The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-26
DEPENDENT ON THE CROPS
STOCK BROKERS CRITICALLY SCAN
THE WEATHER MAPS.
Country's Financial Future VIII BE
vitality Affected by Crop Condi-
tions-The Day on Change.

NEW YORK, June 25.-Even the profess
sional room traders practically abandoned
efforts to move prices in to-day's stock
market. The drift on the average was
within a range of less than a full point
and was uncertain and irregular all day.
The total dealings fell below the quarter
million share mark, marking the low level
for the year. If the dealings in st. Paul.
Pennsylvania, Colorado Fuel and Wabash
preferred were subtracted. there would be
little left of the days market. The bust
ness congested in these stocks, and the con-
tinued large selling of United States Steel
second fives made up the market of the
day. The selling of the steel bonds down
to new low level to Sl& is commonly at
tributed to the liquidation of a large in
dividual account in connection with which
developments are expected in the directing
for this corporation. But the iron and steel
stocks as a whole were somewhat de-
pressed to-day by the tone of the Iron
Ages review of the trade, which was some
what skeptical as to the stability of prices
for steel products for 1904, owing to the
fact that the outside mills are acting free
ly independent of the leading product and
no one talks of 1904 requirements. The
special weakness in Colorado Fuel which
fell an extreme 81, seemed due to real
izing on the official announcement of the
assumption Of control by the Gould-Recke-
Teller interests. This announcement also
seemed to be the motive of a slight up
ward movement in some of the Gould stocks
earlier in the day, Denver & Rio Grande
and Wabash preferred rising point or
over. There was an air of expectation
among professional operators In stocks OF
some development affecting securities as
result of the return of j. p. Morgan, but
nothing occurred to justify the expecta-
ton. Wheat and corn continued to advance
and the days weather map was considered
unfavorable. The weather in the crop re-
gions is studied critically from day to day
as the progress and final outcome Of the
crops is believed to affect vitality the finan-
cial future. The money market Is very
calm. Notwithstanding the near approach
of the requirements for the new fiscal year
and the important operations m connec-
ton with the Pennsylvania stock subscrip-
| tions. But apprehension of money scare
| for the months end had its part in repress-
ing speculation to the low level which was
reached during the day. The Pennsylva-
MIA stock operation was an influence also
! in the foreign exchange market, the SUBJ
scriptions by foreign STOCKHOLDERS for the
new stock serving. to weaken the sterling
| rate TO marked degree.
Sterling also advanced at Paris and Ber-
| lin, but over 100000 was Withdrawn from
the Bank of England for Germany ac-
| COUut the locdl udIkSl hut tOuiy uio
| call loans fail to stiffen but there has
been relaxation in the rate for time loans
| within the last two days, the causes Of
which are somewhat puzzling. The new
| lease of life for the labor dispute in the
| local trades was disquieting factor and
| had its influence in weakening the iron and
| steel stocks. Reports of a disturbance of
| passenger rates in the West was a minor
| influence. The market closed easy, but at
| very small net changes.
Aside from the large selling of United
/ States
dull and irregular. Total sales, par value,
| 81, $685. 600 United States bonds were all un-
| changed on the last call.
Following are the days share sales and the
| recorded price changes: