The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-28
STOCKS in BETTER TONE
THE CLOSE SHOWS SUBSTANTIAL
GAINS OVER SATURDAY NIGHT.
Early Weakness Due to Another Fall
ure, Quickly Overcome-Persfst-
ent Points Of Strength.

NEW YORK, July 27.-The failure of an
other Stock Exchange firm, announced soon
after the opening this morning, renewed the
feeling of nervousness, and prices were
again forced to lower level. There were
violent declines in some of the stocks in
which the failed firms were Immediately in
terested. A number of the standard rail-
road stocks at the same time sold down
from 1 to points under Saturdays level.
But even during this period Of initial weak
ness there was manifest good absorption of
stocks and points OF strength persisted
against the depression. Later in the day,
when 1t was said no further failures would
be announced, the tone OF the market be-
came very strong and the early losses were
wiped out in the weak stocks, while the
general level of the market to sub
stantial level over last night.
The demand was especially conspicuous
for New York Central, st. Paul, Southern
Pacific, Reading. Illinois Central and stocks
of like substantial grade. Some large or
ders were executed in all of these stocks
and at other points throughout the market,
so that prices ended the day from l to 3
points above Saturdays level for prominent
stocks and at much wider advances for
some of the less active issues. Some of this
buying was to cover short contracts, and a
considerable portion of it was by profess
sional operators for turn on the market
on the long side. But there was an improved
demand for investment, both In stocks ana
bonds, and stock exchange commission
houses showed an increased confidence in
advising their customers to buy. Only a
few of the inactive stocks showed such
violent falls as have characterized the re-
cent market. which pointed TO n conclusion
that there was less pressure to close out
unmarketable securities figuring as colat-
eral in loans and improvement in facilities
for securing accommodation.
The recent contraction of credit in the
stock market has been largely due to dis
trust of such operations as those in which
the recently failed firms have been large
ly engaged, involving as they did imitation
and manipulation of the values Of securi-
ties. The letting out of this imitation has
really brought a sense of relief from the
oppression of artificial conditions hanging
over the market and sustained with diff
Guilty. These held-over projects are quite
apart from the earlier ones in which the
syndicates were successful in holding up
prices until their holdings were taken off
their hands and which have left behind
them also their train of financial distress
| and dissppointments. But with the pass
ing of the syndicates interests in these and
the abandonment Of the artificial support,
| the stock have been allowed to sink to the
| level natural incident to the changes in
| their status. The recent failures represent
| the abandonment OF efforts to sustain by
main strength the prices CT securities the
market for which has passed and the clos
| ing up of affairs which resulted in the
| cause of sensible relief in the stock market.
| There were fears that further failures
would occur to-day and the strong recovery
| in the market was helped by the averting
| of these. The market closed quiet and
steady and only slightly below the top
level.
| The bond market continued rather irreg.
| ular, although there was good demand for
some issues. Total sales. at par value,
| were s., 225, 600. United States bonds were
! unchanged on call.
Following are the days share sales and
! the recorded percentages: