The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-14

CONSPICUOUS ACTIVITY AND PROFIT
TAKING THE FEATURES.
Early Gains I'm Stocks Mostly Wiped
Out Before the Characterization
of Gold Export Fears.

NEW YORK, Feb. 13-To-days stock
market was similar in character to that
of Tuesday, but showed an increased dis
position TO realize profits where considera-
BILE advances had occurred. The buying
and bidding up Of other stocks to make
fresh points of strength to cover the re-
alizing was in evidence, but rather less eff
fective, and was apparently less persist
emily maintained, the earlier gains being
largely wiped out in the late reaction. The
local traction stocks were under decided
pressure, and, Notwithstanding the support
accorded to them, they exercised depress-
ing influence on the rest of the market.
The same was true Of Amalgamated Cop
per, which sagged away under constant
offerings without much evidence of sup
port, closing at a net loss Of 21z. There
was no news to account for the weakness.
The depression of the local fractions was,
of course, due to the proposition of the
Brooklyn Rapid Transit directors to issue
bonds to the extent of $15O,OOO,OO0 The ar
gument that this abundant capital would
check the diversion OF current earnings
in the betterments and extensions and
would thus hasten the period Of dividend
disbursements apparently failed to reas-
sure speculative sentiment, and the open
buying of the stock by inside interests
was equally unavailing. The news of the
proposed bond issue also upset calculations
of coming merger of all the Greater New
York transit facilities, which has been an
instrument in the hands Of the spectators
for some time past. The failure of the an
nouncement of the details OF the Metro
politan Street-railway Company's
financial plan, which was expected to-day,
added to the feeling Of doubt and distrust,
although that stock itself was best sup
ported Of the group. There was no appar-
ent cause for the reaction in prices in the
news OF the day outside of this, beyond the
natural disposition to sell at a profit what
had been bought at lower prices. Reports
Of renewed rate cutting among the far
Western railroads may have emphasized
the desire TO sell their stocks. The reports
received Of gross earnings for the first
week in February also showed a rather
prevalent tendency to decrease, compared
with last year. This was notably true of
the Southwestern railroads, but there
marked strength in that group, led by
Texas & Pacific, with rise Of ~ on init
nation of very large earnings. There were
unusually large dealings in the Colorado
Southern stocks, which were supposed to
be due to expectation OF increased divi-
dend disbursements, but the common rose
an extreme 25s over Tuesdays level late
in the day, after the announcement had
been made of the declaration of only the
regular IL per cent. semi-annual dividend
on the first preferred stock. Money con-
tinued easy, and did not enter into cOnsid-
Grafton. London apparently had been re-
lieved Of pressure for gold from Paris, and
further exports from here are not in i'm
mediate prospect. The steel stocks showed
some early response to the very favorable
conditions reported in the trade, but re-
lapsed with the rest of the market The
market closed slightly irregular, but gen.
orally easier.
There was a very large business done in
bonds, but the movement of prices was ir-
regular. Total sales at par value were
$5,s12O00. United States bonds
changed on the last call.
Following are the days share sales and
the recorded price changes: