The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-27
HEAVY SELLING PRESSURE
DEVELOPS IN THE LAST HOUR ON
THE STOCK EXCHANGE.
Speculative WEAKNESS Chief Cause
of the Observation-Disclosures Sftua-
ton Is Practically Unchanged.

NEW YORK, Feb. 26.-After day Of in
difference and neglect the stock market
closed with an active selling movement in
force and with most of the active stocks
one to two points below last night The
only manifest new development to cause
this sudden weakness was the adjournment
of the St Paul directors without taking
action on the issue of new stock AS such
action had not been certainly expected. and
as there had been no extensive speculation
based on the stock issue the late weakness
is more plausibly explained due to
speculative WEAKNESS with the persistent
hanging back Of prices This sense of dis
appointment was in evidence at the open
ing when 1t was seen that the authorized
reports of the practical consolidation of
Rock Island and st. Louis & San Francisco
were without stimulating effect on specuia-
ton. st. Louis & San Francisco. in fact.
relapsed sharply to PA below last night on
Island after mere fractional advance be-
came heavy and ruled below last night for
the rest of the day This reception ac.
railroad consolidation since the Louisville
incident seemed TO be accepted as a con-
elusive demonstration that nothing was to
be hoped for in the way of active specula-
ton for the present The relief from the
pressure Of selling in Metropolitan Street.
railway alleviated for a time the depressing
effect of this conviction. There was
demonstration also In Wabash preferred
which carried that stock up point in face
or rumors of the issue of order for
strike and of the unfavorable showing of
January net earnings. Some of the iron
and copper stocks made some show of re-
slstance to the prevailing depression owing
to favorable trade reports. but the whole
market gave way at the last and sold down
rapidly until the weak closing.
Inc uneasiness over the rapid depletion
OF New York bank reserves was slightly
renewed by to-days news Of the receipt Of
100000 in gold from San Francisco. But the
market had to face offsett the news
or the shipment OF $4,000 In gold to Buenos
Ayres. In the international exchange mar
around, the private discount rate, both at
London and Paris, going quickly lower and
reduction in the Bank of England rate is
deferred for only a week. But it is feared
that further shipments will be made to
Argentine from here and that Chicago will
make further demands for currency. OPP
orators in the market also were inclined to
be discouraged about the prospect of ac-
ton at this session on the Aldrich financial
bill. Time money. which Is the true index
OF the present money situation, hardened
| further to-day and practically no business
was done at less than per cent. for peri
| DDS longer than three months. Opinion was
| inclined to settle down In conviction that
| extremely conservative banking must be
| the rule for the rest Of the year.
One of the features of the days market
was the wide concession necessary to find
| market for small offerings IF some Of the
| expensive high grade stocks. Chicago 4
| Northwestern was notable example, the
price declining points Oh quite feverish
| fluctuations. The subscription rights to the
new stock sold at 1875, compared with 15A
on the first day they were dealt in last
week.
Wabash debenture B bonds made a sharp
recovery and gave an irregular tone to the
bond market. which was otherwise rather
easy. Total sales. at par value, were ST.
$4,000. United States bonds were all un-
| changed on the last call.
| Following are the days share sales and
/ the recorded price changes: