The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-26
WEEK IN WALL STREET
PROFESSIONAL TRADING MAKES UP
ABOUT ALL THE MARKET.
Saturdays Bank Statement Somewhat
Better than Expected-MOney Mar
ket Is Becoming Easier.
NEW YORK, April 5.-To-day's stock

NEW 1ORh, April 9.-IO-oayS StoCh
market gave abundant evidence that the
professional traders had it 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
eminent securities of the nations most in
terested gave no intimation that such a
crisis might become acute over Sunday. or
more immediate effect was the renewed
weakness in Metropolitan Street-railway,
caused by yelled limitations of matter for
investigation by the district attorneys Of
flee in the affairs of the corporation. Met
ropolitan itself dropped 8 points, and Metro
politan securities and the other local trac-
tons a point more in sympathy.
The market was mostly a waiting one I'M
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 $i,5S2, 200 contributed to raise the
percentage of reserves to deposits, the sur
plus rising s4.977,S25 to sl0.9e5.fl5. 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,
l@,,t oil <bo a
vance carried prices backward to the low
est, and the close was active and weak. with
net losses of point or over for the prinei-
pal active stocks.
Prices have moved in hating 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 a stay by the Circuit Court
at st. Paul of that portion Of the judgment
against the Northern Securities Company
which enjoined the payment to ii of divi-
| dends by the constituent companies was a
surprise to the speculative element in Wall
street. The result was to prolong the up
ward movement which was begun on the
Day al, after the deoralzed trading induced
| movement has been clearly recognized as a
| technical recovery from the excessive de.
| 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 lone
account, with the purpose of recovering the
! stocks at lower level OF prices.
| The immediate condition of the money
| market has come to be so easy as to ia
cilitate the operations for an advance
AS a matter Of fact the formation of vari-
Gus pools by professional operations and
their activity in efforts to advance prices
| no ma in, he
| price movements Of the week. A factor in
| lifting prices, which was real, although
somewhat humorously regarded by all OBJ
| servers, was the half-Sentimental and half
| approximations desire of members of the
| Stock Exchange to see the first business
| in the Exchanges new building done or
/ rising scale of prices. But another party
among professional traders has been or
| 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
another and longer decline. 1t does mol
| appear that there has been any large out
| line demanded for stocks, such as is looked
| for to take UP the large undigested mass
| Of securities. which is the real burden OF
| the market. 1t is also evident that the
| easier condition of money has relieved the
necessity Of liquidation of stocks which
| pressed upon the market for 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 ol
| the powerful personages in finance serves
as a discouraging influence on those whc
look to such quarters for leadership in
buying movements.
| Bonds have Jared rather better thar
| stocks, in spite of a dull market. Some
buying Of new bond issues and Of pei
cent. railroad bonds selling below par has
| been noticed. United States twos and ole
fours, coupon, declined u per cont; tn,
threes, registered. and old fours, registered
| " per cent, and the threes, coupon a pel
cent. The new fours advanced u per cent.
as compared with the closing call of las
| week.
Following are Saturdays share sales ant
| A. l1I I'D 49,