The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-24
BULL MARKET STILL ON
AGGREGATE OF DEALING, HOW
EVER, NOT UP TO RECENT LEVEL.
Activity Shifts from One Part Of the
Market to AnOther-MOney Rates
show Signs of StifYening.

NEW YORK, July 23.-The stock market
again demonstrated its absorptive power
to-day and made a vigorous show of
strength. Notwithstanding the appearance
of a reactionary tendency in some Of the
stocks which tempted to realizing by the
nigh price attained and few cases Of posi-
tive weakness The volume Of dealings was
again below a million shares and the bulk
of the dealings was congested in few very
active stocks. It was obvious, neverthe-
less, that the bull campaign was still In
force and that large and powerful capital
lists were still committed TO the long side OF
the market Not much attention was paid
to the news of the day, which was some
what meager in its bearing on values Of
securities. The speculation shifted from
one quarter to another with the usual
progress of rotation by which skillful spec
ulative leaders keep the movement Of prices
eQualized from time to time and without re-
gard to Developments The weekly crop
bulletin of the Weather Bureau was inter-
preted favorably on the whole. Some harm
was reported to the various grain crops by
too much rain but relief from drought was
reported for the cotton crop and the condi-
ton Of the corn crop was considered very
was the dominant feature in the specula-
tive session and turned the scale of senti-
ment in favor of the advance. Some dis
appointment was felt over denials of yes
terday's rumors that anthracite mining
would be resumed on Aug l, and the coal
ers and Eastern railroads generally. with
the exception Of an early advance in New
York Central. were almost stationary. A
feature of the day was the marking up OF
various dormant stocks which have not
shared IN the recent advance. This tend
ency extended TO the Northern Securities
Company on the curb, which rose buoyant-
ly 10 10. Great Northern preferred adj
vanced AZ but lost about half OF 1t. These
movements were simultaneous with the
publication of an abstract of the indenture
securing the new Oregon Short-line collat-
eral bonds. This showed that provision is
made for allowing that Northern Securi-
ties stock deposited a collateral for these
bonds shall be allowed TO share in any re-
organization project or further union OF
merger or sale and distribution OF the COM
panys assets. The profit taking in Penn
sylvania was somewhat aggravated by the
action or the New York aldermen in reject
ing the Pennsylvania tunnel contract
Brooklyn Transit aia was decidedly weak, ow-
construction OF the East river tunnel Will
fail of acceptance. The granting of stay
of the Amalgamated COmpany's injunction
against the working OF disputed mine by
rival was held TO explain the reactionary
tendency in that stock. There were strik-
ing upward movements in various special
ties which were due 10 purely individual
causes OF manipulation. The expectation
that yesterdays engagement of gold for ex-
port would be Cancelled was only partly
realized and there was a further engage
ment by another firm Of $1,000, 900, thus
bringing the exports for the week up to
SO. 10000. The sustained steadiness of the
exchange market indicated that the ship
ment is in direct settlement Of foreign obi
cations. London continued to sell stocks in
this market The call money market was
somewhat firmer and the time money mar
! ket distinctly so, but this did not disturb
the equanimity of the buyers of stocks
Active profit taking made the closing irreg-
ular and the net changes mixed
The bond market was irregular. Total
sales, at par value, were 81 1855, 900. United
States old fours, registered, declined Il per
cent. on the last call.
Following are the days share sales and
the recorded price changes: