The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-29
MANY RUMORS AFLOAT
SOME TENDED TO ADVANCE PRICES
OF STOCKS ON 'CHANGE,
Which Were Stronger Early in the
Day, but Began To Decline Before
the Close OF Trading.

NEW YORK, July 2s.-The stock market
this morning showed the continuing effect
OF the clearing of the atmosphere which re-
suited from yesterdays and Fridays fail
ures and the market became quite general
ly strong. But the brighter sentiment over
the outlook did not hold its full force
throughout the day. There was rather a
pronounced reaction at the last, which
wiped out the most important part of the
day gains and took q few of the grain
carriers point or more below last night.
New York Central was the conspicuous
leader of the advance, rising at one time
32s over last night on buying reputed to be
of the best character. The sentimental ef-
feet on the market of the buying of this
stock and of Pennsylvania and the affiliat-
ed stocks as well of the coalers and
other high-grade railroad stocks was con-
siderable. Atchison suffered most acutely
amongst the market leaders and it's drop
to rs below last night upset the late mar
ket and led the whole list downwards.
The grain carriers were not strong at any
time and were presumably affected by the
reports of hot winds In the corn belt and
by the weather bureaus weekly bulletin on
corn and spring wheat. Reports Of crop
damage were reinforced by the upward
movement of prices in the grain markets
and the development of profit taking in
those markets did not save stocks from the
late reaction. The improved sentiment
this morning was largely due to the under
standing that the closing out Of hypothe-
Gated securities for loans, both of failed
firms and of others under pressure for
payment of loans collateral for which
the market is not active, was to be sus-
pended for the present to await a more
favorable market. Late in the day there
was indication of a resumption of selling
out of collateral on some loans. The buy
ing through commission houses was re-
ported to be better than for many weeks
and was hopefully regarded. But this buy
ing did not follow the market upwards.
There was evidence of a purpose to drive in
| the bears in the calling in OF stocks loaned
| for delivery on short contracts and in the
! were set afloat. There was a report OF a
| private settlement between the Union
| failed firms, looking to taking over of
| large holdings of Southern Pacific and a
| resumption by the firm. This was denied
when the Union Pacific directors assem-
Toledo. st. Louis & Western was report
ed to have passed to Grand Trunk control.
An offer of % for Evansville & Terre Haute
/ control was alleged to have been made by
| an anonymous bidder. Colorado Fuel was
said to have acquired the Utah Iron Com
pany and its price shot up nearly dozen
| points on a few intervening sales Just al
the last. The other stories were effective
| in varying degree in causing sharp bid
| ding for the stocks. The renewal of the
steel billet pool seemed to be hopefully re-
| garded among iron and steel company
| shareholders and stocks of that group were
| quite generally strong. ~
The time money market was reported p
| probably easier and some long time loans
/ on selected collateral were reported -
| have been negotiated below per cent. San.
| guine hopes were expressed of strong
| bank statement on next Saturday. But the
| obvious fact was that the demand from tht
shorts was growing satisfied ard that the
| investment demand was not Following the
| advance i'm prices. When traders attempt
] ed to take profits on the days rise the mar
| ket therefore gave way and closed unset
| tied and irregular.
Active bond issues were generally deci
| dedly strong but there were some wide
| concessions in the marketing of inactive
| bonds Total sales, par value, 80, 5000
| United States bonds were unchanged OF
| call.
| Following are the days share sales anC
| the recorded percentages: