The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-17
LITTLE LIFE in STOCKS
MANIPULATION FOR A RISE OF NO
PERMANENT EFFECT.
Prices Close Generally Lower on the
Day-Approaching July settlement
Causes Some Anxiety.

NEW YORK, June 1.-THE character of
to-day's stock market remained the same
that OF last week. There were opera
tons for a rise in a few prominent stocks,
but they were not aggressively pursued,
and left no important net results. st. Paul.
Missouri Pacific, Union Pacific, Canadian
Pacific and the Atchisons were most large
iy dealt IN. II will be seen that none of
these saved as much rs point of net gain
on the day. although Canadian Pacific
arose at one time 15sc over Saturday and
ST. Paul Use A number Of minor granger
stocks were lifted at different times and
the Chicago & Northwestern stocks both
made three point advances. Late in the
day, after the indifference Of the general
market to this leadership was demon
strated. there was an advance in the Read
ings. This proved equally inefficacious,
and the market closed dull and easy, con-
siderably below the best. The movement
I'm the Western stocks. while obviously
professional, seemed based on an assump-
tion Of favorable outcome for the corn
crop and on the argument of probable
dividend increases. Nobody assumes that
the Missouri Pacific dividend this week
will be changed from the 2is per cent. semi
annual rate. and the heavy OUTLAWS being
made by Union Pacific are against the pre-
sumption of a present increase. But the
example of the Chicago & Northwestern
increase is an influential one and affects
especially st. Paul. The buying OF this
group OF stocks at the opening was suf-
hcient to carry up the price in face of
rather heavy London selling induced by
anxiety over the illness of the King of
England The leaders Of the campaign for
n
the July l settlements will be effective
without any stringency of money. Last
year the money market became active
about this time, and at the close of the
month call money ran up to % per cent,
and prices in the stock market collapsed.
During July of last year the difficulties in
the money market continued and their
effect on the stock market was aggravated
by the damage TO the corn crop and the
steel strike. Between June y and July u
there was a contraction or over A6,OO0OW
in the loan account of the banks and Ii
was not until the last of July that the
banks began 10 expand their loans again,
after large receipts of cash from the in
terror and from subtreasuTy disbursements.
The foreign trade statement for May just
issued shows a decrease in exports of up
wards of So. O0O, Co., showing that the ex-
ports OF manufactures fall somewhat be-
low those of May last year In addition to
the heavy decrease in agricultural prod
ucts. For eleven months in the fiscal year
the trade balance in favor OF this country
Is thus reduced nearly Sl6S, 900 below
that for the corresponding period of that
year. The Industrial department of the
stock list was generally heavy. United
States Steel stocks were slightly depressed
by the making permanent of the injunction
against the stock. conversion and bond
issue plan, pending the appeal TO the
upper court
There was a fair demand for bonds and
prices were firm. Total sales, at par value.
were 81, 10000. United States twoS, coupon,
declined Il and the old tours advanced "a
per cent. on the last call.
Following are the days share sales and
the recorded price changes: