The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-04
STOCK MARKETS. STRONG
OF TOO HEAVY RAINS
HAVE NOT SHAKEN 1T.
Speculation Has Been LfstIess This
Week, the Traders Finding No
Good Opening.

was very dull during the greater part of the
session, but was stirred into some degree of
activity in the final hour. when the highest
prices of the day were made. The rise was
IN the nature of a demonstration against
the short interest. which had looked for a
Hurry in the money market before the close
that would enable them TO cover at a
profit. The furry failed to materialize, and
when the shorts attempted TO cover they bid
prices up on themselves. There was a
sharp reaction in the final dealings and
the market closed easy. The tone during
the day was notably firm and the market
much OF the same character as for some
days past. The clearing weather in the
southwest and the great Improvement in
the crop-harvesting condition were the
basis of the strength in the market and
the grain-carrying roads led the advance.
The money rate opened at 6 per cent, and
there were fears that the demand incident
to carrying over for three days would stiff
fen the rate before the close but the rate,
on the contrary, declined. The hope is en-
tertained that easier money conditions viii
soon follow the completion OF the semi
annual settlement. The foreign exchange
rate. however, still holds near the gold
export point and Paris was a buyer OF
gold In the open market In London to-day.
Sterling exchange at Paris advanced sharp
ly and relaxed the pressure for gold. An
other development Is the weakness of New
York exchange at Chicago. which fell TO
80 cents discount to-day. Chicago reports a
heavy demand from Northwestern points
for currency. There has been no loss by
New York banks on interior account this
week. but there is a sharp falling off in the
movement of cash from the interior. The
bond market was dull and irregular.
The speculation has been ~listless and al
most idle during the short week in the stock
market. The large operations in the mar
ket incident to the July settlements and
TO some large corporate transactions re-
Stricted the resources available for Specu-
lative uses. But in spite of the dizziness OF
the market and of some developments that
gave cause for uneasineSs, the undertone OF
the market has been firm and some indi-
vidual stocks have enjoyed sharp advances.
In the absence of news TO account for
these dvances 1t is generally supposed
that they have been due to manipulation
by the financial powers seeking to support
the market by those sympathetic influences.
The light speculative operations in stocks
are viewed with satisfaction for the rea-
son that credits are not being incurred on
that account on an unsubstantial basis.
The financial district has been flooded with
alarming reports of crop damage from too
abundant rains in the grain regions, which
have not been entirely without effect on
prices of stocks. But the small degree Of
this effect has served as a demonstration OF
the underlying confidence in the general
situation.
The sustained level OF railroad earnings
above last years high level is accepted as
a convincing index of prosperous condi-
tons. The anthracite carriers are con-
spicuous exceptions and show the heavy
losses incident 10 the paralysis of the trade
by the strike. The soft coal carriers, on
the other hand, and notably Pennsylvania
show the compromising expansion in the
soft coal traffic. Labor troubles have re-
ceived consideration, especially the rail-
road machinists' strike and the threatened
trouble with the Chicago freight handlers.
Their effect is also shown in the obstruc-
ton to delivery of much needed iron sup
plies.
The money market had its customary
furry incident TO the turn of the half year,
but thanks TO the small speculative com
mitments and TO the skillful financing the
stock market was little affected. On the
other hand. foreign exchange has moved
up 10 the gold export point. Paris is call
ing home it's credits, and a Is per cent. in
stallment on the $3.50. 900. 900 consOl issue is
due in London July 10. There has also been
a downward plunge in the New York eX-
change rate at Chicago, indicating an un-
interior. This currency will normally in
| crease in the coming weeks. For three
months to come there will be successive
installmentS of 20 per cent. on the British
loan payable in London.
The investment demand for bonds follow
ing the July disbursements has not yet
been largely In evidence and there have
been some declines. United States old fours.
coupon. declined Il, the threeS and new
fOurs and the old fOurs, registered, a as
compared with the closing OF last week.
Following are the days share sales and
the recorded price changes: