The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-01
STOCKS FAIRLY ACTIVE
GOOD TRADING IN THE FIRST HOUR,
WITH PRICES HOLDING FIRM.
Profit Taking mt the Last Causes Gains
to BE Lost and a Few Losses Es-
Observation-Disclosures FURRY.

NEW YORK, June SO.-Almost as many
shares OF stock changed hands during the
first hour of trading to-day as there were
for the first two hours in the newly awak-
ened activity of the previous days market.
This first hour of trading had every appear
ance of animation and well-sustained
strength. but the absorptive power of the
market was pretty well exhausted by this
squirt and the dull period of firmness which
followed in the last hour gave way to a
general reaction under professional profit
taking.
The slight fluctuations during the first
hour, in view of the renewed activity, gave
sufficient warning that profit taking was
going freely. This proit-taking, however,
had less success when holders tried to take
profits in the last hour The days changes
show very small net gains left for any of
the speculative leaders, and some of them
went slightly below last night under the
selling of the last hour. Yesterdays heavy
buying and sharp upward movement In
Reading was sufficiently explained by the
statement OF net earnings for May, showing
an increase for all the companies over the
corresponding months of last year of 81. 400.
0t9. This wipes out all the loss incident TO
the great coal strike and establishes an in
crease in the net earnings for all the COM
panies for the eleven months of the fiscal
year of Sl,O93,24l. This showing gave color
TO the current rumor that dividends would
be begun on the second preferred stock.
Combined with the continuing effects of the
success OF the Pennsylvania stock subscrip-
ton, the coal-carrying roads were made
very strong for a time. Meantime, in an
other department of the list the Wabash
debenture 3 bonds were being freely sold
at an extreme decline of Us owing to the
disappointment Of holders that the direc-
tors at their meeting yesterday had decided
not to disburse any OF the surplus earnings
available for an interest payment on these
bonds.
The days weather map, which showed
rains in the Northwestern States, where
the drought conditions have threatened the
spring wheat crop, was STRENGTHENING In
fluence on stocks. With this indicated re-
lief in the dry section, the Weather Blu
reaus weekly crop report was given ia,
vorable Interpretation. Wheat reacted
sharply, corn more moderately, after pc
ried of strength, and cotton violently.
Yesterdays disposition to ignore the ris-
ing rate for call loans was rather sharply
admonished by rise In the late dealings TO
10 per cent. in the call money rate. This de-
velopment seemed to offset the supposition
that the serenity of the money market, In
face of the Pennsylvania stock subscrip-
ton, offered assurance that the July 1 re-
QuirementS would pass without disturb
ance 1t is borne in mind also that the
New York money market Is sometimes slow
to respond to the effect of the periodical
disbursements after the period of the dis
bursements, which will be of an unprece-
denied volume for this July.
In the last half hour, after the profit
taking movement had spent its force,
United States Steel was marked up pa over
last night on comparatively light dealings.
The nominal ground for this movement was
that the fall in the stock below the SUBJ
scription price offered to employees of the
corporation was calculated to prejudice its
relation with its employees. The market
closed unsteady.
The cessation of the pressure of liquida-
ton against the United States Steel second
fives seemed to be regarded the favor
able opportunity for marking up the, pre-
ferred stock. The bond market generally
was dull and firm. Total sales at par value
were s3,430,0O0. United States bonds were
unchanged on the last call.
Following are the days share sales and
the recorded price changes: