The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-08
LITTLE LIFE in STOCKS
ONE OR TWO BRIEF sPURTs OF AC-
TIyITY FOR NO KNOWN CAUSE.
Price Movements Erratic, and for the
Most Part Unexpectcd-Phases of
the Monetary Outlook.

NEW YORK, July 7.-There was more
appearance of speculative interest in to-
days stock market The resistance of the
| market in the face of dullness seemed to
| encourage an attempt TO put up prices.
There was no news to account for the point
rise in ST. Paul and Missouri Pacific on
professional operations Despite this not
| very striking demonstration, the market
was but a colorless affair up to the last
hour. and the volume of dealings showed
no appreciable Improvement over that Of
yesterday. There was some indication of a
speculative contest in the last hour. in
which neither side gave signs Of any great
strength. The market had begun to sag off
from inanition. but had stiffened again,
when heavy stream of United States
Steel stocks began to pour Oh the market.
The common was carried point under last
night, the preferred q, and the second
| mortgage bonds suffered to less extent.
Nothing was known to the public at the
time OF the showing for the quarter as to
earnings, but the assembling of the direc-
tors Of the corporation to consider the re-
port caused a strong conviction in the
board room that the tape giving an
accurate forecast of its character. The fear
that an unfavorabe showing of earnings
was forthcoming discouraged speculative
sentiment, and prices gave way throughout.
The close was In consequence dull and easy.
The early firmness was due, much as
anything, to the fact that yesterdays gold
exports failed 10 bring any selling pressure
on the market. The shipment of gold from
Australia for San Francisco and the begin
| ming of the inflow of the Klondike product
counteracted the influence of the outgo to
Europe The export OF gold, however,
arouses slight msgivings while the demand
1 for money for immediate use Is so light.
1t is considered probable that any rise in
| the money rate would check the gold outgo,
but in the present condition further ship
mentS would not cause surprise. Satisfac-
| ton is felt in all departments of the finan-
cial world at the letting out of the imitation
In the cotton market, which went a step
the curtailed demand for cotton will re-
| vive in any degree until conditions in that
market become more placid The weekly
cotton report was distinctly favorable, and
was SO far help TO stocks. The news of
| the corn crop also was favorable, but the
influence. The news of the wheat crop was
not considered so reassuring. The monthly
report Of the Agricultural Department due
| on Friday, is awaited for clearer light on
| the condition of the cereal crops. Not much
| attention was paid to the late rise In call
movement of gold and a significant drop in
| New York exchange at Chicago to loo dis
count may Indicate further demands on
New York banking reserves.
The bond market was irregular. A fea-
| ture is the sagging tendency of some Of the
value, were sl,0O5.O00 United States bonds
were all unchanged on the last call.
Following are the days share sales and
| the recorded price changes: