The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-13
BRIEF EFFORT TO RISE
STOCKS THEN LAPSED INTO A Pc
ROD OF SEMI-STAGNATION.
to Lower Level-Monetary COndi-
tions Are Still Dominant.

NEW YORK, March 12.-The stock mar
ket to-day started out with its recent ten
dency to reverse its position Of the day
before. This vacillating course Is usual to-
wards the termination of a wide price
movement, but the arc measuring the oscil-
lation fell to such small proportions to-day
that the room traders became discouraged
In their efforts to scalp a profit and in the
end abandoned the market to senli-stagna
ton.
Speculative attention reverted to special
causes affecting individual stocks. and to-
days largest dealings and widest move
ments were in this class. There was no evil
dence of further urgent pressure Of liquida-
ton, and call loans were made on the Stock
Exchange at 51z per cent. and in excep-
tional cases at per cent. This was partly
due to the release of funds by the liquida-
ton of stocks and partly to the decreased
demand in view Of the speculative dull
ness. 1t is clear that such funds have
come to New York have been attracted by
higher interest rates, and the sources from
which they have been drawn show the eff
feet in tightening OF their own money
rates. as in the case Of Chicago The vol
ume Of credits has been more diffused than
reduced.
Wall street was obliged to accept the in
timation received to-day that the secre-
tary Of the treasury had decided that the
present money situation in New York did
not require action for relief by his depart
ment. The fact Is beginning to be better
understood that any release OF treasury
holdings now VIII increase the necessity or
drawing on government deposits with the
banks to make the Panama canal payment.
In so far as the payment shall be made by
drawing on funds actually In the treasury
Ii will go to increase the available cash.
AS to whether this cash goes abroad in
the shape Of gold export or remains here
must depend on the International exchange
situation at the time. 1t is clear that these
payments will be available to foreigners,
ply of loanable funds and may be an actual
relief to the New York money market by
borrowing. To-day's report of the exports
OF domestic products for February gave
good impression of the growth OF the trade
balance in our favor, showing as it does
an increase compared with February OF
last year of over $40, ,000 Corn exports
play considerable part in this showing.
but the increase in value of cotton exports
compared with February of last year
amounts to the substantial figure of sl2,-
054,565. The elimination of the speculative
rise in cotton and the heavy selling at the
reaction give promise OF continued replen-
ishment of our foreign credits by the outgo
Of cotton. AS for the immediate money
another half million dollars from the mar
ket. There was deposit OF $500 900 to-day
for transfer to New Orleans, and small
subtreasury debit balance at the clearing
house foreshadowed another heavy require
ment by to-morrows statement. There is
some anxiety lest the payment on Monday
of SO, 0O0. 600 of Standard Oil dividends may
disarrange the money market, as 1t may
have been that the funds collected for this
purpose have been out on loans and will
have to be recalled.
The stock market closed dull and weak.
OF the days special movements the rise In
Amalgamated was due to the excited jump
in the copper market st. Paul was lifted
apparently on the declaration of the regular
dividend. Sugar weakened on the fear that
the Cuban treaty will be defeated. Union
Pacific declined on the call for proxies by
the Southern Pacific minority.
Bonds were about steady. Total sales AT
par value were $1,705,000 United States
bonds were all unchanged on the last call
Following are the days share sales and
the recorded price changes: