The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-25
LITTLE DOING in STOCKS
PRICE CHANGES ERRATIC AND ON A
VERY NARROW SCALE.
No Particular Reason for Any of the
Fluctuations-SeasO Monetary
Requirements Are Disquietins.

NEW YORK, June 24.-very little can be
gathered of prevailing speculative senti-
ment from the movement of prices in to-
days stock market. For one reason deal
ings were too small to be of any conse-
quence, and were still in the hands of pro-
fessional traders. The movement of prices
was so conflicting and so constantly f1uc-
tuating as to leave no room for consistent
differences as to the motives that promoted
the operations. There was some degree of
strength in the morning which seemed to be
simply a continuation Of yesterdays late
rally. Last prices. however. are generally
lower than last nights. Probably the real
reason for this is that prices advanced
yesterday. In the prevailing doubt and tim
idity Of the board-room operators they
shrunk from carrying prices far in any di-
rection. While one small party buys stocks
another party avails itself of this demand
to go short, and an opportunity for frac-
tional profit is sufficient to prompt the
closing out of contracts.
For several years Mr.. Morgan's return
from his annual vacation in Europe has
been made the occasion for a bull demon
stration In the stock market. To-day the
passage of the steamship bearing him was
buletined from various points after she
was sighted, but the stock market failed
garding the formations connected with Mr..
Morgan's name awaiting decision have been
the subject of uneasy conjectures, which
may account for the changed attitude to-
wards his homecoming.
The engagement of 81, 100000 gold for
shipment to Paris tomorrow was chilli
ing influence on the market. especially in
view Of the condition of the surplus re-
serve OF the banks, and the approach OF the
period of the semi-annual settlements The
requirements of this period are complete,
except as regards the falling due or sub
scriptions for the so per cent. installment
on the new stock issue OF the PennSyl-
vania. Payments of subscriptions for the
stock are being made in a desultory man
ner. but the large holders of privileges are
evidently deferring their payments until
the last moment. The privilege expires on
made have not disturbed the money mar
ket but it Is estimated that upwards OF
$30O00.O0O remains to be paid on this ac-
count. 1t has been expected that disturb
ances in the money market would be pre-
vented by the use of the proceeds OF these
subscriptions for prompt repayment OF the
January but this loan, which was taken
out for six months, does not mature until
near the middle of July. Money was higher
in London to-day, and discounts hardened
away at both centers. This leaves the
question of further gold exports from New
York still open, In spite or an easing In the
sterling rate here to-day. The excited spec
ulation in the cotton market to-day and
the notable strength In wheat and corn
are normal influences for a contrary move
ment of prices in stocks.
Enormous selling of United States Steel
fives carried the price down to SO, compared
with q previous low record of So There
was a sudden rally of 7s at the last, but the
depression of these bonds had a sympathetic
influence in the stock nst. The bond mar
ket otherwise was dull and irregular Total
sales, at par value. were 100000. United
States new tours, coupon. advanced u per
cent. the last call.
Following are the days share sales and
the recorded price changes: