The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-23
SHARES STRONG in SPOTS
AGGREGATE OF TRANSACTIONS BE-
Low THE RECENT LEVEL.
Big Eastern Railroad Stocks Take the
Lead-sharp Squirt I'm Rock island
Money Market Conditions.

NEW YORK, July 22.-To-days stock
market was not UP 10 the recent level of
activity. the total dealings falling consid-
erably below the million share mark. This
was practically the only effect apparent
from the doubts aroused by the current
outward movement of gold. The specuia-
tive forces recently at work continued OPP
erations on a large scale. although shifting
the field of their operations TO new quar-
tiers. The Eastern railroad stocks, led by
the New York Central, were the feature
Of the market, the Reading stocks being
included in the movement. The buying was
by the brokers usually employed OF late
by the Western contingent in its large OPP
erations. The ostensible basis of the buy
ing was the rumor Of new and comprehen-
sive agreement among the railroad powers
in the Eastern territory, including the
Pennsylvania, the Vanderbilts and Mr..
Morgan. With the addition of striking
gains by a miscellaneous group of stocks,
the market made fair show of strength.
The grain carriers were inclined to heav-
mess early on showers in Western States,
but stinened up afterwards. apparently
under the influence of the violent rise in
Rock Island, which advanced more than
points and then collapsed with final
recovery to about points over last night.
uted to the securing of an injunction
against the working of a disputed mine by
a rival number of other industrials rose
strongly without explanation. 1t was no
ticeable, however, that there were neglected
and heavy stocks all through the list.
There is much puzzled conjecture as to the
limits likely TO be reached by the outward
gold movement. Tentative arrangements
for the export of another million dollars
this week were made to-day. The con-
tinued selling of stocks here for London
arrangement been
supposed that additional credits abroad
sufficient to prevent gold exports could be
easily procured, pending the fall exports
or gram and cotton, and Notwithstanding
the heavy foreign indebtedness known TO
have been extended as a result of last
years shortage in our grain exports. The
disappointment of these expectations seems
to be due to the forced liquidation in Lon
don of speculative accounts in South
Africans, for which the public demand is
said 10 be disappOintingly small. Part of
this liquidation comes from Paris and is
supplanted by realizing on American Sc
curities, which are thrown on the New
York market by arbitrage sales, owing TO
the advancing tendency of prices here. Ii
is noteworthy that the subtreasury paid
out to-day upwards of half a million dol
lars of assay office checks on account of
klondike gold received at Seattle and San
Francisco, thus affording a considerable
offset TO the Withdrawals of gold for eX-
port. The running deficit in the govern
ment revenues continues TO be disbursed
into the money market thus relieving bank
reserves from all requirements on that ac-
count
Some of the convertible bonds were &C
tive to-day in sympathy with the move
ments of their relative stocks. but the gen.
eral market was rather dull and irregular.
total sales at par value were 81 800, 900.
United States refunding twos declined a.
old fours, registered. 4. old fours, coupon,
% ana the new tours " per cent. on the last
call.
Following are the days share sales and