The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-28
WEEK in WALL STREET
DEALINGS HAVE BEEN LIGHT AND
ON A DECLINING BASIS.
Some Recovery During the short Ses-
stitute the Markets Weak Point.

NEW YORK, June 27.-To-day's stock
market was narrow and Insignificant. as for
several days past. Professional traders put
up prices slightly on the score of the addi-
ton of s., S24 30 to the surplus of the banks,
which is practically satisfactory in view
of the approach of the July 1 settlements
The Pennsylvania stock subscription seems
to have figured both in the loan and cash
items of the bank statement. The increase
in cash of $500. 400 is between four and
five millions larger than estimated.
Some large receipts from Philadelphia in
connection with the Pennsylvania subscrip-
ton helped to this result and the weeks
averages probably had the advantage also
of some of last weeks receipts which came
too late to figure in last weeks statement.
The large loan increase of IS, 1926, 500 is at
tributed to the Pennsylvania operation, but
it is believed that the contamination of the
Hooking Valley control also figures in the
item. Authoritative information of the
Hooking Valley settlement is not forth
coming, but the common assumption is that
Lake Shore figures in the new control. pos
sibly in company with Pennsylvania and
some of its affiliated companies. Pennsyl-
vania officials express confidence that an in
significant amount, if any. of the new stock
will be left for the underwriting syndicate
to take over, and large proportion of the
subscriptions seem to be paid up in full in
stead Of the 80 per cent. installment which
is required. The rise of the quotation for
the stock to 1241a and the narrowing Of the
gap between the old stock and the certih-
Gates of the new stock were due TO the sue
cess of the subscription. The general mar
ket followed Pennsylvania, but with a mar
row movement. The market closed about
steady.
The stock market this week has been
apathetic to an extreme degree. The ex-
pectation that with the Tightening of the
pressure of liquidation which caused the
long decline there would be a rush to buy
stocks on the part of waiting investment
demand, was proved unfounded by the ac-
ton of last weeks market.
On the other hand the professional bears
meet with little success in efforts to dis
lodge fresh stock by offering down prices.
Their discouraging experiences have led
to progressive abandonment of attempts
to move the market in either direction and
the average daily transactions have sunk
to an average of about a quarter of a mil
lion shares. The market has been entirely
a waiting one, for more light on the future
course of business and earnings. The vol
ume of transactions has not sunk as low
as during the midsummer period of DULL
ness in years before the recent great spec
ulative movement, but account must be
taken of the large number of new securi-
ties added to the list of the Stock Ex-
change during that period. Many OF these
form an inert mass which are not quoted
on the tape for weeks i'm succession, In
strong contrast to their activity and rapid
price movements at the time they were in
PRODUCED and under manipulation in the
interest of their fiotation. An occasional
sale of small block of securities of
this class when it is effected, is made at
so wide a decline from the last quoted
sale, sometimes months preceding, as to
give an anxious concern to the holders
of the stock in particular, and to the
security-holding public in general as well,
on account of the differences to be drawn
from the financial conditions on which the
organization of the corporation was origi-
nally based. The appearance in the courts
of suits by dissatisfied participants In
some of these organizations, and the ugly
charges of Misrepresentation and unbound
ed claims of conditions on which the sale
of securities was effected serves to keep
a
| toward the whole class of securities, based
on industrial promotions, which have been
| so freely set afioat in the last few years
1t was hoped that the fixing of the United
| States Steel Corporation of 1t schedule of
prices for the coming year and the placing
with the corporation of some large orders
for steel rails for 1904 delivery would clear
| UP the feeling of doubt over the future sta
| bility of conditions in the trade, but the
stock market has failed to reflect any such
confidence. The iron and steel stocks. on
Il 1oxr
! of depression than the list in general, and
| iron trade reports indicate persistence In
| q waiting attitude by consumers in that
| in the New York building trades has been a
| factor in this tendency. So has been the
notable liquidation of United States Steel
| second mortgage bonds, carrying them &c
| the lowest price since they were issued
| The general supposition that this selling
was due to special cause involving the
/ payment of large maturing loans did not
| seem to relieve the depressing influence II
| had.
| The market has had to contend also with
| an unexpectedly large outgo of gold to Ber-
| lin and Paris, which was influential on
| speculative sentiment In view Of the low
| state of the bank surplus in New York and
| the near approach of the July l require
ments. The important operation of the pay
| ment of subscriptions for the new Pennsyl-
vania stock has also overhung the market
The 80 per cent. installment of subscrip-
| tons due to-day called for $45 000O00 but
| subscribers had the privilege to pay THEN
subscriptions in full and it is reported that
| many have done so, thus adding TO the
| money market requirements for the oper-
| alton. The payment of subscriptions by
foreign stockholders of Pennsylvania has
| created supply of exchange sufficient tC
| affect the exchange market and to cause
| decline in rates from the gold export
| rate late in the week The money market
| however, has been undisturbed, and rates
| for time loans and for commercial paper
have been shaded. The stock market has
| made practically no demands on the money
market and the demands from Other
| sources seem to be very light
| The news of the crops has not been a suS
| tanning force for prices of stocks, and tn,
| rather feverish fluctuations in the cottor
and cereal markets, with the active spec
ulation in progress there, have been per
ceptbly but family reflected in stocks. Tn,
| fact of this active speculation i'm staple:
| causes degree of caution in accepting re
| ports of crop conditions but the want o
| rains in the spring wheat belt. the repor
| of too much moisture for winter wheat an,
| the backwardness of the corn and cottol
crops have discouraged holders of railroad
| stocks in the regions affected. Report
of railroad earnings have been good boil
of gross earnings for June and of the ne
| earnings for earlier periods. The con
tinuing increase thus shown over the pre-
vious high level of earnings has been mad
the occasion of some agitation of the ques
ton of increases of dividend disbursements
| But this agitation is regarded as of stool
| market origin largely. and there is no deep
| grounded expectation OF a movement anon,
railroad authorities TO advance dividen,
| rates.
| The dealings i'm bonds have been largel,
| in the more speculative issues and the i'm
| portant price movements have been in con
| veTtible bonds, in sympathy with tn
stocks. United States new fours, coupon