The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-26
STOCKS STILL YIELDING
ONLY ONE OR TWO EXCEPTIONS To
THE DOwNDARD TENDENCY.
Break of British Consols to Below 30
and Local Monetary Conditions Are
the Dominant Influences.

NEW YORK, March 25.-The stock mar
ket made an unsteady stand against re-
action for a time to-day, but before the
close discourag cement apparently had over
come the speculative mind again and prices
broke sharply to the lowest of the day.
There were indications of well-organized
bear leadership in the decline. The early
resistance to reaction was sustained prin-
cipally by Pennsylvania and New York
Central. No other cause was apparent for
this but the publication Of revived asser-
tons that the control of New York Central
was virtually lodged in hands friendly to
the Pennsylvania. This assertion was met
with official denials of varying emphasis.
but nevertheless the price of these two
stocks rose about a point over last night.
This was after the pressure of the London
selling was over for the day. The per-
sistent weakness of the London market is
having strong sympathetic effect here,
and the late upward reaction in consols
was considered a reassuring factor. But
this was not until the price had broken
through 80 earlier in the day. AS many
British financial transactions are based on
a theoretical possible minimum of 80 as
the price for consols, the fall below that
level to-day was regarded as deeply Sig
nificant.
In our own money market the feature
was shipment of $4,000 in gold to Buenos
Ayres. Usual explanations were forthcom-
ing as to the special character of this trans
action, but the fact was not altered that
New York bank reserves are reduced by
that much. With the renewed demand from
the interior for currency and the continued
drain to the subtreasury this Is the domi-
nant factor in the situation that confronts
the financial world, which Is finding con-
tinually new requirements for credits at
every turn. A subtreasury credit balance
at the clearing house this morning for
s377,7 TAI foreshadowed another heavy with
drawal by that institution to be figured In
to-morrow's statement of operations, and
the decision of the Pennsylvania directors
to issue about $S5000,000 of new stock at
once at $50 a share was the cause Of the
late drive against the market The provision
for payment in three installments running
from June Is over to Oct rs did not seem to
alleviate the uneasiness caused by the pros
pect of this heavy requirement on the
money market.
The rather severe liquidation in Amalga-
mated Copper was another unsettling in
fluence. This stock was carried down an
extreme 3A on the late dealings on the SELL
ing induced by the break in the London
copper market. An incident of the day was
the selling on the curb Of United States
Steel fives at S6ss. which was on a parity
with the low price for the day for the pre-
ferred stock on the exchange. The de-
mands formulated by the employees of the
Manhattan Elevated Railway kept alive the
disturbance of sentiment over the labor out
look.
The bond market was irregular. Total
sales at par value were S2120.000. United
States three. registered, old fours, regis
and the old tours, coupon. and the new
fours, registered, advanced " on the last
call.
Following are the days share sales and
the recorded price changes: