The Indianapolis journal., 1903-03-05
STOCKS QUIET BUT FIRM
MARKED RECOvERIEs FROM TUES
DAYS LOSSES IN SOME CASES.
General List, However, shows Few
Money Continues Very Firm.

NEW YORK, March 4.-The relief to the
banking position afforded by yesterdays
sharp liquidation in the stock market was
manifested in the quieter tone of the trad
ing to-day. The banks were apparently
satisfied with the recuperation effected yes
terday and desisted from further calling of
loans. The bears started prices lower dur
ing the morning, but they found they were
dislodging little stock, and covered their
short contracts. The result was to bring
prices back to about last nights closing
level. At that point proceedings came al
most to a standstii. The relaxation of the
selling pressure encouraged a resumption
of operations by the bull pool in Manhat-
tan, which lifted that stock 2ss over last
night and support was given Amalgamated
Copper. The strength in other local trac-
tions and in Missouri Pacific seemed to be
largely due to sympathy with the move
ment in Manhattan. A rise of points in
General Electric and a recovery of AZ in
Northwestern from yesterdays wide de-
cline had a reassuring effect on sentiment.
On the other hand there were wide recess
sicns on small offerings among other rarely
active stocks. The adjournment of Con-
gress had very little direct influence, as the
principal measures of interest to the finan-
cial world were disposed of yesterday. 1t
was figured that the failure of the Aldrich
bill left affairs unchanged, and as there has
been no extensive speculation based on the
assumption that 1t would be enacted, the
pears showed hesitation about extending
snort lines on the score of its defeat.
1t is evident that the Immediate changes
In the money market were more regarded
than was the hope of the enactment OF this
relef measure. The steadying of the stock
market with the cessation of the calling of
loans by banks proves the assumption that
holders of stocks will not sell at the pres
ent !evei unless compelled to do so by con-
tractlon or credit resources. Buyers were
restrained by the same restriction of cred
its. The action taken by the United States
Steel Corporation directors on the bond is
sue ana stock conversion plan, and the
elaborate outlay projected for improve
ments, had the same chilling reception as
has been accorded similar projects by the
railroads, which promised heavy inroads
upon the vanishing surplus supply of cap
ltal The steel stocks made little movement
but the bonds. when issued. were offered
offered for while at IS, but the bonds were
offered down to 92. The sellers argued that
the privilege of conversion for 40 per cent
or the preferred stock in the bonds war
ranted an assumption of a parity of mar
ket value for the two issues
The prospect of action on the Cuban
treaty at the extra session of the Senate, as
sugars, helped Sugar. The decrease of 20
per cent. in January net earnings reported
by Union Pacific seemed to be ignored. The
subtreasury statement showed Sass, ,O0O more
taken from the money market, and New
YORK exchange at Chicago fell back from
2Oc TO 35c discount. Cab money was AZ
late in the day and rates for time loans
were firmly held, but additional offerings
of loan bills in the exchange market caused
a decline in quotations there. The market
closed rather irregular.
Bonds were dull and irregular Total
sales, at par value. were 81 10000. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: