The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-13
SHARP RISE in STOCKS
MORE THAN MILLION SHARES
TRADED IN ON FRIDAY.
Good Demand and Several Favorable
Conditions Raise the Price Level
Forecast of Bank Statement.

NEW YORK, June 12-There was & con-
tinuance to-day of the active buying of
stocks which developed so suddenly yester-
day morning, and prices were carried to
substantially higher level throughout the
list on dealings of over a million shares.
The market closed active and firm at near
the top level. taking on the rise max
ing insignificant impression on prices.
The large demand this morning for stocks
was fed freely and the active trading of
the first hour was within q fractional range
of fluctuations after the opening advances.
The confidence with which these offerings
were absorbed encouraged renewed buying.
The demand showed signs of being satisfied
at times during the day. and there were
bulls in the activity of the market. with
fractional recessions in prices. but no i'm
portant pressure to sell developed at any
time. and the bulls had the situation COM
pletely in hand. Evidently a considerable
part of the demand came from the short
interest which had failed to cover yester-
day. in the hope of a reaction from the first
rebound, on which had been put out fresh
lines to contest the recovery. There was
some covering of short lines of older stand
ing as, well, which were put out earlier in
remained uncovered through the occasional
rallies. This demand and some buying from
belated investors significant of feel
ing of confidence that the turn in the mar
ket Is something more than temporary.
There has been a recognized waiting in
vestment element in the demand, which has
held back from buying on the principle that
so long as the market was going down they
might get stocks cheaper. Thursdays sud
den rebound deprived this element of Its
opportunity to buy stocks near the lowest,
but there seems to have been some buying
or this character to-day. There was evil
dence also of some new specule tive ventures
on the long side and of renewed activity
by organized pools in certain stocks. The
nary scale, and it was rushed up four
points in the late dealings, helping mater
tally TO sustain the late strength of the
market. A judicial decision affirming the
right of the coal-carrying companies to
refuse to comply with certain demands for
information by the Interstate-commerce
Commission was the nominal basis for the
rise. Rumors were circulated also of a very
strong showing of net earnings for May,
| soon to be published. The Baltimore 81
| Ohio May statement showing more than
earnings preserved for the net earnings,
| made that stock and those affiliated with 1t
prominent features of strength The Pa
cities and ST. Paul were In large demand,
| and there was some disposition to attribute
| the strength of the Gould group to vague
| suggestions that the heavy accumulation of
pennsylvania on the decline had resulted
| in sufficient holdings to secure representa-
| ton in that company for the Gould inter-
eSts.
| The forecast Of the currency movement
] indicated a sufficient balance of receipts
| from the interior to Offset the loss to the
| subtreasury by gold exports, and in adj
dition yield an increase in the cash reserves
of the banks of nearly 100000. 1t is hoped
that the heavy liquidation early in the
week will be reflected in a considerable loan
contraction. Sterling exchange continued
to recede because of an additional engage
ment of gold to go to South America. Mon
| day is the first day on which payments are
to be made OF the so per cent. instalment
| of subscriptions to the new Pennsylvania
! stock issue. This will call for the payment
| OF $45,OCOOoO on or before June n. Large
portions will be paid In Europe and in Phil
| adelphia: and 1t has been officially init
| mated that the proceeds will be used for
repayment of the $40,0O0.0OO loan taken out
| by the Pennsylvania for six months last
| January.
Bonds advanced in sympathy with stocks.
| Total sales, at par value, 81. S35, 900.
| United states twos, coupon, declined u, and
| the new fours "A per cent. on the last call.
Following are the days share sales and
the recorded price changes: