The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-11
STOCKS WEAK And LOWER
LAST PRICES At ABOUT THE BOTTOM
FOR THE SESSION.
Much of the Change the Result of Re-
versaI of Sentiment Due to Monetary
OutIook-Bonds Are Higher.

NEW YORK, March 1O.-wan street
made another sudden reversal of sentiment
to-day and relapsed into gloom. After yes
terday's strong recovery there was a feel
ing of great relief and disposition to take
roseate views of the facilities at hand for
the money market, but ii began to appear
again to-day that the sweeping up of the
new resources brought within reach of the
local money market by the rise in interest
rates was going on at too rapid a rate and
could not be indefinitely extended. The very
large reduction in the outstanding short in
terest effected oy yesterdays enormous
buying to cover short contracts also de-
prived the market Of very important sus-
tanning force. Sentiment accordingly
shifted to the bear side again.
The conditions were not materially al
tered from those of yesterday, but extreme
sensitiveness was apparent to all sugges-
tons of possible difficulties The shifting
rumorS regarding the alleged contest be-
tween the speculative pool in Southern Pa
cific and the Union Pacific holdings of that
stock were made the instrument of extern
slVe operations. Last nights rumors that
an agreement had been made between the
parties were contradicted. and vague init
nations were thrown out of coming HOSTILE
ties which would threaten decentralization to
the stock market. The affair offers very
little in the way of substantial information
ana does not reach beyond the realms OF
speculation. OF more substantial character
was the resumption by the banks of the
calling OF loans. The violent break here
and there among obscure stocks suggested
also a process of wedding out of undesir-
able collateral. The slump in the American
Ice stocks was explained by the differences
developed at the annual meeting. The
break in the common reached Az and the
preferred 10, with rallies of rs and 3ls, re-
spectively. This incident and the raiding
down of Metropolitan Street-railway two
points caused an unfavorable impression
and led TO the first violent decline after the
market had fallen into dull and heavy
condition.. The weakness then became
quite uniform throughout the list except
that Southern Pacific and Union Pacific
continued very conspicuous in the specula-
ton. The free selling all day by the bears
led to substantial rally, reaching between
one and two points in the last hour for the
active speculative leaders when they COW
cred. The exhaustion of the demand at the
higher level, however, prompted renewed
selling. st. Paul dropped abruptly to 1865,
the market quickly crumbled to about the
lowest of the day and the closing was very
active and weak. New YORK central was
also notably vulnerable to the attack made
upon it.
The call loan rate at the opening was 6
per cent, and some loans were made above
that rate, but the ruling rate was per
cent. The drop to below that rate after the
principal demand had been satisfied was
without special significance. The recovery
in foreign exchange and the rise in dis
counts at London were very significant and
conveyed an intimation of the effects to
follow an undue resort TO foreign credit
facilities. Another evidence of the domi-
nance of the money situation was the sem
sitiveness of speculation to rumors regard
ing the manner in which payments are to
be made to the Panama canal stockhold-
ers. A formulated report of the intention
of the secretary of the treasury to draw on
government deposits with banks to the ex-
tent of $4,000, 900 to 100000 for this pay
ment aggravated the markets weakness.
The subtreasury took from the money mar
ket nearly million and half dollars yes
terday, and 100000 was deposited at the
subtreasury for transfer to New Orleans.
The bonds weakened in sympathy with
stocks. Total sales at par value were g.
5250 900. United States new fours advanced
u and the old tours. fiyes and threes, regis
tered, II per cent. on the last call.
Following are the days share sales and
the recorded price changes: