The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-18
BETTER TONE in STOCKS
PRICES GENERALLY RISE TWO TO
THREE POINTS OVER THURSDAY.
Early Breaks I'm Special Issues Unable
to Check the Upward Tendency
Monetary Outlook.

NEW YORK, July 1.-THE recovery in
prices of securities, which was interrupted
yesterday by the late slump in Amalga-
mated Copper wasresumed to-day. 1t showed
some hesitation at various times owing to
the unsettling effect of sudden breaks in
special stocks. but it gathered force as the
day progressed, and at the final hour the
level of the whole market was lifted be-
tween 2 and points over last night. New
York Central and st. Paul led the advance,
but gains of points or over were secured
by Pennsylvania, Erie, Reading first pre-
ferred. Kansas e. Texas preferred, Union
PACING. Atchison. Amaigamated and Smelt-
ing. Among the inactive stocks there were
some large gains. which represented re-
eoveries from recent correspondingly vio-
lent declines.
The opening advance In the market was
first checked by a renewed attack on Anal
gamated Copper, which carried it back to
yesterdays low-record level But the stock
showed determined resistance and became
strong. Notwithstanding report Of an ad-
ditionai cut in the price of the metal. An
other backset was caused by the drop In
Sugar to cA below last night, which fol-
lowed the announcement of a rise in the
price of refined sugar and was without
other explanation. Colorado Fuel then made
violent slump of SIS points to the low
price for the year and this was followed
by break in Toledo, st. Louis G. Western
securities, which cost the common stock
5a points, the preferred IA and the per
cent. bonds 21A. Rock Island was the last
stock to show notable weakness and its
decline of rs ended the resistance TO the
advance I'm the general market. The market
was not notably affected by any of these
breaks, and this caused an impression that
covering movements on a large scale were
going on under cover of the depression in
spots. This gave color TO the supposition
that the occasional breaks were due TO
raiding tactics, although there were indi-
cations of the closing out OF some accounts
by forced liquidation.
The general feeling over the money out
look was brighter and rumors were circu-
lated without assigned authority that many
proposed loans by railroad corporations had
been postponed. Estimates Of the week 8
currency movements pointed to net gain
by the banks OF over 50, 1900. The rise in
interest rates here seems to have induced a
large inflow of currency from interior
points, and the subtreasury made heavy
disbursements yesterday and to-day for spe-
cial accounts, thus largely reducing the
weeks early loss by the banks to that in
stitution. The offerings of foreign funds In
this market also have relieved the situa-
ton. Sterling exchange, however. made
sational break. Discounts hardened in Lon
don and Berlin and sterling weakened al
Paris. London also turned seller of securi-
| ties in this market on balance, the upward
turn of prices, which was more rapid here
| than in London offering advantages fol-
selling on arbitrage stocks which were pur-
| chased at the lower level in London. The
| large increase in wheat exports for the
| week. which rose 1,272.374 bu over those
| of last week, was a satisfactory develop
ment in the exchange situation. The prin-
| cipal interest in to-morrow's bank state
ment will turn on the item of loans 1t is
| supposed that the Pennsylvania Company
| has begun the repayment of it's maturing
| notes. 1t is a question, on the other hand
| how far the large borrowings by railroad
| corporations will be reflected In the state
ment as a considerable portion of these
!! loans has gone abroad. To-day's move
ment I'm stocks, however, reflected the feel
| ing Of confidence that the banking situation
| is materially improved. The market closed
active and steady at about the top level.
Bonds were inclined to rally in sympath!
| with stocks, but there were some wecl
| spots, which made the tone irregular
| Total sales at par value were 81, 900
| United States bonds were all unchanged Of
| the last call.
| Following are the days share sales anC
| the recorded prica changes.