The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-27
PRICES MOVING UPWARD
THE PROCESS Is SLOW AND THE
PROGRESS SOMEWHAT HALTING.
Occasional Indications of a Continu-
ance of Recent LiquidatiOI,-GOld
Engagement for France.

NEW YORK, May 26.-The conspicuous
factors in to-days stock market were the
relaxation in the pressure of the urgent
and forced liquidation which has kept the
market unsettled for some time and the ex-
treme caution of the buying at the higher
level OF prices which was maintained to-
day. The general level of the market was
above last night all day, but prices wavered
and fuctuated constantly throughout the
session. About o'clock prices were gen.
orally at the lowest and in the neighbor-
hood of last nights level, but one of the
numerous rallies set in during the last hour
and the close was firm at higher prices
than at any previous time during the day.
The opening dealings disclosed good buy
ing orders distributed among the great
speculative railroad stocks. the movements
in which are of largest sympathetic effect
on the general market. These are precise
ly the stocks which have suffered most
severely in the recent liquidation. The evil
dence that they were supported had an
important reassuring effect on the situation
In the stock market, which had become
somewhat alarming as the result of yes
terday's events. Developments in financial
and business affairs were without effect on
the market and the attention of operators
In stocks was devoted almost exclusively
to attempts to solve the mystery Of the
source Of the stream of liquidation. Public
surmise and irresponsible gossip played an
important part in this. but the conclusion
has been generally arrived at that the re-
cent selling has come from important and
wealthy interests and that the selling was
prompted by special financial needs of the
holders rather than by condition affecting
the stocks sold.
1t is a matter Of public knowledge that
very large accumulations of railroad
stocks have been made during the late
period of rumors of extensive consoida-
lions. Part of this accumulation was made
in the direct effort to secure control or
various railroads and part of it was made
by wealthy speculative followers, who
for a profitable turn in the market The
great check to the wholesale consolidation
process came in the Northern Securities de-
cision and in increasing degree from the
tured securities. The consequences un-
doubtedly has been the abandonment OF
many consolidation projects and the tie
ing Up Of very large holdings in the hands
of the projectors and their speculative
friends and followers. Among these are
many individuals who came into enormous
Of Industrial combinations, especially the
formation of the United States Steel cor
poration. With the ample resources In their
hands they seem to have been slow to part
with their securities at a sacrifice while
also, according to the current surmise in
Wall street. overwhelming themselves in
new financial and business projects. which
never reached the stage Of fotation.
The conviction Is growing In Wall street
that the prolonged liquidation Of Standard
stocks is from such sources as are thus in
dicated and are for the purpose Of the pro-
lection of such outside enterprises. While
this is held to account for the special pres
sure to sell, the fact remains that the ex-
ceedingly scanty buying demand, which
makes the selling effective in breaking
prices, is due to distrust OF the general
business and industrial outlook. The be-
havior of to-day's market suggested that
potential buyers of stocks were suspicious
that the liquidation was not yet entirely
completed There was abundant evidence,
in fact, of it's occasional renewal to-day,
but Ii was well absorbed, and prices were
sustained with determination. The engage
ment Of 5000 600 in gold for export to France
was of only momentary effect The threat
ening aspect Of the freight handlers dis
pute in Chicago seemed to be offset by the
better outlook in the local building trades.
An announcement that the underwriting OF
the Pennsylvania new stock had been over
subscribed was a Strengthening influence.
The bond market was irregular. Total
sales at par value, were s., 23O, 900. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
81 a cd cbanQQS