The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-12
BETTER TONE in STOCKS
PRICES GENERALLY HIGHER AT
CLOSE, AFTER MANY CHANGES.
Monetary Conditions Continue the
Dominant Market intermediary
Foreign Buying Of Shares.

NEW YORK, March 1.-THE constant
fluctuations in to-day's stock market re-
Elected a very unsettled and uncertain
state Of mind on the part of the profess
sonal trading element, and it required the
utmost agility by that part Of the profess
SIGNALS known as scalpers to follow price
changes. The average level. however, was
gradually lifted and the market closed with
one of the upward hurries in progress and
at about the top level of the day. There
was sensible relaxation Of the pressure
of forced liquidation, caused by the recent
calling of loans by the banks, and some
recovery due to the covering of short con-
tracts by bears, was. therefore, normal.
Loans on call were made during the most
active period of the days market at 81
per cent, and 6 per cent. was the max
imum. Foreign money lenders were dis
posed to hold firmly for 6 per cent. rate.
but borrowers showed less urgency to Sc
cure. funds. especially for the longer
periods and contented themselves with
loans for three to four months where no
concession was allowed for the six months
period There was nothing to show the
source of this relief to the money situa-
ton. unless 1T might be the result of the
liquidation in the stock market. The higher
interest rate has resulted in some lending
for the account of interior institutions,
which are also reported to be calling some
loans at home for the purpose of making
these loans in Wall street. Sterling Ex-
change was considerably firmer and there
was quite notable falling off in the offer
ings OF loan bills. The advance in money
rates In London and the jump of sterling
at Paris of one centime showed the OBJ
stacles arising to the extensive borrowing
abroad for account of New York, which
has been in progress. The subtreasury also
continues its inroad the New York
money supply, the loss to that institution
yesterday amounting to $4,000. This brings
the absorption since Friday up to the close
of business yesterday UP to S3.140,O00 Since
Feb. this government institution has with
drawn from the New York money market
something like $20,00O00O. This state of
affairs In a period Of stringency gave
special significance to the visit in Wall
street to-day of the secretary of the treas
ury. The conviction was general, notwith-
standing the official disclaimer, that some
measures of relief of the local money situ-
alton were I'm contemplation.
This was really the strong underlying in
fiuence on the improved speculative senti-
ment, though active play was still made
on the constantly changing rumors regard
ing the contest between the Hartman and
Keene interests in Southern Pacific. A
turn against the shorts in Metropolitan
Street-railway was also factor. Official
denials of published charges against the
financial accounting Of the company was
the basis of the strong upward movement
In that stock. The advance in the price of
copper gave an additional impetus to
Amalgamated. The conviction that treas
ury measures would relieve the money mar
ket seemed to be especially strong in for
eign money centers and induced buying on
the New York Exchange of stocks to the
extent of upword of 50,O00 shares. This was
an important influence in the early firm
ness. Nothing was learned up to the close
of the market of the details of any meas
ures to be adopted by the Treasury De-
partment.
Bonds We're irregular, in sympathy with
stocks. Total sales. at par value, were
$2,0S0,0O0. United States threes, coupon, adj
vanced " per cent. on the last call.
Following are the days share sales and
the recorded price changes: