The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-03
LITTLE LIFE in STOCKS
NEWS OF THE DAY HAS NO EFFECT
IN EITHER DIRECTION.
Price Level About the Same at the
Close as at the Opening-The
Money Market Outlook.

NEW YORK, June 2.-None OF the news
developments since the Stock Exchange
closed on Thursday afternoon availed 10
induce any activity in the trading. Neither
the declaration of peace in South Africa,
nor the acute stage reached in the an
thracIte strike awakened any interest in the
stock market. either on the buying or sell
ing side. There was some early demand for
grain carrying railroads, owing 10 the large
advance in the net earnings reported for
April. over those Of last year. The very
light movement of grain, especially of corn.
owing to last years crop failure. and the
promising outlook for fun crop this year.
gave added force to this showing. Union
Pacific. Burlington and Canadian Pacific
among the grain carriers. and Reading. Le-
high Valley and Norfolk & Western among
the Eastern lines. showed increases in April
earnings Of from 100000 to 5000 The
accord with the tone OF the London market
itself. This was partly attributed there TO
the taking up of attention by the rejoicing
over peace. But there was undoubtedly
realizing on large scale as well. on the
part of the spectators who have bought
for several days past anticipation of
ing. however, does not alter the evident
Importance to the whole financial world of
the ending of the war; the stoppage Of ex-
penditure, unproductive from the economic
standpoint. and the promise Of early renewal
OF abundant supply of money metal from
the South African gold mines. The reports
from the anthracite region received in Wall
street were reassuring as to the success OF
the companies in keeping their pumping
machinery active, and thus preventing
damage to the mines by flooding, in spite
OF the response to the strike orders on the
part of the engineers of the pump engines.
III would be violent assumption 20 read
any significance In to-days stock opera
tionS a reflection of general financial
sentiment. There were few accounts left
open among the traders after the triple
holiday and the light new commitments
were almost entirely among this class, and
were largely closed out again before the
end of the day, as shown by the general re-
turn of the price level TO that made at the
opening. The conviction Is general that the
money market must be kept free from ex-
extraordinary strains until the outlook is
clearer for the meeting OF obligations in
the fall. The heavy borrowings abroad.
which must be met, and the probability of
an active trade demand for money in the
interior of the country incite to caution
until the attitude of the foreign borrowers
at the period Of renewals becomes evident.
In contrast to the feeling in New York that
demands may be made by foreign creditors
is the feeling in London financial circles
that New York may make further heavy
demand abroad for the relief of her money
market. The London Statist points out
that for several years past America has
accepted payment in securities for its prod
uce and manufactures. but with money
less plentiful in New York 1T may this year
elect to take payment in cash.
Bonds were dull and irregular. Total
sales. at par value, were 50. los. COO United
States twos and old fours declined IA and
the new fours Il per cent on the last call.
Following are the days share sales and
the recorded price changes.