The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-22
STOCKS in GOOD DEMAND
MARKET CLOSES, HOWEVER, AT
GENERALLY LOWER LEVEL.
Grain situation UnsettIing influence
Suit Against Northern Securities
Company Also n Factor.

NEW YORK. April 21.-This was another
day Of very active and varied speculation
in stocks to-day. but the campaign for the
advance received rather a severe check.
The day started off with indications of a
repetition OF the successful tactics adopted
last week, OF heavy buying at some new
points TO offset realizing at others. 1t so
happened, however, that the stocks in
which realizing was attempted. namely the
Western and Pacific stocks, were acutely
depressed by the threat of harm to the
crops and by the leave granted to the State
of Washington to file a suit in the SUI
preme Court against the Northern Sc
curities Company. The leaders of the cam
paign for the advance recovered their po-
sition to some extent late in the day by a
vigorous buying movement in Southern
Pacific up 10 69A., and in Reading and Man
haitian. which were lifted respectively 41z
and 37s over Saturday. This induced a gen.
eral Covering movement in the whole mar
ket and in some substantial rallies which
materially reduced the losses but still left
prices generally below Saturday. The set
back came in the face of promising aus
pices for the advance. The Louisville in
cident seemed TO have convinced some Of
the time was ripe for an advance, although
they had been inclined to deprecate the
movement inaugurated by Western CAPT
talists as premature, on account of the un-
informed prospects for the crops. The
steamship merger was accepted as ad-
ditional Indication of the confidence of
! large capital in continued prosperous con-
| d1tions. The result of the days operations
In the market showed the Importance Of
the outcome Of the crop situation. The re-
! ports OF hot winds in the winter wheat
| belt did not seem TO greatly affect the grain
market, perhaps owing to the large long
| interest in that market, but the simple
/ recital OF the temperatures touched at
| points in Nebraska, Missouri and Kansas
was sutncient 10 cause a reflection of
anxiety In the stocks of the roads running
/ through that region. The weekly statistics
/ OF railroad traffic reporting a decline In the
| merchandise movement to the Southwest
| were regarded as confederation of the
/ threat OF harm to the crops. Scattered
! reports of showers may have had to do
| with the late rally in the market. The
| leave granted TO the State of Washington
/ 10 nle suit against the Northern Securi-
/ ties Company is what refused TO the
/ State Of Minnesota in the previous at
tempt. The question OF the legality Of the
] company Is now felt To be started towards
definite judicial decision. There is
/ enough doubt over the outcome OF the suit
! 10 serve as an unsettnng influence, the
/ more SO in view of the additional projects
| now known TO be on foot, and dependent
| on the settlement OF this question. An in
/ NiUCliN VI tue udy was the QemOTdHZatlOn
/ in the silver market which carried silver
/ bullion TO 5Oh cents an ounce, compared
| with the previous low record of 51A cents
/ on Sept. i, 1897, when Japan adopted the
/ gold standard. The slump is said TO be
! due to selling by China as a necessary Incl
| dent TO the payment OF the indemnity to the
| powers. The strength of Reading and Man
haitian was due 10 buying by the same
| brokers, who were heavy sellers of Union
! Pacific and st. Paul. There were rumors of
absorption OF Reading in Pennsylvania in
] NVaE chaH do =
/ by the circulation of arguments on the
! intrinsic value OF property. The market
closed active and about steady
! The heavy selling of Union Pacific con-
vertible bonds was tine feature of the bond
market. Total sales. at par value were
So,5S5OOO. United States bonds were all
| unchanged on the last call
| Following are to-days share sales and the
| recorded price changes