The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-13
BETTER TONE PREVAILS
SOME SHOW OF ANIMATION IN WALL
STREET STOCKS.
Good Buying Demand, Some Covering
Money Market the Causes.

NEW YORK, March 12.-There was some
show of animation in to-day's stock mar
ket on an upward range of prices. The
strength did not permeate the whole mar
ket, but there were more of the usually
active stocks concerned in the movement
than has been the rule recently. The most
conspicuous Of these was Amalgamated
Copper, in which there was evidence OF
LIQUIDATION, with occasional intermissions
during which the fall received momentary
check The extreme decline reached AS
points. The selling of the stock was ac-
companied by rumors that the next divi-
dend will be reduced or passed No authori-
tative information was to be had on the
subject nor on the many reports that the
marketing of the company's surplus stock
had involved heavy losses. The weakness
of this stock gave an occasional check TO
the advance at other points, but did not
materially affect the stronger tendency Of
the market Covering by alarmed shorts
seemed to play part in the advance, es-
pecially in the coalers. which have been
freely sold on TUmOrs that the anthracite
miners were determined to push demands
that would not be granted. To-day equally
assured predictions were heard that there
and that there room for dissatis-
faction. There was no authoritative infor-
nation on this subject either Another case
where speculative sentiment reversed
from that of yesterday was on the out
! look for the winter wheat crop on reports
of copious rains in Texas ana the South
west. Buying TO cover short contracts was
particularly effective in Missouri Pacific,
which also had the advantage of a re-
ported increase in gross earnings for tie
frs Of ne pal linn of
money market was the final factor of a
general character on the strength in stocks.
The rate for money is firm and nobody is
FOUND 10 predict an early reIaxauon OF
rates, but feeling was treasured to-day
that there is no immediate danger OF fore
ing a condition of stringency. 1t is sup
posed that the trust companies are putting
out loans at the higher rates and thus re-
Heving some of the pressure on the banks.
This shifting Of loans from the banks to
the trust companies does not effect any real
strengthening OF the money situation, DIS
the cash reserves of the trust companies
are on deposit at the banks, and the ulti-
| mate reserve against the loans is thus UNI
changed, but the legal limitation upon the
banks to keep up the cash reserves TO %
! per cent. of the deposits makes this re-
duction of their loan and deposit account
| desirable for its shifting of deposit Iabili-
| ties on the trust companies, which are not
compelled TO maintain any fixed reserves
| The foreign exchange market indicates also
| that the loans are still being renewed and
extended from foreign lenders. Special
strength was shown to-day by General
| Electric, Westinghouse Electric, North
American, the Virginia Carolina chemical
stocks. the Cotton Oil stocks, the Readings
| and Peoria & Eastern. There were gains
of a point or over for a large number of
stocks which were modified by a late real
/ iZing movement
| The bond market continues rather irregu-
/ lar and moderately active. Total sales at
| par value were S2,S40.000. United States
/ bonds were unchanged on the last call.
! Following are the days share sales and
/ the recorded price changes: