The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-09
LOWEST in THREE YEARS
ACTIVITY IN THE STOCK MARKET
Is NEAR TO sTAGNATION.
Only 10000 Shares Traded In-MOre
Gold Engaged for Export-Bonds
Seek a Lower Level.

NEW YORK, July s.-Trading on the
Stock Exchange to-day was the lowest in
three years, transactions aggregating but
l75,1S5 shares. Professional traders made
some attempt to awaken some degree OF
activity in the market. During the early
market the rate of activity equal to
the expanded dealings of the early part of
yesterday but the subsequent relapse was
into such a complete stagnation that the
total dealings for the day dropped back to
below the low record for the year. In the
light of this mornings developments yester-
days late drive at United States Steel
stocks seems to have no other purpose
than to provide a better vantage ground
for an upward start. The statement Of the
corporations earnings for the quarter just
passed. with its decrease of over sl,4Oo,OOo
from the corresponding quarter of last year,
was no worse than had been expected. and
the slight increase reported in the June esti-
mated earnings compared with June earn
ings of last year was regarded as a favor
able feature. The common and preferred
stocks were lifted about a point on the
score of this showing. In the active rail-
road list st. Paul and Missouri Pacific
were the only stocks to gain much as
this.
The further engagement of S1,5O0.000 gold
for export and the early sharp rally In the
cotton market seemed to have no effect in
checking the rise in stocks. 1t was after
cotton had reacted that the unresponsive-
ness of the stock market to the stimulation
of light professional buying was perceived
Prices thereupon sagged off, and the whole
market fell back into it's rut of stagnation
Reports have been current for several days
that insiders were buying Erie stocks In
the certainty that the directors to-day
would advance the first preferred dividend
the second preferred Credulous traders
who have followed this inside" buying
learned to-day, on inquiry, that no direc-
tors meeting Is in contemplation for two
weeks. The incident is characteristic of
the present market, but, so far as can be
stocks. these rumors nave done no great
harm nor conferred any great benefit on
anybody. The rally in the cotton market is
regarded a natural incident of the proc
ess of settlement to normal basis In
| that market, but until the settlement is
completed the expected benefits to the finan-
cial and general business structure are not
| likely to become evident. The favorable
| crop weather was Offset by the expressive
/ hrmnesS in the wheat market, and the
| proft-taking reaction in corn did not en-
| tirely relieve the fear that the government
crop report, due on Friday. will make an
unpromising showing for that crop.
Active railroad bonds were pretty steady,
| but high-grade inactive issues settling
| to lower basis. The New York general
| mortgage 31as. which sold last week as low
| as par for the first time in their history,
| sold to-day at 81. Total sales, at par value,
| were Ills, 600. United States bonds were
all unchanged on the last call.
Following are the days share sales and
| the recorded price changes: