The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-05
STOCKS ACTIVE in SPOTS
PRICE MOVEMENTS ARE SPAsMODIC
AND MOSTLY UNEXPLAINED.
Coal Situation Excftes Considerable
Uneasiness-Can Money Easy and
Foreign Exchange Firm.

NEW YORK, Feb. 4-Yesterday's level of
activity in stocks was pretty we'll main
tanned to-day. and there were evidences Of
considerable strength in the market.
Operations seemed to be confined still to
professional hands. but the leadership was
more aggressive and better organized than
for some time past, and there was evil
dence Of the control Of large resources by
these operations. 1t was the theory of the
room operators that the action of the mar
ket was due to the foregathering of num-
Der of well-known stock operators at
Southern resort, abundantly supplied with
special wire service. Included in the gath
ering is the operator whose name has been
associated with the principal stock market
sensations for months past.
Whatever the source of the buying. the
movement was spotty and irregular. and
the earlier movements were not well main
tained The operations in Reading were
on growing scale during the day and it
became the leader Of the market in the
late dealings, with rise of over points
above last night. There was no news to
explain the movement beyond the heavy
earnings known to be accommodating in the
treasures Of all the coal-carrying roads
The announcement was made to-day of
several postponed steamship sailings on
account OF delay in securing coal. This
was accepted as illustrating the universal
pressure for this product. Whatever the
advantage Of such a condition to the coal
carrying roads, it was not considered ia
vorable to the industrial situation at large
Semi-official confirmation was given to the
assertion that the Union Pacific and the
IGIn hn6 .tsrtIt tHa-
in some sort of agreement assuring mutual
advantage by interchange OF business.
Nothing definite could be learned of the
scope OF the agreement, but the report was
accepted with satisfaction. The publication
OF this report was probably the cause of
the rumors that the proposed merger of the
Gould properties was almost ready for an
nouncement. The stocks of the various
companies affected by these rumors were
not among the speculative leaders of the
day. There was an opening squirt in Rock
Island. but the stock fell back almost i'm
mediately, and was not more than steady
for the rest of the day. Union Pacific was
firm, but not active, and Southern Pacific
rose point in the late dealings. The rise
in st. Paul was supposed to be traceable
TO the same sources as that in Reading.
The strength in Erie common was only
cially the second preferred made better
advances. Amalgamated Copper continued
to advance on account Of the better senti-
ment in the copper trade. Yesterdays sud-
ucii niONeiiieHt III CIllteu OldteS Steel WAS
not followed up to-day, and those stocks
were inclined to drag. This fact and the
failure of the Rock Island stocks to retain
their opening gains threw the market into
a condition of hesitation and uncertainty,
but the rise I'm Reading and gains by mis-
cellaneouS assortment of minor stocks had
a somewhat reassuring effect.
Money continued easy and exchange firm,
without affecting, the stock market The
close was steady.
The bond market was steady. Total sales
at par value were $3,475,OO0. United States
twos declined Il per cent. on the last call.
Following are the days share sales and
the recorded price changes: