The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-21
RISE in STOCK PRICES
GREATER PART OF MONDAYS
LOSSES ON CHANGE RETRIEVED.
Operators Bought Back stocks Yes
terday That They Sold the
Day Before.

NEW YORK, Oct. 20.-Wall streets
highly colored imagination. as is the case
almost invariably, took an extreme view
of the possibilities of Mondays events in
Baltimore. Finding this to be the case
to-day the operators who sold stocks with
undue freedom on Monday bought them
back to-day. The decrease in the volume
of dealings indicates that not all of the
stocks sold on Monday were rebought to-
day Prices moved easily upward. how
ever. and retrieved the greater part of
yesterdays losses. Whether there
more cause for yesterdays perturbation,
as was indicated by the sequel to-day,
may never be known, but the acuteness of
the fears felt yesterday were considerably
dissipated from the outset of the market
and confidence grew pretty steadily
throughout the day. There was a small
setback during the final hour. but this
was apparently due to nothing more than
the normal profit taking by room traders
invited by so considerable an advance.
The market rallied again and closed very
firm and but little below the best. 1t
was generally understood before the OPEN
ing of the market that concerted meas
ures had been taken at Pittsburg to pro-
tect any weakness in the situation there.
1t was also known that heavy transfers
of currency were being made to Baltimore
to insure protection against sudden de-
mands upon deposits there. 1t became
known Immediately in Wall street also
opened their doors this morning and only
slight evidences of fear were being shown
by the depositors. Such was shown
was reported later as being dissipated and
opinions were quoted even that the re-
ceivership in at least one OF yesterdays
instances had been unduly precipitated.
1t cannot be said that the character of
t0-days buying carried very great con-
viction as to its substantial quality,
most of it was attributed to professional
operators either for purposes of covering
short accounts or for manipulating prices
against the short interests. Nevertheless
the considerable advance i'm prices failed
TO develop any new pressure to sell stocks,
and was effective also in impreSsing the
shorts with the desirability of covering
their short contracts, in contrast with the
recent air of confidence of the bear party
in persistently selling the market on all
the bears was that the failures at Balti-
more had uncovered the weak spots in
the situation and the fact that to-day
brought no extension of the trouble gave
the impression that the worst OF the strain
was over, which would demonstrate suf-
ficfent strength in the situation to with
low.
There was little in the news of che day
to AFFECT prices. Sugars special strength
was due to the calling of the extra session
of Congress with the sole purpose of per-
fecting the Cuban reciprocity measure.
The speculation in Amalgamated Copper
turned to some extent on the expectation
of decision I'm the Boston and Montana
litigation this week. Montreal, Philadel-
phia and London whose selling has helped
the recent depression, were reported as
buyers to-day and helped the recovery
Large takinss of grain for export made
| a helpful factor and the current railroad
earnings continued to make a good show
ing. Reports of a cut on export grain
rates by the Toledo, st. Louis & Western,
failed to affect the stocks of railroads con-
cerned.
The bond market WIS firm and moderate
investment demand was reported. Total
sales, par value, were $2,147,000. L. S.
bonds were unchanged on the last call.
Following are the days share sales and
the recorded price changes.