The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-10
PRICES A LITTLE HIGHER
A FEW FAVORABLE POINTS HELP
THE SITUATION on CHANGE.
Dizziness still Prevails, However, and
There L. No Hope for Immediate
Retirement of Money Market.

NEW YORK, June 9.-The dizziness in
the trading in stocks was unrelieved to-
day, but the inertia Of prices was not
quite so absolute. There was a scattering
distribution of buying orders during the
early trading. which lifted prices slightly.
The demand subsequently died away, but
the higher level Of prices was pretty well
maintained during the rest OF the day.
News OF weather conditions favorable to all
OF the crops seemed TO be the cause of the
buying, which was most important in Atchi-
son. That stock and St. Paul. were moved
up point. Vague rumors were current all
day of a coming settlement of the coal
strike, and operators in stocks professed
satisfaction over the small effect Of the
soft coal miners strike. The public state
ment made on behalf of the anthracite
operators. declaring themselves satisfied
with the success attained in preventing
damage 10 the mines by flooding, was also
cited by buyers of stocks. The presence in
the city Of the United States commissioner
OF labor and the interest in the strike thus
manifested behalf of the President were
variOusly regarded The question OF the
statutory power OF the President 10 actively
intervene. however. seemed to afford the
most satisfaction to those interested in rail-
road stocks. Readings gain reached a point.
The rise of 1la in Hooking Valley was ap-
parently due 10 the fact that the labor
y
had the benefit of a rise in the price of the
refined product and of hopes of agree
ment on Cuban reciprocity at Washington.
The raising of the dividend rate of the
Chicago, Minneapolis, St Paul & Omaha,
following that on the Chicago & North
western. kindled hopes of increases in other
stocks The mar ket never showed the slight
est animation, but such sluggish advances
as took place were due TO these causes. The
money market showed a hardening ten
dency, rates for time loans advancing to
Az per cent, and money lenders expressed
the belief that call loan rates would adj
vance soon. The money situation is OBJ
Vtously an important repreSSiVe influence
on speculation. So also Is the question of
the ultimate effect of the ending of the
Boer war. There always has been a ques-
ton OF the share of the effect produced on
| the Industrial reaction in England and
Europe by the Boer and the cutting
| off of South African gold and the new COM
| petition of United States respectively. There
| lation of peace is TO divert from the United
| States into a revival of English and con-
| tinental industry. The substantial basis
reached there by long process of liquida-
| ton favorS such an assumption, but the i'm
| mense undeveloped field still remaining in
| this country must be borne in mind, was
| str1k1ngly shown by our continued heavy
| borrowing from foreigners even while our
| own wealth has been increasing the fast
est. The field for new development in the
/ older countries is naturally much more re-
stricted, but the question of possible with
| drawal OF foreign credits from the United
| States as a result of the ending OF the
| Boer war is an open one. and is attentively
considered in American financial circles.
The bond market was dull and irregular
/ Total sales at par value were A,275.O00
United States twos, registered, declined Is
| and the twos. coupon. the threes and the
| fives "A per cent. on the last call
| Following are the days share sales anj
| the recorded price changes: