The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-28
FEVERISH AND ERRATIC
SPECULATION MOSTLY CONGEsTED IN
A VERY FEW LINES.
Colorado Fuel and AmaIgamated Cop
per the Leaders-Price Move
ments of the Week.

pied the largest share of attention on the
Stock Exchange to-day. The violent crop
Of 5s in the price of this stock was alleged
TO be due to the desires of the members
Of the pool TO shake off a weak following
preliminary 10 a new advance in the stock.
A more logical explanation waa found in
the admission TO the Stock Exchange list
for the first time to-day of the convertible
bonds of the company. There has been a
very active market on arbitrage for these
bonds on the curb for some time, due to the
fact that hey were considerably lower in
price than the stock was quoted on the
Exchange. The operation consisted in buy
ing Of the bonds on the curb and selling
the stock on the Exchange. 1t was neces-
sary to borrow stock for delivery until to-
day. when the convertible bonds became
a good delivery against the sale of the
stock under the ruling of the Exchange.
The bonds also declined sharply from last
nights price on the curb, but it was no.
ticed that they were held well above the
price of the stock as though to discourage
the conversion Of the bonds into stock.
Next to Colorado Fuel the principal activ-
ity was in Amalgamated Copper, for which
there was an active demand, in which
brokers usually employed by inside inter
ests were conspicuous. The stock lost most
of the gain, and Colorado Fuel recovered
a good deal of its loss, although it was on
the downward grade at the close. An &C
tive demand for Sugar sprang UP late in
the day, apparently on the advance in the
price of some grades of refined sugar. The
amicable course of negotiations between
the anthracite miners representatives and
the operators induced a covering movement
in the ~coalers, and caused general advances
in the group. Reading was also helped by
it's good earnings statement for February.
The continued calmness in the money mar
ket while the demand was being satisfied
10 carry over until Monday next relieved
an apprehension of a furry, which has
been present to the mind of spectators all
week, and induced not a little covering of
short contracts. Some of the prominent
railroad stocks had the advantage Of this
movement, but the general market was ex-
tremely dull and sluggish all day, as is
usual on the eve OF a prolonged holiday.
The widest movements were among a few
specialtieS. The upward movement was
renewed in the Colorado and Southern
stocks. Green Bay q Western jumped SIS,
keokuk * Des Moines 3A, the preferred
312, L~ackawanna 4, Twin City Rapid Tran
sit 3ss. The late rally in the market caused
a recovery in the stocks, which had been
heavy early in the day, and wiped out
most of the losses.
The feature of the bond market was the
active demand for Green Bay & Western
BIS from widely scattered sources. They
rose IA net. and the debenture AS rose 3
on. a few transactions. Total sales at par
value were 81, &c. COO.
The recent restriction of operations in
stocks to the professionals has been &C
centuated this week by the fact that it was
TO be a short week, followed by an interim
in the trading of three days here and four
days abroad. So long a period without an
open market in which to close accounts in
the event of some development of impor-
lance in the financial world always induces
caution and a closing of accounts. Many
of the brokers have anticipated the coming
holiday by starting away on trips, but
some OF the large capitalists, whose actions
are watched closely for guidance, have re-
turned from earlier vacation jauntS, giving
rise to the hope that important operations
in the stock market would be entered upon.
This influence induced some of the buying
on Monday, which was short lived. There
has been a general acquiescence i'm the
waiting attitude of the market, in view Of
the several doubtful factors hanging over
it. The money situation was the most i'm
mediate of these doubtful factors. Call
loans, with which stocks are held, are made
| on the day preceding a holiday to carry
over until the day Of the resumption of
trading, and for this reason alone the rate
is likely to be run up somewhat in placing
loans at such a time. At this time the
forces of depletion of bank reserves at
work and the small surplus on hand have
kept the traders in dread all the week
that there would be a furry in money on
Thursday, and this has been a repressive
influence.
The varying phases of the negotiations
for a settlement between the anthracite
miners and operators have been followed
with attention, and have had a greater in
huence on the market at large than was IN
Dictated i'm the movement of the stocks of
the anthracite carriers themselves. Con-
fdent assurances have been expressed in
Wall street that there would be no strike,
but the strong opinions to the contrary
expressed from the miners side had some
ultimate effect on ointment. The develop
ments of a strike at Lowell among textile
worker and demands for increase Of wages
among New England shoe operatives have
helped to keep attention ON the labor ques-
ton.
The bringing of additional suits in state
courts against the Northern Securities
Company has kept alive the apprehension
surrounding that important problem, and
the testimony given in a lawsuit by the
principals in the great Rail-
road contest has not had a reasSuring eff
feet as to the actual results achieved by
that combination or the present relations
which are the outcome. The activity OF the
Interstate-cOmmerce Commission I'm secur-
ing injunctions against rebates and rate
cutting by railroads and the announced
intention TO investigate the subject further
have awakened fears that this course may
be a hampering influence on railroad poll
cies. The announcement of the United
States Steel conversion plan has been
awaited from day to day, and has been
the subject Of some %perplexity and mixed
/ SEuIlUlCHI. IkCDOIl5 lIOIl IL IRON TRADE
that there has been some r~eselling at high
prices of material that was urgently bought
on contract give point to the apprehen-
sion expressed that there may be undue
urgency in the recent buying in the iron
market not warranted by the assurance
of future production. Judicial proceedings
against some of the financial readjustment
projects recently undertaken by large cor
porations and the dispute over methods
of accounting In the case of the Evans
Vile & Terre Haute have had a disquiet-
ing effect on sentiment. There has been
some influence eXerted by the reports Of
wheat States, which is a reminder of the
constituencies of the market TO that influ-
ence at this season.
The resources of the money market to
meet the requirements of an interior cur
rency demand the collection OF the gov
ernment's surplus revenues and foreign de-
mand for repayment of obligations is still
an open question. Further gold exports are
indicated by the weeks rise in foreign ex-
change. A number of special stocks have
moved widely and feverishly during the
condition or with any influence on the gen.
eTal market.
The principal activity in the bond market
has been i'm issues Of speculative grade.
i'm which the movement has been irregular.
United States bonds were all unchanged
as compared with the closing call Of last
Following are Thursdays share sales and
the recorded price changes:
High Low Closing
Stocks. Sales. est. est. Bid
A AtsRison pref :.-... 800 800 s7E s sss 81
| Baltimore a Ohio. 1000 l06ik lO6 lOe3.