The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-15
SMALL UPWARD REACTION
STOCKS TEMPORARILY OVERCOME
THEIR DOWNWARD TENDENCY.
Profit Taking, However, Brings a
Heavy and Somewhat Irregular
CIose-Monetary Outlook Better.

NEW YORK, Feb. 4.-The reaction
which continued in yesterdays stock mar
ket continued this morning. but was
checked during the day and level or
prices was established substantially above
last night The market became unsteady
again and closed rather heavy. The ques-
ton of a tax on stocks as collateral for call
loans seemed to play an effective part In
the days dealings, yesterdays decision to
collect the tax being. apparently, response
BILE for the weakness OF the market this
morning. Later reports that the question
was still open to construction were fol-
lowed by a rally in the market. Special
stocks which led the recovery were appar-
emily influenced by individual causes also.
The dealings in Colorado Southern were on
a very heavy scale. The preferred stocks
were also strong The rumor in the street
to account for the movement is that COM
petition for control of the road is going on.
probably between Union Pacific and the
Gould interests. The strength Of Sugar
due to the decision to take up the
Cuban reciprocity question in Congress
after the war tax reduction measure is out
of the way. Baltimore 81 Ohio was in very
active demand and more than recovered its
semi-annual dividend of per cent, which
came off this morning. Brooklyn Transit
made a notable recovery from yesterdays
depression and Manhattan was strong in
sympathy, but Metropolitan Street-railway
fell away over a point at the last. No
public announcement has been made in the
street of the Metropolitan's readjustment
plan. The Chicago Great Western stocks
rose from l to points on reports that the
company had acquired the ST. Joseph &
Grand Island. Southern Railway preferred
rose on the belief that il is to be placed on
a per cent. dividend basis. The advance
in Southern Pacific was also resumed for
over a point. Amalgamated Copper was
the leader of the specialties in point of ac-
tiVity and dropped 1as at one time. The
Glucose stocks lost 215 each. Some of the
minor stocks which have advanced recently
suffered, particularly from profit taking in
the morning. Burlington, Cedar Rapids *
Northern jumped points on two transac-
tionS. AS there have been gold exports
this week the gain in cash on the interior
movement and on subtreasury operations
Is expected TO be fully reflected in to-mOr-
rows bank statement, the prospective gain
being over $2OO0,0O0. The general eXpecta-
ton is for a further loan expansion. Re
ports from Chicago indicate a hardening
money market there, and an expectation of
an early return flow of currency TO the in
terror TO meet the Vests needs for largely
increased business The premium on New
York exchange at Chicago fell tc 10 cents
per $1,000 to-day, compared with 30 cents
premium yesterday Sterling exchange
hardened slightly to-day. The reduction IN
the price of gold i'm London shows that the
pressure for gold from Paris has relaxed,
which makes demand on New York for
gold improbable.
Bonds were again active but the move
ment of prices was irregular. Total sales
at par value, were 50 545 900. United States
bonds were all unchanged on the last call.
Following are the days share sales and
| the recorded price changes: