The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-03
GOOD RALLY in STOCKS
CANADIAN PANIC OF NO EFFECT IN
THE AMERICAN MARKET.
Evidence That the Bottom Has Been
Reached I'm Standard Railroads
Soft Spots in the Trading.


turn against the bears which has been ac-
complished since the present prolonged de-
cline in prices set in was effected to-day,
and that without any striking development
in the news to affect values. On the con-
trary, there was a demoralized slump In
group of securities which were sympathet-
ically affected by the speculative break
down in certain Canadian markets. 1t was
the sert pity with which this was regarded
and its failure to induce any further
liquidation in the market which impressed
the bears with the advisability of pro-
tecting their position by covering their
short commitments. During the last hour
the demand from this source became some
what urgent, and st. Paul and Missouri
Pacific were lifted more than two points
over last nights level. Rock Island.
Southern Pacific. Atchison. Louisville G.
Nashville. Wabash preferred and a number
two points over last night, and the market
closed very active and strong.
Premonitory symptoms of trouble have
been visible in the Canadian group of Sc
curities for some time, and seem to have
had their inception in the rumored troubles
of the Dominion coal and iron companies
of Canadian shareholders in these COM
panies. Yesterdays sharp declines In some
of these stocks induced demands for addi-
forced liquidation of some of these accounts
to-day. Twin City Rapid Transit suffered
the severest decline, with a disorderly drop
| of over thirteen points. Canadian Pacific
| Detroit United Railways and Minneapolis,
| St Paul 81 Sault Ste Marie stocks were
| also forced to sale on a rapidly descending
| apolis & ST. Louis was an incident of the
| day. Late recoveries ran to nine points
in Minneapolis & St Louis. five and three
between three and four points in Canadian
Pacific and Minneapolis, ST Paul & Sault
| Ste. Marie.
Besides these disturbing influences the
market had to face the probability of ship
| ments of gold on Thursday of an aggre-
| gate of 100000 although only part of this
in the London copper market caused the
| drop OF points in Amalgamated and was
| a check 10 the early hardening tendency
of the market London resumed trading
after the holiday, to-day, and was dis
posed to buy stocks here. as 1t was re-
| ported that London was short of Ameri-
cans. The further reports Of food damage
| in the West were without notable effect,
| as the quieter tone of the grain markets
gave ground for hope that reports of harm
to the crops had been exaggerated; The
Il
Bureau also proved less unfavorable than
was feared. Reports from Chicago that q
settlement had been effected In the freight
handlers dispute was notable cheering
| factor. The April report of net earnings
by the Pennsylvania, showing liberal
increase. seemed to be effective in the gen.
| eral market, although Pennsylvania itself
| moved narrowly. 1t has not escaped the
| notice of the bears that the downward
course of the standard railroad stocks has
been arrested as they approach the level
| at which their dividends yield an invest
| ment return which conforms to the pres
| ent return on money In loans. For several
days there have been signs Of stability In a
| number of leading stocks which have ap-
preached that level. 1t will be remembered
| that railroad stocks had advanced at one
| time to prices which offered lower returns
| than on first-class railroad bonds. Ex-
| travagant valuations placed on railroads
| which were sought for control and on which
| there were sanguine hopes of dividend
| increases were the influences In fixing this
| level and to-day's rally is an intima ton
| that the prices of some of these stocks at
least have got back to an attractive In
vestment level.
| New Rock Island fives, newly dealt in,
| rose more than point over last night S
| curb price, and there was sharp advance
| in United States Steel second fives. Other
| wise the bond market was irregular. Total
| sales, at par value, were $2510,OO0. United
States twos, coupon. declined n per cent.
| on the last call.
Following are the days share sales and
the recorded price changes: