The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-29
WEEK in WALL STREET
DEALINGS HAVE BEEN LIGHT AND
ON A DECLINING BASIS.
Some Recovery During the short ses-
sion of Observation-Disclosures Con-
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., So, 275 to the surplus of the banks.
which is practically satisfactory in view
of the approach of the July / 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 ss.3O9.40 is between four and
five millions larger than was 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 S. 500 is at
tributed to the Pennsylvania operation. but
1T 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 a large proportion of the
subscriptions seem to be paid up in full in
stead of the so per cent. installment which
is required. The rise of the quotation for
the stock to 1241k and the narrowing of the
gap between the old stock and the certif-
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 a 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 a progressive abandonment of attempts
to move the market in either direction and
the average daily transactions have sunk
to an average of about quarter of a mil
lion shares. The market has been entirely
waiting one for more light 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 i'm 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 in succession, in
strong contrast to their activity and rapid
price movements at the time they were in
troduced and under manipulation in the
interest of their fotation. An occasional
sale of a small block of securities of
this class. when it is effected. is made at
| SO wide decline from the last quoted
sale, sometimes months preceding, as to
| give anxious concern to the holders
of the stock in particular, and to the
security-holding public In general as well,
from the financial conditions on which the
| organization of the corporation was origi-
nally based. The appearance in the courts
1 of suits by dissatisfied participants in
| some of these organizations, and the ugly
\ charges of Misrepresentation and unfound-
| ed claims of conditions on which the sale
| of securities was effected serves to keep
/ alive a feeling of disgust and suspension
| toward the whole class of securities, based
on industrial promotions. which have been
so freely set afloat in the last few years.
1t was hoped that the fixing of the United
| States Steel Corporation of it 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
the contrary. have shown more evidence
| of depression than the list in general and
| iron trade reports indicate a persistence in
a waiting attitude by consumers in that
trade. The renewed spread of the strikes
| 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 to
the lowest price since they were issued.
The general supposition that this selling
was due to a special cause involving the
payment of large maturing loans did not
seem to relieve the depressing influence it
| had.
| 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
m ne ne@ The operation of the pay
ment of subscriptions for the new Pennsyl-
| vania stock has also overhung the market.
tons ion due to-day called for s45,oOoooo, but
subscribers had the privilege to pay their
| subscriptions in full and it is reported that
MANY nave QOne SO, luuS dOQln& TO the
money market requirements for the oper-
| alton. The payment of subscriptions by
foreign stockholders of Pennsylvania has
created a supply of exchange sufficient to
| affect the exchange market and to cause
decline In rates from the gold export
| rate late i'm 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 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 the
rather feverish fluctuations in the cotton
and cereal markets, with the active spec
| ulation i'm progress there, have been per-
| ceptibly but family reflected in stocks. The
fact of this active speculation in staples
! causes degree of caution in accepting re-
| ports of crop conditions. but the want of
| rains in the spring wheat belt. the report
| of too much moisture for winter wheat and
| the backwardness of the and cotton
crops have discouraged holders of railroad
stocks i'm the regions affected. Reports
of railroad earnings have been good, both
| of gross earnings for June and of the net
! earnings for earlier periods. The con-
| tinuing increase thus shown over the pre-
| vious high level of earnings has been made
! the occasion of some agitation of the Ques-
| ton of increases of dividend disbursements
| But this agitation is regarded as OF stock
market origin largely. and there Is no deep
| grounded expectation of a movement among
| railroad authorities to advance dividend
rates.
The dealings In bonds have been largely
| in the more speculative issues and the i'm