The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-23
SOME GAINS in STOCKS
FAILURE TO CORROBORATE BAD
NEWS AN IMPORTANT INFLUENCE.
Increased Dividend in Erie First Pre-
Sharp Break at the Last.

NEW YORK. July 22.-The price level of
irregular market. The opening rise met
renewed selling. especially in United States
Steel, which caused a wavering IN the whole
list. With relaxation of the urgent pres
sure on these stocks the market took on a
better tone and started more steadily up
wards. There were occasional slight re-
actions, but the trading fell away to NOM
inal proportions at the recessions until the
last hour of the session. The market then
paused for time, turned downward on
growing volume of selling and closed easy.
The principal active stocks had been lifted
from to points over last night, and the
reaction left them not more than half of
the extreme gains.
The upward movement of prices was &C
companied by as little news as the recent
severe declines, but the pressure to sell was
not felt, and partial rebound was normal.
! The demand from the shorts was an i'm
portant element in the buying, as a matter
of course, after so violent decline as that
which has been occurring. No other in
| ducement TO cover shorts was needed than
the failure to dislodge stocks with the re-
cent customary ease. The alarming rumors
Of financial difficulties which were numer-
Gus yesterday~a all failed of confederation to-
day, and this formed a negative influence
on the buying side of the market. Some of
the commission houses professed to have
| some buying orders OF an investment char
acter. These were not in large amounts
and they did not follow the market far on
| any advances.
| The rise in the dividend rate on Erie first
| preferred from to a per cent. basis made
| itself felt to some extent. Many past hopes
! OF dividend increases raised by the large
surplus earnings reported by various rail-
road companies have been held in allegiance
| since the period of putting surplus earnings
back into improvements, apd sometimes in
| addition issuing bonds for additional i'm
| provement funds. Some Of the high prices
| of last year in stocks were based on prob
| able dividend increases. which were conf
IDENTIFY counted on, and comparatively few
or which were realized. The Erie increase
Is the flrst incident to revive any hope that
! some of'these expectations may be realized
| later, In spite of the prevalent competition
/ for ready funds among railroad corpora
tons. The early strength in the grain mar
| kets was logically against stocks. but 1t
/ was ignored, and the late reaction in grain
| failed TO hold stocks at the top level. Re-
ports of railroad earnings for the day We're
| not as favorable as in other recent cases.
Missouri Pacifcs gross increase for May of
4 $ooc,SZS was changed TO net decrease or
| $50, 131 by the enhanced cost of operation.
| Pittsburg, c., c. & st. Louiss gain of $685.
45l in gross for June was reduced to a net
gain Of only &l .2S4 by the higher operating
| cost. On the other hand Chicago e. North
western registered gain of over 10 per
cent. In gross earnings for June, while that
| stock fell ~ on the Stock Exchange There
| was notable falling off In the number of
inactive stocks to show wide declines on
| the marketing of small blocks. Colorado
Fuel preferred was the only notable ex-
| ample, 100 shares of that stock selling %
points lower than the last preceding sale.
| The active bonds were frmer, but weak
ness of some of the investment issues made
| the market irregular. Total sales at par
| value were $2,175,00O. United States bonds
were unchanged.
Following are the days share sales and
| the recorded price changes: