The Indianapolis journal., 1903-04-27

PROFESSIONAL TRADING MAKES UP
ABOUT ALL THE MARKET.
Saturdays Bank Statement Somewhat
Better than Expected-MOney Mar
ket Is Becoming Easier.

NEW YORK, April 25.-To-day's stock
market gave abundant evidence that the
professional traders had 1t entirely to them
selves. Outside interests continued pro-
foundly Indifferent to the market. The dis
position of the professional traders plainly
was to get out of their holdings of long
stock. Some stress was laid. in the gossip
of the street. on a fear that the situation
created by Russia's new demands in Man.
churia might develop crisis. But the gov
ernment securities of the nations most in
terested gave no intimation that such a
crisis might become acute over Sunday. OF
more immediate effect was the renewed
weakness In Metropolitan Street-railway.
caused by veiled intimations of matter for
investigation by the district attorneys Of
fee in the affairs of the corporation. Met
ropolitan itself dropped points. and Metro
politan securities and the other local trac-
tions a point or more in sympathy.
The market was mostly a waiting one un-
til the appearance of the bank statement,
which was regarded as favorable, although
the cash increase did not equal the maxi
mum estimates of yesterday. The loan de-
crease Of s4,5s2, 200 contributed to raise the
percentage Of reserves to deposits, the sur
plus rising $4.977.s25 to sl0.965.475. AS there
was considerable liquidation during the
week of local obligations to foreign lenders,
which probably invited reborrowing from
the local banks, the loan decrease gains ad-
ditional significance. The strong weekly
statement of the Imperial Bank of Germany
to-day completed the record for the great
foreign banks Of effective recuperation.
Prices of stocks rose on the bank statement,
but rather eager desire to sell at the ad-
vance carried prices backward to the low
est. and the close was active and weak, with
net losses Of point or over for the princi-
pal active stocks.
Prices have moved in halting and in
conclusive manner in the stock market this
week. although the level was at one time
considerably above that of last Saturday.
The granting of stay by the Circuit Court
at st. Paul of that portion Of the judgment
against the Northern Securities Company
which enjoined the payment to it of divi-
dends by the constituent companies was
surprise to the speculative element in Wall
street. The result was to prolong the up
ward movement which was begun on the
day after the demOralized trading induced
by the original Judgment. This upward
movement has been clearly recognized as a
preston on the decline. The real test Of
such a market is looked for after the COW
ering operations by bear operators are COM
pleted. A violent slump in prices invariably
invites large sales for the short account
and also considerable unloading for the long
account, with the purpose of recovering the
stocks at a lower level of prices.
The immediate condition of the money
market has come to be SO easy as to fa-
cilitate the operations for an advance
AS matter of fact the formation of vari-
ntIS hU
their activity in efforts to advance prices
have made themselves manifest in the
price movements of the week. A factor in
lifting prices, which was real although
somewhat humorously regarded by all OBJ
servers, the half-sentimental and half
approximations desire of members of the
in the Exchanges new building done on
a rising scale OF prtces. But another party
among professional traders has been on
the alert for opportunities to sell stocks
at an advantage and so commit themselves
to an opinion in favor of renewed de-
cline. This party processes the conviction
that the recent recovery is due to purely
technical causes and Is the precursor of
appear that there has been any large out
line demanded for stocks, such as is looked
for to take up the large undigested mass
the merket. 1t is also evident that the
easier condition Of money has relieved the
necessity OF liquidation of stocks. which
pressed upon the market for q time with
out regard to the level of prices There
was some evidence of investment buying of
stocks at the recent low level, but it seems
evident that selling orders overhang the
market, which are reached on any con-
siderable advance. The tide of travel away
from Wall street on the part of some OF
the powerful personages in finance serves
as discouragng influence on those who
look to such quarters for leadership In
buying movements.
Bonds have Jared rather better than
stocks, In spite Of dull market. Some
buying of new bond issues and of 4 per
cent. railroad bonds selling below par has
been noticed United States twos and old
fours, coupon, declined "a per cent: the
threes, registered, and old fours, reGfstered
u per cent, and the threes. coupon, y per
cent. The new fours advanced u per cent.
as compared with the closing call of last
week.
Following are Saturdays share sales and
the recorded price changes: