The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-30
PRICES RECEDE SLIGHTLY
MORE CONSERVATIVE TONE APPA-
RENT IN THE STOCK MARKET.
Some Liquidation Effected, with Little
Demand for securities-Increased
Supplies Of Money

NEW YORK. July 29-Operations in the
stock market took on a conservative tone
again to-day, and the leaps and bounds
of the first recovery from the long de-
preston gave place TO a more creeping pro-
cess. Even this moderate upward pace
was not maintained, and there was fire.
quent hesitation and reaction. The news of
rains in the Southwest and resulting weak
ness in the grain market was benefit to
the stock market, as close eye is kept on
all news bearing on the condition OF the
corn crop. There was no evidence of re-
newed liquidation OF the forced character
that has cost the market so dear for some
time past. But the demand for stocks
nevertheless showed signs of satisfaction,
and the selling, though light was sufficient
to force prices backwards again.
There is an element among stock buyers
which refrains persistently from entering
the market until conclusive evidence that
the turn has definitely come. 1t is made up
in part of speculative shorts for long turn
and in part Of investment buyers who dread
TO hold stocks through decline, in distinc-
ton from that class called bargain hunters.
which takes stocks on well-formed convic-
tons Of their values and holds them regard
less OF the market prices. The demand from
this element seems to have been exhausted
The bargain hunting element, of course, de-
recovery has reached sufficient dimensions
to induce some profit-taking also by the
speculative buyers for short turn VINO
were so fortunate as to get in at last week
low prices. II is an inevitable consequence
of such a period of liquidation with little
sustaining power in the market that
strong class of holders should have been
able to hold through the weakest
point by an agreement between them
selves and their creditors in order
TO save needless sacrifice to both
hy- nvtd To- on
result is Considerable amount of credits
extended with stipulation for liquidation
at the first good opportunity. A rising mar
ket at times meets considerable pressure
of such contingent liquidation. 1t is a fact
that many commission houses which have
dreaded inability on The part of clients to
respond to margin calls have put out short
contracts on the decline as protection and
have been covering these short contracts on
the recovery.
Aside from these technical considerations
of the market there remains conservative
spirit of waiting to perceive how far the
business and industrial affairs of the coun-
try will respond to the possible index af-
fOrded by the recent movement of securities
prices. The opinion of prominent bankers
on the situation impaired yesterday to the
Associated Press made an impression on the
financial district, especially the tone of
warning adopted by one influential banker
that the commercial and industrial inter-
ests of the country may have to undergo
later an experience of liquidation like that
through WHICH wall street mas just pecii
passing. There was a distinct relaxation in
the time money market to-day. Loans car
rying over the end of the year were offered
with freedom at 51a per cent. Cash is &C
cumulating at this center from various
sources, and ii Is expected that the next
bank statement will at last reflect the
heavy liquidation in a loan contraction.
The wide movements in to-day's market
were confined to specialties under the in
fluence of special causes. The days net
changes are not important. the earlier gains
having been rather more than wiped out by
the reaction. The AtchisOns were conspicu-
ously pressed for sale.
Inactive investment bonds were marketed
at some wide concessions. The market gen.
orally was irregular. Total sales at par
value were 81, 600. United States bonds
were unchanged on the last call.
Following are the days share sales and
the recorded price changes: