The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-22
WEEK in WALL STREET
PRICE LEVEL HIGHER THAN FOR
SOME TINE PAST.
Demand, However, Has Been Confined
Chiefly to the Professional Bears
Varying Monetary Outlook.

NEW YORK, March 2l.-Prior to the
publication of the weekly bank figures
the stock market was very DULL, but later
showed some degree of animation. Open
ing prices reflected steadiness of tone, and
Metropolitan, Rock Island and Mexican
Central were among the stocks that moved
upward. The activity in Metropolitan sug
gested continuance Of the attack on the
short interests. Rumors of Rock Island
Mexican Central combination were not very
generally credited and the last-named stock
was checked in its advance by offerings ag-
gregating 10000 shares. The professional
element INDUCED I'm some profit taking in
certain of the standard issues, these includ
ing st. Paul. Union Pacific and Atchison.
Yesterdays special selling of Sugar was
renewed. The demand for Pennsylvania
able short interest in that stock. Southern
Pacific which was lower in London, showed
little change in this market, and was COM
paratively neglected. Figures published to-
day show decrease in Southern Pacific
net earnings for January of over 100000.
Louisville & Nashville was firm and Cana
dian Pacific responded only in slight
measure to the keen demand for that stock
commission seemed to have been discounted,
the hard coalers exhibiting marked firm
ness from the outset There was no trading
Of any consequence In the soft coal stocks
IN spite OF the announcement OF an advance
or 10 cents ton in tidewater prices on
April 1. The industrial group was without
feature Gains were registered by Tennes-
see Coal and Colorado Fuel.
Comparison with last week finds the stock
list generally higher Evidently the forced
liquidation due to the calling of loans has
exhausted itself. The demand has not ex-
tended far beyond the ranks of professional
bears, who were short of stocks and who
saw no immediate prospect of much further
decline in prices. The beginning of the
week saw the pressure on the money mar
ket still in force, but this was apparently
due to the special exigency of the Standard
Oil 100000 dividend payment. With the
disbursement of this sum the money mar
ket became appreciably easier. 1t was con-
sidered encouraging that the absorption of
funds by the subtreasury was on a much
smaller scale than for some time recently
This Is really the result of the lessened
pressure for interior points upon New
York for money. The governments fiscal
operations as a whole have shown a rum
ming deficit from day to day for the whole
of the current month. 1t is noticeable that
with an easing or the money rate there is a
prompt check to the movement of funds to
New York. This Is especially perceptible
In the foreign exchange market, in which
the offerings OF bankers loan bills have
was flooded with this class of exchange
Compared with the low point for demand
Sterling on Monday of last week there
has been a recovery this week of more than
a cent on the pound. There have been some
intimations from foreign lenders that they
were not disposed to rush back into the
condition OF overwhelmed American cred
Its, which was the cause Of uneasiness to
foreign lenders and embarrassment to the
New York money market last fall
TIE ratification Of the Panama. canal
frk0 hyy al L.
mains to be taken by the Colombian legis-
lative body. Is believed to give sufficient
basis for the taking of active steps to pro-
vide for the s50,0O0.O00 payable by the terms
or the treaty. Much less apprehension is
felt than formerly of harm TO the money
situation from this operation, but the fact
remains that so considerable a transaction
IN the exchange market must be handled
with great skill to prevent a dislocation of
the ordinary course Of exchange. While
opinion on the money outlook is thus not
entirely clear, there is a well-defined spec
ulative element which is watchful for an
expected turn In money affairs as April
approaches. which 1t Is hoped will lift
prices This element is confronted with
some fears regarding the volume of stocks
possibly hanging over the market, and
waiting for an improved demand to get
out The large tie-up of capital in unmar-
ketable securities causes a tendency to
hquidate in the stocks with an active mar
ket In order TO protect holdings less readily
marketable Another chilling influence In
speculation is the contest between the
keene and Hartman or Union Pacific hold
tngs OF Southern Pacific.
The bond market during the week huctu-
ated In sympathy with the course OF the
stock market. but displayed better under
current OF steadiness- United States fours
pared with the closing cali of last week.
Following are Saturdays share sales and
the recorded price changes: