The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-20
SHARES CONTINUE ACTIVE
Union PACIFIC III LEADER IN THE
DAYS OPERATIONS.
Stability Of Money Aids in Strength of
StOcks-L. Il y. Incident and 9th
err Important Features.


stock as an effective leader Of the whole
market was maintained to-day, with Union
Pacific as the favored stock. No new con-
sideration was advanced as a reason for the
buying. which carried the price up to 1O712,
where it closed at a net gain of rs. Under
cover of the sustaining influence there was
a broad and active speculation IN all parts
of the list. The movement was accordingly
irregular. as the taking of profits went on
side by side with new buying in a way
characteristic of active speculation. Many
special stocks were under manipulation by
separate pools and some of the industrial
specialties made sensational
international Paper touched los and huc-
tuated very feverishly. Chicago, Indianpo-
lis & Louisville was erratic over d range of
more than three points below last night.
Canadian Pacific was very strong and there
was a notable advance in United States Re
duction. General Electric was depressed by
the strike in the company's works and
Sugar showed the effect Of the vote of the
House of Representatives to rescind the
diferential duty on refined sugar. Anal
gated Copper found some support, but was
feverish. American Snuff. Kansas City
Southern preferred and Minneapolis & St.
Louis made unexplained advances. The
loan contraction by the banks shows that
the resources for the weeks speculation
have been secured from other sources, pre-
sumably the trust companies and the for
eign money markets.
The important developments this week in
the stock market have caused great anima-
ton and a feverish tone. The actual ac-
compliShments have given rise to the usual
flood of SurmiSeS of other projects in for
nation or far advanced towards fruitiOn
and the group of Western millionaireS
whose operations started the present move
ment have maintained an aggressive lead
ershlp or the market. The result has been
a progressive growth in speculative follow
ing and a broadening of the field of activ-
ity. The exampl of the successful lifting
or prices or the leaders has encouraged
holders of many stocks to take them in
hand and work up a ready market for
them, which has afforded a growing oppor-
tunity for the operations of professional
operators. Judged by the expressed Opin-
ions of commission houses, the growth of
interest on the part of what Wall-street
calls the general public, meaning the wide
ly scattered element which deals on a small
scale through the medium of the mails and
the telegraph, and whose dealings in the
aggregate made the phenomenal market of
last year., has been moderate. The present
market seems to be one of millionalres who
deal in lines of hundreds of thousands of
shares. The party which leads the market
Is undoubtedly made UP of millionaireS
who deal in concert or in a pool. There
seems to be ample ground for the SUPPOSE
ton that the passage of control of the
Louisville & Nashville. which was the fea-
ture of the week, was an Incident rather
than the object of these speculative opera
tons.
The passing of control of a great railway
system in the open market against the de-
sire of a great centralized interest which
has dominated the property is calculated
to create a degree Of confusion and dis
turbance and uncertainty that would serve
IN inset tho arkaT and nhanE tho nm
ward progress of prices elsewhere. For
one thing, there is the mass of contracts
for delivery which have been Ventured in
the attractive upruSh of prices, for which
stock has been borrowed until certificates
can be secured for a definitive closing of
contract. II there is any doubt of the
ability of sellers to make delivery the eX-
listing control in the property will naturally
refuse to admit the contestants claim 10
control and will buy in the market to de-
feat that claim. In the Northern Pacific
contest last year it was this process that
swept the markets bare of the stock and
precipitated a corner. On Monday of this
week the same state of affairs was imme-
dlately threatened in Louisville * Nash
vile. 1t is clear that the contestant was
induced to r~elinquiSh his claim to control
and consent to its Judgment with J. =.
Morgan * Co. Just what the inducement
for this action was is a puzzle to the specu-
latiVe public and has given rise to much
surmise and feYerish speculation based on
this or that assumption of what the quid
~ AaO AAAdl bts 44C LII dtul-
ings in Southern Railway on Tuesday,
breaking all Stock Exchange records for
a days dealings in a single stock, were
based on the suppOSttiOn of q merger or an
agreement for an exchange of interests in
the two roads with the new interest in
Louisville. Another suDpoSition was that
the relinquishment OF the newly acquired
control of Louisville was prompted by the
danger threatened Of an upset in the gen.
eral market, in which the same interest
was largely committed. The renewal of the
l. rna TfTn - - a %4Anz n~aa
in the same connection. TO the replenish-
ment of speculative resources which re-
suited from the settlement of the Louisville
matter. That the controlling influence In
the Southern Railway field has been cen
tralized as a result Of the episode goes
without saying, and ii is accepted as q
demonstration of the sweeping tendency Of
the times toward hat end. General condi-
lions have been almost totally ignored dur
ing the week.
The steadiness of the money market has
been an important factor i'm fostering the
strength Of the stock market. The interior
has sent money to New York this week,
and the subtreasury drain on the market
has been suspended, owing to the large
pension payments. The money rate has
remained sufficiently high to invite further
lending here by foreign houses, in spite of
the demand on foreign money markets Incl
dent to the issue of the new British loan.
The large OversubscriptiOn of that loan is
evidence OF the abundance of capital seek
ing investment, and the fact of a large
lut ian par lAGiBdllOn III IL Sub5CIlDIlODS
without adversely affecting the foreign
exchange market. at a time when CONNER
cial bills of exchange are scarce and when
there Is large selling here of securities for
foreign account, must be accepted as strik-
ing evidence of the large remaining credit
resources of this center in foreign markets
The market has had no help from the crop
prospects. regarding which the grain mar
kets have reflected mtSgivings. The long
dreaded reduction in the Amalgamated diyi-
dend passed almost unnoted in the general
animation of the market.
The bond market shows some decline in
activity as the stock market gained. and
there were sharp reactions i'm some of the
highly speculative issues. United States
twos advanced Is, and the threes, regis
over the closing call of last week.
Following are the days share sales and
the recorded price changes:
High Low Closing
Stocks. Sales. est. est RI
AtchisOn -.......--..-.- 2u,50O S3A S2%s $685.
Atchison pref ..--.-.... IL. 100 10OL $50 loo
Baltimore a. Ohio...... 400 I09Z le9L I0qS
Is. * O. pref......... .... Qe"
Canadian Pacific ....... 81, 500 127 l12& I2sa
Canada Southern ....... 2.300 glZ 90 al
Chesapeake & Ohio..... 1890 4sk R 1SL
~ - NIAAn - ~ no. -