior serving to more than ofset the
interest payments. However, the loss to
the subtreasury since Friday has reached
only 81, 1885, 900, compared will S4,725,OO for
the same time last week. While the drain
is thus reduced 1t will be seen that nothing
VI tie Hetueu TeCupeTdtlUu " Il Tic III
reserves has been afforded by the treas
ury's measure Of relief. The fact that the
Bank of England refrained from advancing
its discount rate to-day was given a IA
vorable Interpretation, but sterling ex-
change here continued to harden to a full
cent above the low level of the week, car
ryihg exchange well away from the gold
import point. The price of gold in the
London market was advanced and some
thing over a million dollars was withdrawn
from the Bank of England for shipment to
nnfnfo tha thu Anuy VnrE n 10 nNyidanf
that the quiet money market in New York
is due in no small part to the constraint
on the speculation at the Stock Exchange.
The market closed dull and steady.
The pond market was dull and about
steady. Total sales, at par value, were
81, 290, 900. United States refunding twos
advanced q, the threes "A and the old tours
"a per cent. The new tours declined a on
the last call.
The following table shows the range Of
stock prices on Thursday:
In-----1I e.