The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-30
SENTIMENT is CONFUSED
STOCKS ARE IRREGULAR, WITH
PRICE MOVEMENTS sPAsMODIC.
Some of the Changes Are Very Wide,
but Are of Little Significance
Money Market Conditions.

NEW YORK, April 29.-The movement of
prices was confused and irregular all of
to-day and there was evidence of dimin-
ishing speculative interest. The wide move
ments in high-priced stocks continued a
feature, but the influence of the advances
impaired by some equally notable re-
lapses, where atte.npts were made TO take
profits. a case in point was that of New
York. New Haven & Hartford, which Tell
violently points on the attempt to market
a small amount of the stock, because of
the emphatic disclaimers from both Penn
sylvania and New York Central authorities
of the rumors of purchase of control. There
was a late rally of several points New
York Central and Pennsylvania also quoted
down from their recent activity and
strength. In fact there was very little show
of strength throughout the Eastern rail-
road field. The session Of the joint commit
tee OF operators and miners to discuss dis
puted points in the anthracite field was
repressive influence on all coalers The de-
crease reported in Reading surplus earn
1ngS for March was an unfavorable lnTu-
ence. The very heavy decrease in net earn
ingS OF the Southern Railway for March
was certainly not a stimulating influence,
although IT was accounted for largely by
the notable increase in operating ex-
penses. The Western railroads, on the other
hand, were benefited by the crop news and
by the weekly crop bulletin of the Weather
Bureau, which was considered very favor
able, not only regarding the condition or
winter wheat, but as TO the progress made
In seeding corn and spring wheat Inc
grain-carrying railroads were also helped
by the special strength of the Northwest
ern stocks which rose 1012 and 5$4, respec-
lively. Rock Island gained an extreme 59s.
but lost over of it. The strength of the
Wabash stocks and OF the Wheeling q
Lake Erie stocks was evidently due TO the
apparent certainty that the bid of the syn
dlcate representing the Gould interest for
the Western Maryland will be accepted.
The industrials were marked by quite as
great lrregularlty as the railroads, ana
changes there were constant and variable
A 1urther advance in the foreign exchange
market and drop in the rate Of sterling
at Paris both contributed to narrow the
margin still remaining from the gold ex-
rOrt point. The money market, however,
was still undisturbed. Much attention was
attracted by action of the clearing house
authorities requiring that institutions which
shall be admitted hereafter to the privilege
OF clearing through members must first be
tablished for a year and must maintain
III their own vaults the same percentage OF
cash reserves required of the members
themselves. They Will be required also TO
furnish weekly statements of averages for
publication. This action is calculated to put
a restraint on the multiplication of trust
companies. 1t is carefully explained that
the requirements are not retroactive, which
is TO say that they do not at all apply to
the condition of the trust companies which
at present enjoy the privileges of the clear
ing house, although that condition has been
the subject lately of much comment and
criticism, owing to the freedom of the trust
companies from any requirement OF pub
licity to their loans and reserves.
The bond market maintained a firm tone
to-day. Total sales, at par value, were So
10000. United States bonds We're all I'M
changed on the last call.
Following are the days share sales and
the recorded price changes.