The Indianapolis journal., 1903-03-20
SLIGHT FURRY IN STOCKS
FEAR OF A "CORNER" OR SOME
OTHER AWKWARD FEATURES.
Later DEVELOPMENTS Showed No Occa-
sion for Alarm-Prices Forced
Down to Low Level.

NEW YORK, March 19.-Uncommon in
terest attached to to-day's stock market
movements by reason of the previous days
advance in Southern Pacific. There were
fears of corner or some other awkward
development and trading in the first hour
was irregular and very cautious. Southern
Pacific shares fiuctuated wildly at the out
set, selling up to 6SA, the highest point
recorded in some months, and almost as
suddenly sold down to Sc. Later, when IL
became apparent that there was no occa-
sion for alarm, the list steadied all around
and showed general improvement up to the
last hour, when realizing forced prices In
the more active issues down to a low level
Covering by the short interest was on
an extensive scale, especially in Southern
Pacific and other pool issues. Louisville q
Nashville exhibited considerable strength
in the early dealings on buying that was
attributed to the Western contingent. There
was also good buying of Atchison during
the early session. With the exception OF
St. Paul and Union Pacific, which reflected
pressure, the international stocks opened
generally above the late London quotation.
Higher prices were reflected in Sugar,
Tennessee Coal, Corn Products and ROCK
Island, but attempts to advance AmalSa-
mated Copper met with little success. On
the whole a much better feeling was shown
in speculative circles, due to the improve
ment In the financial situation. The under
tone of the market was fairly firm, though
trading was in moderate volume. No ma
terial change was shown in the early aft
ernoon conditions although the market was
lower i'm spots as a result of profit taking.
9th Of
to come from buying by Gould brokers.
The rise in Pacific Mail appeared to be
based on the belief that that property
must benefit by the activity in Southern
Pacific. There was slightly wider dis-
| tribution of business in the late session,
| and the Western issues were again active
| in some of their speculative favorites.
Throughout the day interest continued TO
| center in Southern Pacific, which was
| traded i'm to the extent Of over 5000 shares,
/ closing at almost the lowest price OF the
| day, with a net loss of "a points Union
1 Pacific was next to Southern PACING In
| point of activity, but made a net gain OF
| l point. One of the late afternoon rumors
| had it that Union Pacific had turned It's
| holdings of Southern Pacific stock over TO
the Oregon Short-line. A number of stocks
| made material gains on the day, includlng
the 500 issues, North American, Ia.
cific Mail. Northwest, Colorado Fuel % and
| New York, New Haven & Hartford Fol-
| lowing the reaction the market closed COM
| paratively dull and easy.
| The local financial situation shows Inn
| provement, the banks losing thus far this
| week only about $500. 900, as against $3,6OO0O0
| in the same period of last week. There was
| another advance in sterling exchange, De.
| cause of the easier money conditions and
| increased demand for remittahces from I'M
porters. The rise amounted to 10 points, as
compared with yesterdays closing rate.
most of the business being done at $4.eI2a
for demand The supply of bills was
small and the federal outlook for the EEK
change market was stronger. This condl-
ton was modified, however, by the possl-
bility of occasional weakness caused by
the sudden rise in the money rate. Time
money was offered in abundance at per
cent. in all dates, but the demand was
light. The prevailing rate for call loans
was 51k per cent though in the late after
noon there was furry which carried the
price to per cent, closing at per cent.
The bond market responded Sharply IN
spots to the improved speculative temper.
| Total sales at par value were Sl,Sou,Ooo
United States bonds were all unchanged
on the last call.
Following are the days snare safes aho
| tho racnrdad nrfce chauges.