The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-07
NO BUSINESS in STOCKS
VOLUME OF TRADING VERY SMALL
AND PRICE CHANGES NARROW.
Money Ii Returning to New York and
KIondike Gold Is Coming In-GOld
Engagement for Export.

NEW YORK, July e-The explanation
was offered of the extreme dizziness of
last Fridays market that many members
who wanted q holiday on Friday had
ignored the session of the exchanges and
had gone away on vacation trips. This ex-
plantation was supplemented to-day by the
further suggestion that the members have
not yet returned from their vacations.
There is very little more to be said of the
days market, which showed no larger ag-
gregate Of transactions than that Of last
Friday. The few members present on the
floor were almost idle and the small trad
ing among themselves was listless and in
consequential. There was an aimless drift
Of prices downward then upward, finally
yielding and making the closing tone easy,
bat the average level was at no time far
away from last weeks closing. Part of
the dullness was attributable to diversion
OF speculative interest in the cotton mar
ket. Wall street was reported to have
made important operations in that market
during the day, putting out short lines, and,
1t was supposed, contributing to the sharp
break in the price. The settling OF the call
money rates marked the passing or the
temporary demand for the July settle
ment This failed TO stimulate any demand
for funds for speculation in stocks. Sup
plies of day-to-day money are abundant
and there Is no difficulty in sec lring time
loans for short periods, but the demand
for anything less than three months loans
is merely nominal. For loans carrying over
the end OF the year there is an active IN.
funds freely for the longer period. In view
of the present light demand for money and
the continuing refiux OF funds to the me- mar ar
ports failed to disturb sentiment although
the announcement of 100000 engaged was
not made until after the market closed.
Besides the normal return of funds by divi-
dend and interest disbursements, the sum
of $4,000 was paid out by the subtreasury
| to-day on Geographic order from San Fran
cisco In payment for klondike gold, thus
marking the beginning OF the inflow from
that source, which will be a substantial
means of regeneration for the domestic
money supply from this time on.
The weekly railroad traffic statistics,
which are compiled at Chicago, showed the
| general merchandise movement we'll sus-
grain movement s The very heavy immi-
| grant transportation Is given as an impor-
| tant factor in the sustained railroad trafhc
| of tho West The regular reports of rail-
| showinss, but the only stock to respond ap.
preciably was Norfolk & Western. That
roads earnings TOR the fourth week In June
\ showed an Increase over the same period
| of last year of $25S, 204, or 60 per cent. A
| number of coalers, Southwesterns and
Great Northern also showed large Increases
| I'm gross earnings On the other hand, the
| Norfolk & Westerns report of net earnings
| for May showed a small remainder OF the
| increase in gross earnings, owing to the
| enhanced operating expense, and Denver &
| Rio Grande'S net earnings for the same
period showed a decrease of over % per
| cent. The da;'s weakness in Sugar was
| presumably due to the ulEtable market for
| It's product. Smelling was weakened by its
strike and Amalgamated Copper was sold
| apparently on doubts over trade prospects.
/ Sharp advances in Colorado Fuel and Ten
nessee were unexplained.
The bond market was exceedingly dull
| and Irregular. Total sales at par value
| were f11l0.OO0. United States twos adj
" per Te, on am mo- ias, ca anu o'u
| Following are the days share sales and
1 the recorded price changes: