The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-17
SPECULATIVE ACTIVITY
RENEWED ON THE NEW YORK
STOCK EXCHANGE YESTERDAY.
Operations of Speculation Conspicu.
Gus in ID. e. o. Stock-Money Sit
uatfOn Easier.

NEW YORK, April 1.-THE speculative
activity which developed yesterday and was
interrupted by the announcement of the
refusal of the demands made by the Man.
haitian Elevated Railway employees was re-
newed to-day when support was forthcom-
ing for Manhattan. 1t was hoped the labor
difficulty on the elevated system could be
adjusted without resort to a strike, and
this induced some short covering in the
stock. When it was perceived that the
market was to be exempt for the present
from the disturbance of a drop in this stock
opportunity was taken to start an upward
movement on the part of a speculative
party which is believed to have covered its
short contracts on the recent slump and
to have gone long OF the market. Their
operations were conspicuous in Baltimore
& Ohio on the ground of the large increase
in net earnings disclosed by the March
statement. Pennsylvania and Norfolk &
Western were included in the operations
under this leadership. Other Eastern trunk
lines and coalers showed some sympathy,
but the buying in these and elsewhere in
the market could not be traced to the same
sources the movement in the Pennsylva-
MIA group. Early in the day, with the ex-
ception of the good absorption of Missouri
Pacific, based on its large February earn
ings, the Western and Pacific stocks were
inclined to hang back.
Some suspicion was felt as to the char
acter of the selling in Union Pacific and
st. Paul. The testimony regarding the
finances of the Metropolitan Street-railway
In the hearing of a suit against the presi-
dent for libel resulted also in some selling
of the stock in the early dealings and a
slight sympathetic depression. Late In the
day st. Paul came into full sympathy with
the strength Of the market and other West
ern and Southwestern stocks partly so, with
the exception of Southern Pacific, which
was persistently heavy and made gain
of only quarter on the day. Amalgamated
Copper was lifted sharply on a professed
expectation that the quarterly dividend
would be increased to-day. The stock re-
the prevailing dividend rate. but saved a
fractional net gain In spite of the weakness
OF raw copper and copper stocks In foreign
markets. Sugars continued rise was due
to unfavorable trade conditions. The ad-
vance in leather was nominally due to a
revival Of old rumOrs of an adjustment OF
the accrued dividends on the preferred;
The weekly review of the iron trade helped
the iron and steel stocks, the consumption
in all lines being reported well sustained at
the high level and the slight weakness
manifest in various grades being due to In
creased production, with compensation by
the cutting off of imports. The upturn was
based generally on the assumption that the
violent decline of Monday, eliminating as
it did In prolonged downward course OF
prices, should have sufficed to discount
sufficiently the unfavorable factors in the
situation, as well as to furnish relief to the
money situation by the extensive liquida-
ton involved.
The money situation is conspicuously
easier, and shows largely increased supplies
offering in the market. The declining in
fiuence of the Northern Securities case was
indicated by the way in which an early
fall in that stock on the curb was prac-
tically ignored. The market closed active
and strong and near the top level A drop
of 1914 In American Telephone and OF In
St Louis & San Francisco first preferred
was accounted for by the fact that previous
sales dated back before the recent violent
decline in the market
The bond market was rather dull, but
firm. Total sales at par value were $2,475,-
OOO United States bonds were all unchanged
on the last call.
Following are the days share sales and
the recorded price changes: