The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-30
ANIMATION in STOCKS
MARKET RECEIVERS FROM THE APA-
THY APPARENT LAST WEEK.
Rising Tide of Prices Retained to the
Good Monetary Conditions.

NEW YORK, June 29.-To-day's stock
market showed more animation on strong
ly rising scale than has been seen for
many weeks. Business for the first two
hours was considerably in excess of the
average for the daily trading of last week.
The market closed very active and strong.
with the top level of the day well MAIN
tanned. Net gains Of to % were general
among the leaders and active stocks. Read
Ing was easily the leader of the days mar
kets, and its advance of pa on the pur-
chase of enormous blocks on a constantly
rising scale. The Pennsylvania group of
coalers was conspicuous throughout and
Pennsylvania itself broke through the OPP
position which held it for time at 125.
and rose to the best in the late dealings.
The grain carriers were later to respond,
but they came forward vigorously in the
final dealings, with the Pacifics leading.
Union Pacific and Southern Pacific rose
more than points over Saturday.
The buying of Reading was concentrated
and the personality Of the brokers en-
ployed gave rise to renewed surmises to
the possible new adjustment of relations
and control in the field of the trunk lines
and coalers as an Outgrowth of the final
Judgment OF the new Pennsylvania stock.
The action Of the stock was q reassuring
factor on sentiment The apprehension that
ton the motive for support of the stock
by the underwriting syndicate having
passed the price, would give away, was
seen to be without ground. The brilliant
success or the subscription was a slim
ulating influence upon the whole market.
The official announcement that the total
issue was subscribed for by stockholders
and that 80 per cent of subscriptions were
paid In full indicates money requirement
of upwards of SIS 900. That this require
ment could have been met with practically
no disturbance in the money market has
greatly strengthened the confidence in the
money situation, the more so as II Is now
understood that the subscriptiop payments
have not yet been disbursed for repayment
ated last January, although it Is stated on
authority that this loan would be paid at
its maturity in the second and third weeks
of July. The Pennsylvania subscription
seems to have operated for the benefit of
the New York money market by the diver
sion or the payments to this center both
from Philadelphia and from foreign stock
holders. The ability Of the money market to
carry through this great operation has de-
tracted from the fears Of money squeeze
In meeting the July / requirements, which,
estimated that the total interest and divi-
dend disbursements for July will amount
to $l36, 900.
Call money ruled at a higher rate, how
ceptibly firmer. Discounts rose in Paris
and Berlin. and the price of money in Lon
don was higher. but sterling here was
easier. The conditions Of the national
banks throughout the country on June 8
show a percentage of legal reserve to
deposits OF 22.0S per cent, compared with
2.6S per cent. on April g. and 22.33 per cent.
on July 16 last year. The increase in loans
and discounts since July 16 of last year
has been S194, 119. This does not consti-
tute a favorable showing on its face, as the
ability of the banks to meet the coming
demands to move the crops Is undetermined,
but this showing was lost sight of to-day
in the face of the more immediate situation.
The special strength of Reading was con-
nected with rumors Of coming increase
in the dividend disbursements on the stocks
OF the company. The reports of rains in the
Northwest, and the reaction resulting in the
wheat market, helped stocks. The weekly
merchandise movement well sustained, and
this was used to point the argument that
the agricultural communities would not
keep UP their demand for merchandise If
| the crops were really in danger. Specua-
tive sentiment among professional traders
became very bullish as a result Of the turn
In the market.
| United States Steel second fves dropped
near to 81 on persistent selling. The bond
market otherwise was firm. Total sales at
| par value were So. 500 ,0O0 United States bonds
were all unchanged on the last call
Following are the days share sales and
| the recorded price changes.