The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-30
COVER FOR THE HOLIDAYS
SOMETHING MAY HAPPEN TO SHAKE
UP STOCKS IN THREE DAYS.
New Interest i'm British COnsOls BE-
cause of Prospect of Peace in
south Africa.

entirely insignificant proportion, owing 10
the fear of possible developments in the
triple holiday. There was some closing
up of open accounts, however. and as these
proved to be mostly on the short side the
tone Of the market was rather firm in SYM
pathy with the leaders. The movement in
the general list was very narrow. The
leader of the market in point of activity
was Reading, and its advance of nearly 2
points was attributed in large degree to
the demand for shorts for cover in fear
that strike settlement might be reached
between now and next Monday. The i'm
mediate news to-day did not favor such
presumption. President Fowler, of the On
tario & Western, authorized an emphatic
denial Of reports that concessions to the
strikers were contemplated on the part of
the operators. The reported utterance of
+. p. Sargent, of the arbitration committee
OF the Civic Federation, that he believed
a sympathetic strike probable among the
soft coal miners was also given some at
tention, but this did not reassure traders
short of the market sufficiently to induce
them to remain uncovered for an interval
Of three days. The advance IN Canadian
Pacific was also renewed. in spite
of denials of reported buying for
control in behalf Of Northern Secur-
tiles interest. An interesting feature
of the weeks currency movement is the
shipment to Canada of some 100000 by
Canadian branch banks, which is supposed
to be due to transactions in Canadian Pa
cifc. Notwithstanding this movement and
the absorption of nearly a million dollars
on subtreasury operations, the receipts of
cash from the interior on balance are esti-
mated thus far this week at nearly $1,000, 00G,
promising a strong bank statement for next
Saturday. The promise of the British par
iamentary leader of a statement on next
Monday concerning the peace negotiations
was regarded in speculative circles tam
tamount to an announcement of peace.
To-day's bond market shared in the dull
ness OF the stock market and the closing
was Semi-stagnant below the best Total
sales OF bonds at par value were 81 LBS, 900.
REVIEW OF THE WEEK.
Speculation in stocks this week has been
rather neglected and the course of prices
has been hesitating and irregular This
has been partly due to the approach of
the triple holiday, with it's possibilities of
important developments at a time when
the closed market would preclude the op-
portunity for taking advantage of them.
The continuation of the anthracite miners
strike has had some repressive influence
upOu Out mas not weakened
the coal stocks themselves. The shortage
of coal has had a perceptible effect upon
other industries, notably iron and steel,
and there has been the dread that the
trouble would spread to the soft coal fields
by sympathy, which would be a damaging
development for the iron trade But the
undertone of sentiment in Wall street is
very confident that the anthracite compa-
MES have it within their power to settle
the trouble by very slight concessions
whenever they consider il desirable 10 do so
and If they see greater advantage in that
course than in fighting out the issue raised
by the miners.
Other portions of the stock list have not
Jared so well as the coalers. and the ex-
PLANTATION of the heavy tone of the market
| is not specifically plain. With the excep-
| have appeared extraordinarily favorable.
In spite of the great shrinkage I'm the vol
ume of grain traffic, compared with this
! time last year, railroad earnings continue
to show an average percentage of increase
| over last year of per cent. more. The
movement Of general merchandise. espe-
| cially west bound, is very large, and rail-
| road rates are said to be maintained with
| a steadiness not experienced for a long
| time The maintenance Of rates is attrib-
uted, in a degree, to the results of investi-
| cations by the Interstate-commerce Com
mission, bringing out the fact of conces-
! slons on packing-house products and lead
ing to the issuance of judicial injunctions
| to the railroad companies against disre-
! gardfng published schedules.
The news from the crop section during
! the week has been uniformly favorable. 1t
| is natural, however, that the critical period
| in the growth of the crops still to come
| should disincline spectators TO large COM
| mitments on that score for the present.
! The general assumption Of speculation,
| however, is that the present years corn
/ crop will be abundant and only definite
| damage TO the crop will disturb that as
| sumption. large crop would be the nat
ural outcome OF last years shortage and
| the prevailing high price for that cereal,
/ which naturally induces large acreage in
corn. The replantinE of damaged winter
| wheat areas In cor. strengthens the as
| sumption.
The rates for call money have fallen to
/ such a low stage as to offer no apparent
/ explanation of the dull speculation. But
doubt on the future resources of the money
| market may easily have more to do in re-
straining speculation than is specifically
| evident. Not a few bankers express the
! view that money rates must advance and
| admit that they are keeping funds readily
! available in call loans rather than tie them
/ up in time loans, in the expectation that all
| classes OF interest rates are to advance.
The large banking and railroad interests
| seem to be agreed that good policy forbids
the encouragement of speculative activity
| at this time, which might threaten a recur-
| renee of the unhealthy conditions which
have been relieved within few weeks by a
process Of credit contraction. The enor-
nous borrowing abroad and at interior
! points which has been accomplished me-
/ cesstates provision for future payments
! The resumption or large exports OF corr
with the maturing of the present crop is
| relied on to replenish the foreign exchange
! market and facilitate rsmittances for re-
payment of foreign obligations. The nu-
| merous comments upon the present large
| expansion of credits both by banks and
! trust companies and the inadequacy of the
| banks cash reserves for both is believed
| to have led the trust companies to adopt q
| policy OF gradual recuperation of their owl
| cash reserves. The resolution of the clear.
| ing house authorities to require institution:
| admitted in future to its privileges tC
| maintain the same proportion OF cash re.
| serves as the members themselves was
clear intimation Of the desirability of such
| a policy.
Furthermore. the effect to follow in oul
| money market the declaration of peace in
| South Africa Is by no means clear. The
! sympathetic effect on our stock market OF
/ the rumors of peace has been slight, bu
| has led to a significant American demand
| for British consols. If peace in South AT
/ rica is TO be followed by a speculative anC
| Industrial revival abroad 1t may lead to
| large withdrawal of the foreign capita
! placed here in bankers loans, which wa.
/ placed here largely because of the stagna
| ton of foreign industry and the long liqui
| dation in progress there The bond market
has been dull and irregular. United State.
| bonds We're all unchanged compared with
| the closing call last week.
| Following are the days share sales an(
| the recorded fluctuations in prices:
Toxv tn,