The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-04
BEAR RAID ON STOCKS
UNCOvERs sTOP-LOSs ORDERS AND
CAUSES WIDE DECLINES.
Only n Few SpasmOdfc and Intellectual
Rallies Until ut the Close-Money
Conditions Also Disquieting.

NEW YORK, March 3.-Active hquida-
ton set in early in the day. and resulted
in price losses at one time of to points
for the principal active stocks. There were
one or two abortive rallies on occasional
well held, and the lowest prices for the
day were touched during the final hour
There was a very substantial rally then,
reaching from 1 to points for many mar
ket leaders, due to the general covering
of shorts to take profits on the days de-
cline, but the market became unsettled
again and closed easy.
The practical abandonment of the Aid
rich financial bill affected sentiment, even
at the opening. but vigorous supporting
orders were distributed In the market, and
the decline was effectually checked. The
vigorous upward movement in Manhattan
helped to this end. At this point the ef-
feet of the money situation became con-
crete by the calling of loans to large ex-
tent by the banks. This forced consider
able liquidation, and the bears made sue
cessive drives against the market to take
it away from the sellers. The buying de-
mand was so insignificant, even on scale
and uncovered large stop orders.
The setting aside of the Aldrich bill
doubtless had its sentimental effect on
money lenders as it had on stock operators.
The operation of the Aldrich bill was not
expected to afford much increase of money
resources to Wall street, but much was
Of money supplies by collection of govern
ment revenue. The reality of this source
of danger to the money market was rein
forced by the days subtreasury statement
yDf txr
that institution yesterday of s1,s51. 600.
bringing its absorption since Friday up TO
S3,953,Oo There seems to have been an
awakening TO the fact that last Satur-
days bank statement understated the de-
cline in cash by about half, so that the eff
feet of last weeks decrease on this week s
bank statement will be correspondingly ag-
gravated The nominal decrease in loans
shown by the bank statement is also
doubted as true showing of the weeks
operations, and yesterdays sale of $1,000
900 st. Louis & Iron Mountain bonds an
nounced, with another $10,000,000, supposed
ly taken by other interests, is an indica-
ton of the continued heavy demand for
credits
the January reports of earnings is proving
disappointment, as confident hopes have
been INDUCED that increased freight rates
in January would largely result in Offset
ting the growth of operating expenses
Manhattan was well supported throughout
and the declaration of the usual dividends
caused a show of strength in Sugar. Re-
ports of a strike on its lines east of St
Louis made the Wabash stocks conspc-
uously weak, but the news of the injunc-
ton against the laboring men caused par
ticularly effective rally in those stocks
There were wide declines of number OF
high-grade but seldom active stocks, and
the closing bid prices showed some further
notable recessions in stocks which were not
dealt in.
Bonds were weak In sympathy with
stocks Total sales at par value were
81, $50, 900. United States bonds were all un
changed on the last call.
Following are the days share sales and
the recorded price changes: