The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-11
GENERAL PRICE REACTION
PROFESSIONAL TRADERS UNABLE TO
HOLD THE MARKET STEADY.
Volume of Realizing Under Cover of
Spots of strength Overcomes Up
ward Trend-Money Is Easy.

NEW YORK, Feb 10.-The spirited
strength and activity with which the stock
market opened to-day was not maintained,
and the tone of the market became gradu-
ally more reactionary. and at last easy at
general net declines running to a point or
more in a few of the leading active stocks.
The most prominent of these was Wabash
preferred, in which so much of yesterdays
strength and activity conferred. This fact
made the speculative sentiment peculiarly
susceptible TO the fact. which became very
obvious this morning, that there was very
large setting going on of Wabash preferred
under cover of the strength which 1t was
got abroad that the apparent active demand
for these stocks, and the show OF strength
which this gave to them was due rather 10
skillful manipulation by. the speculative
pools which held them In hand than to any
realization of their value at present prices
on the part of widespread public. The
whole movement of the day was quite strict
ly technical and was little influenced by any
of the days news. The size of the individ-
ual orders in Rock Island, for which the
accepted unit seemed to be 600 shares, gave
an artificial appearance TO the movement
in that stock, so that IL had little impress
sion on sentiment when 1t was moved up
ward In face of the general reaction which
took hold of the market during the course
of the second hour. The support of Mis-
souri, Pacific had no better success In re-
storing the tone of the market. The Atchi-
sons were accorded their turn. in the adj
vance, and among the specialties Amalga-
mated Copper, Peoples Gas, Brooklyn
Transit and American Smelling were con-
spicuous.
Sterling exchange continued to advance
and London to sell stocks here, but these
factors We're no more prominent than dur
ing yesterdays strong market. Call money
continued easy, and an advance in sterling
at Paris sufficiently offset the rise here to
keep gold exports beyond profitable limits
The subtreasury took nearly s., 100000 from
the banks on yesterdays operations, WHIP
ing out the previous gain from that insti-
tuition and establishing net loss of $442. 900
since Friday. These figures caused some
calculations to be made on another unfa-
vorable bank statement for the week, but
call loans were made at lower average,
and there was increasing ease in securing
time loans The bill introduced yesterday
by the chairman Of the finance committee
OF the United States Senate for liberalizing
the provisions for deposit Of United States
funds with national banks was considered
an important influence in the opening
strength or the market. The acceptance OF
other than government bonds by the sec
rotary OF the treasury last fan as security
have been the saving factor during the
money stringency. The provision allowing
the proposed Panama canal construction
bonds to rank with the per cents. as Sc
curity for deposits and circulation will form
another important measure of relief from
possible money stringency. The coming
requirement for the payment of $40,o0O,0oO to
the Panama Company shareholders make
these measures of relief of special impOr-
lance. The approach of the Thursday hol-
iday may have had its influence on the
realizing movement of the day.
The bond market continued irregular.
Total sales, at par value, were Sc, $50 900.
United States new fours registered and
the twos declined u per cent. on the last
call.
Following are the days share sales and
the recorded price changes: