The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-01
DULL SESSION in STOCKS
PRICE CHANGES FEW, AND THESE
WE'RE NOT MAINTAINED.
Proposed Rock Island Bond Issue De-
presses the Market-Good Bank
Statement Expected.

NEW YORK, July 3Q-The trading in
stocks became extremely apathetic to-day
and at times the dealings on the floor Were
no more than nominal. The undertone
was heavy. but the price movement was
very narrow and uncertain. The recent
weakness in Atchison was supposed TO be
explained by the statement of June earn
ings. showing a decrease compared with
the preceding June of s64l.ss5. An official
explanation was added that the heavy costs
of the floods were accountable for the poor
showing. The bears who have been selling
stock short ceased to operate on that side
of the market and covered. The rally in
Atchison relieved the market of yester-
days disturbing factor. but the market was
semi-stagnant.
The determination TO keep out of the
market was partly due to the issuance of
circular by the Rock Island directors ask
ing authority to issue $3.50, 900 refund
ing and unifying mortgage. This is con-
firmation of many rumors which have cir
culated lately without receiving side Gre
dence. The weakness of the stock yester-
day was due to those rumors and it rallied
to-day. indicating that yesterdays selling
was for the short account The proposed
issue is puzzle TO Wall street in view of
the present condition of the securities mar
ket. Money conditions retained yesterdays
relaxation and preliminary figures indicate
cash gain by the banks for the week of
nearly 100000. The repayment of the
Pennsylvania loans has been expected to
show in to-morrow's bank Stantement, but
the purchase of the Evansville q Terre
Haute and payments OF 100000 on the
final installment on the international Mer-
camille Marine underwriting and of $780,
600 on the Louisville & Nashville bond un-
derwriting may complicate the loan item
of the banks. The nominal ease in the
time loan market seems TO lie partly due
to the light demand for funds and this IN
turn does not free the stock market from
evidence of forced liquidation in spots.
Yesterdays extreme weakness In some OF
the specialties revived some fears of money
troubles in to-day's market and helped to
paralyZe the trading. The struggle for the
tain subscriptions to its bond Offering Was
without effect in the stock market. St.
PaulN moderate decrease in June net earn
ings and Union Pacifics moderate increase
seemed to be equally without effect on
those stocks. The weekly statistics of grain
exports confirm the hope of good foreign
demand for wheat, the shipments rising
500, 454 bu over those of the preceding week,
but the corn exports have fallen off 5l2529
bu Tor the same period.
The days movements of prices were
mostly insignificant. New York Central
was forced down over point on renewed
rumors that bond issue was pending TO
provide for the terminal. United States
| tons made advances and Amalgamated
Copper rose point over last night. None
| of these changes was maintained and the
market closed dull and heavy.
| Bonds were irregular: Total sales at par
value were 1,450, 900. United States bonds
| were unchanged on call.
Following are the days share sales and
the recorded price changes: