The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-14
LIGHT PRICE MOVEMENTS
FEATURE OF THE DAY IN WALL
STREET STOCK MARKET.
High-Grade Stocks Almost Immov-
abIe-IndustriaIsS Show More Activ-
ity-Monetary Conditions.

NEW YORK, March 13.-To-day's stock
market was again an affair of specialties,
and the movement in the active leaders of
the market was exceedingly confused and
irregular and presented many direct re-
versals of the recently prevailing move
ment in special stocks. The stocks of the
largely-capitalized railroad systems of the
country, which assume the leadership of
the market in times of great general specu-
ton, were neglected and almost i'm
movable. In such stocks as Union Pacific.
Southern Pacific, Atchison, st. Paul and
Missouri Pacific, as well as many other
usually active stocks. the outside range for
the day did not cover more than half
point and in some only a quarter. Yet the
large dealings in some of the largely cap
italized industrials and in railroad special
ties of small capitalization furnished suffi-
cient activity to give the market some APP
pearance of animation. Amalgamated Cop
per continued the most active stock in the
market, and the acute weakness of yester-
day was overcome by vigorous support.
After ruling a fraction below last night
during the early part of the day, it rose in
the afternoon and finished with net gain
of a point. Sugar took Amaigamated Cop
per's place in the column and suffered an
extreme decline of nearly points but re-
covered all but fraction OF it. The vary
ing opinions on the chances of Cuban sugar
for tariff concession were the specula.
tive material in this stock. Manhattan was
very active and advanced strongly. An I'M
covered short interest was reported to be
a factor in this advance, but reports were
circulated of large earnings. Other strong
points were North American, the Interna-
tional Silver stocks and a number Of minor
specialties, without any explanation.
Strength in the soft coalers was due to the
belief that agreements had been reached
with the miners. The anthracite roads, on
the other hand, reflected a recurrence of
uneasineSs over the labor question, due to
reports of a threa tened strike in the Lacka-
wanna Company's mines. Reports of labor
controversies in various parts of the coun-
try were discussed with interest, and were
somewhat depressing factor generally.
The anthracite roads in consequence were
interrupted in their advancing tendency Of
yesterday The rise in St. Louis South
western preferred was due to the
nounced success of the plan for the CONVEX
sion or the company's second income bonds.
Trade reports from the iron and steel in
duStry were responsible for the advance in
the stocks of companies in that trade, in
which the United States Steel stocks par
tlclpated only moderately, owing to the dis
for retirement of part Of the preferred stock
and for acquiring additional properties.
While special stocks were advancing others
| were affected by profit-taking sales after
/ having enjoyed recent substantial advances.
i The deposit Of three-quarters of a million
/ dollars at the subtreasury for transfer to
\ San Francisco called renewed attention to
i the situation of the money market. Not
counting this withdrawal the subtreasury
operations and previous transfers and gold
exports show losses by the banks since the
| last statement of upwards of $500 0O0 as
| against a surplus last Saturday of only
/ IS 1858, 425. Call money went to per cent.
again to-day, but the unruff1ed calmness of
the market indicates some hidden process
of relief going on against the depletion of
reserves. There was no relaxation in the
/ London money market, but the period is ap-
/ preaching when the government must begin
TO disburse recent large collections of reve-
/ nue.. To-days strong statement of the
! Bank OF France, with further substantial
addition TO its already unprecedented gold
! accumulation, suggested lightened require
ments from that quarter. The future inter-
nal movement of gold. however is still in
/ doubt.
Bonds were irregular. Total sales at par
value were $3,S40000. United States tours,
/ registered declined Is and the old fours Il
! per cent on the last call.
Following are the days share sales and
! the recorded price changes: