The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-09
BU0YANT STOCK MARKET
ACTIVITY AND STRENGTH FEATURES
OF THE CLOSING HOURS.
Persistent Buying of l.. 81 y. Through
the Entire Day-sensational Rise
i'm Westinghouse Electric.

NEW YORK. April S.-The effect of yes
terday's furry in the money market was
disspated to-day and an aggressive lead
ership was developed on the recovery in
stocks. The leadership seemed 10 remain
with the Eastern men. who took hold of the
market late last week. There was some
evidence that their forces had been re-
cruited from other sources, while their
position was stronger by reason of the
shaking off OF a weak following by yester-
days reaction. The extension of the short
interest during yesterdays decline was
also technical factor of strength in to-
days market. The reinsurance Of the
speculative element was not immediate this
morning and there was considerable waver-
of prices. In fact there was not much in the
market up TO noon outside of the persistent
absorption of l. & n. and the sharp adj
vance in AmaIgametd Copper, apparently
a continuation of yesterdays movement.
L. 81 n. proved the central figure of the
market and its aggressive advance was the
dominating factor in the broadening de-
mand for stocks. The dealings in the stock
were on an enormous scale and there were
indications that the Western con-
tingent of spectators was rein
forced on the buying side by a we'll
known operator who only recently re-
turned from a long trip to recuperate his
health. The explanations offered for the
rise were mostly in the nature of surmises
On the part of spectators. The reported
acquisition of the Atlanta, Knoxville &
Northern Railway was believed to be the
preliminary to active incursion into new
territory. The belief was professed that
the new issue of 100000 of stock for the
purpose OF this purchase has already been
marketed, thus freeing the market from
the future offerings of it. The aggressive
policy undertaken by the company gave
rise 10 conjecture as TO the possibilities or
the establishment of a community of in
tereSt in the territory concerned. Illinois
Central and Southern Railway preferred
were benefited In sympathy. The movement
spread into the Southwestern stocks and
st. Paul, but Union Pacific, Southern Pa
clfc and Atchison were little affected
There was general movement in the Van
derbllts OF from l 10 points and a large
number of minor stocks, of which the Wis
conSln Central stocks were most conspicu-
Gus, were vigorously advanced. The list of
minor lnduStrialS affected was also as large
as recently has been the rule. The West
lnghouse Electric stocks made sensa 'tonal
advances OF l4i2 for the common and > for
the first preferred on the strength of an
analogy with the history of General Elec-
trio. The whole market gave way on the
profit taking. which developed In the last
hour and the principal active stocks were
carried back from l to points The mar
ket closed easy. The rate for call loans to-
day held firm at 10 per cent. 1t was be-
lieved that this rate would check further
shipments OF gold, and this assurance was
considerable relief to sentiment. The
calling or loans yesterday seemed TO have
strengthened the situation of the banks so
far that the feeling in the money market
to-day was much quieter.
The Central of Georgia income bonds
advances of to 31s per cent. The Green
Bay & Western BIS also were strong and
active. Otherwise the bond market was
rather quiet but firm. Total sales at par
value were g. 770,0G0. United States bonds
were all unchanged on the last call
Following are the days share sales and
the recorded price changes: