The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-18
SHARP FURRY in STOCKS
METROPOLITAN sTREET-RAILWAY
BREAKS, CAUSING A SLUMP.
Subsequent Rally on General Condi-
tiOns Violent, but Irregular-Mone-
tary Outlook Is Favorable.

NEW YORK, April 17.-Prices of stocks
achieved a pretty comprehensive movement
to-day, but at the higher level the market
showed itself very sensitive to the unfa-
vorable effect of a violent slump in Metro
politan Street-railway, as it did on
Wednesday to the sudden drop in Manhat-
tan, when a strike first seemed imminent
To-day the market displayed much greater
resiliency, and the final recovery when the
decline was checked in Metropolitan Street
railway was rather violent in some cases.
The reaction had practically wiped out the
advances. but some conspicuous stocks rail-
lied almost to the top level in the last few
minutes of the trading and the close was
strong in an irregular way.
The days movement Of prices was largely
professional. but was evidently backed by
large resources and confident operations.
This was clearly shown by the aggressive
way in which prices were bid up at the
last. against the shorts, after their raid on
the market. The advance in the market
was pursued with manifest caution and
with attentive consideration of symptoms
of renewal of realizing sales. The pro-
gressive steps Of the advance, however,
failed to develop any signs Of renewed
no indication that there was any new out
side interest attraced to the market by the
advance in prices. Belated covering OF
some large short accounts was in evidence
and was an important factor In the
strength of some stocks. The advances In
the market seemed to have come to pause
| Street-railway and prices gave way quite
readily In sympathy with that movement.
| There had been evidence all day OF long
1 4l.t fI,a 0rLyo 10
| bears planned their fierce raid with the
| purpose OF uncovering stop-loss orders and
| dislodgins long stocks. The price fell rap
| idly 6H points, but the subsequent rally
wiped out 21a points of this loss. Metro
! politan securities fell an extreme 5h and
rallied points. The loss in Third-avenue
dealings, and there was no transaction in
| the stock after the market rallied. Man
haitian continued firm and turned strong,
| rising pa over last night at one time, in
spite of the vote Of the employees in favor
of strike. The hope Is evidently enter
tanned that a strike will be averted.
Some Of the standard railroad stocks
were comparatively late coming into the
| days movement, and there was an I'M
usually large number of industrials en-
braced in the advance. Colorado Fuel and
General Electric made gains of 51e, People
| Gas advanced "a. just at the last. and the
list of to point gains among the indus
trials WAS long Tne the snch
as the technical strength of position fol-
lowing so prolonged a downward course OF
| prices, with the resultant relief of the
money market by liquidation. good railroad
earnings, exceptionally encouraging crop
| returns and reports of a large current ex-
port business in the grain markets. The
| figures of the weeks grain exports We're,
| however, somewhat disappointing, showing
| an increase over last week in wheat OF
| S44 <92 bushels, but decrease in corn ex-
| ports of nearly one million bushels.
| Subtreasury operations indicate gain by
the banks on that account of 1,6S3.O0O, and
it is estimated that this figure will be ex-
banded by about a million dollars from
other sources. In view of the stock mar
ket liquidation q considerable loan reduction
is confidently expected in to-morrow's bank
| statement.
Bonds were firm and were little affected
by the late furry in stocks. Total sales
! at par value, were 81. COS. 600. United States
| new feurs advanced u on the last call.
Following are the days share sales and
the recorded price changes: