The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-19

LONDON EXCHANGE HELPS THE MAR
KET FOR AMERICAN STOCKS.
Rise Is Short-Lived, and the Trading
Becomes Dull on a Declining Range
Monetary Conditions.

NEW YORK, June were a few
individual stocks in which active trading
and wide movements made cross currents IN
the stock market to-day. but the great body
of securities listed for trading on the Ex-
change was stagnant. The market started
off with some show Of strength. with the
influence of the reduction in the rate OF
discount of the Bank of England to 3 per
cent. and the easier tone OF private dis
count in response. A higher range OF quo
tations for Americans. as a consequence,
awaited the opening of the stock market
here. Some of the leaders were lifted a
point over last night during the first half
hour. Pennsylvania was In special demand,
and rumors were circulated that the Penn
sylvania-Gould dispute had been adjusted.
1t was possible to secure official admissions
that efforts to this end were being made.
but these seemed to be by outside interests
rather than by mutual approach of the two
parties to the difference. The progress of
subscriptions to the new Pennsylvania
stock had a favorable effect on its market
as we'll.
When it was learned that the price Of
cotton was running off sharply the profess
sional operators in stocks INDUCED the hope
that they would be able to force an upward
turn. but they met selling pressure and had
to abandon the attempt. This selling was
especially acute in Metropolitan Street-rail-
way, Metropolitan securities and the iron
| and steel stocks, the selling being notably
large in United States Steel. both common
and preferred. The former touched 29s and
the latter exceeded its previous low record
of 7S& by a fall to 1914. The presence In
the market of a large and persistent selling
order in United States Steel was the occa-
sion of much surmise as to its source. The
whole group was depressed by the admis-
sions made by an authority in the trade
that concessions made in the price Of iron
do not yet tempt consumers and that large
concessions are being quietly made by some
of the larger interests in the steel market.
A further reduction in the price of iron
was announced during the day. The Incl
dent of a delayed payment Of maturing OBJ
was a continuing factor of depression In
the whole group. Colorado Fuel itself
srepese p ae en of 't that 70 loss Du' T ree0v weakness eas
of Metropolitan Street-railway and of Met
ropobtan Securities was directly traceable
earnings made by it's president on the wit
ness stand. The drop In Metropolitan Street.
railway reached 3%. and In the Securities
Company 8, with a partial recovery in both
cases.
The effect of the Bank of England dis
count reduction was partly onset by the
continued strength of sterling here and its
weakness In Berlin and Paris. The infer
ence seems to be disposition on the part of
Berlin and Paris to withdraw capital from
London on account of the reduced interest
rate. with al attempt on the part of Lon
don to divert the demand or New York.
Money here continues easy and the banks
are gaining from the subtreasury, and, II
is believed, from the interior as well. Rates
for time loans, however, are firmly held,
and 5h per cent. is demanded for loans over
the year end. c
Bonds were weak. Total sales at par
value were 81, $1,000 United States bonds
were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: