The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-17
TONE STILL DESPONDENT
SPECULATION HALTs UNDER INCU-
BUS OF MONEY CONDITION.
Call Loans Rise to Per Cent, Fol-
Stocks-Bond Market Also Weak.

NEW YORK, March 1.-THE feeling Of
encouragement professed on Saturday over
the money situation as indicated by the
bank statement was dissipated to-day.
When call money rose to per cent dis
couraged bulls began to throw over stocks,
and there was evidence of considerable
liquidation by holders. Prices went down
very easily and there was no appearance
of effective support until sudden upward
squirt in Southern Pacific during the last
half hour, The marking up of this stock
to IS was so characteristic Of the drastic
speculative method of the manager of the
pool in Southern Pacific that the shorts
took fright and covered hastily in various
parts of the market. Union Pacific recov-
cred in the late rally as Southern Pacific
had done in the early weakness. There
was manifest embarrassment in the sup
posed Efforts which were making all day
to depress Union Pacific and support South
ern Pacific. Spectators assumed this pur-
pose the part of the pool in connection
with its suit to prevent the diversion of
Southern Pacific earnings away from divi-
dends. The possible incidental conse-
quences Of this suit are unsettling infiu-
ences on speculation, on account of the
important questions that may arise re-
garding the control of competing lines by
ownership of stocks held in the treasury
of a railroad corporation.
The progress of the voting the strike
question on the part of the employees of the
New Haven system served to keep alive the
labor question In the mind of the specula-
tive public. The progress OF the spring
season gives constantly new occasion for
the consideration of this. subject by reason
of new demands for higher wages and dis
putes growing out Of them. This is wide
reaching influence for depression In the
present temper of speculation. The propo-
sition for New York to provide its own
street lighting plant caused further sharp
losses in the local gas stocks. The selling
pressure seemed particularly severe against
New York Central; for what reason was
not disclosed. A decline of IL points in N.
Y, G. st. L, from the preceding sale
marked the difficulty of finding a market
for dormant securities.
1t was hoped that the success of the
banks last week In keeping within their
legal reserve requirement would lead to
quieter money conditions this week. The
absence of violent disturbance in stocks
last week in spite of the $15,00000O loan
contraction seemed to be regarded as env
couraging, and there was momentary
effort to pull up prices, and some progress
was made i'll the case OF Reading, wabash
preferred, Louisville and a few other
stocks. The disbursement of the Standard
Oil dividend to-day seemed to be without
| effect in relieving the money market. Lon
don sold stocks here and sterling exchange
| advanced, both of which were factors in
| the weakness of the market. The fact that
| the week starts with slight gain for the
banks on subtreasury operations afforded
| but mild satisfaction. The rally in the
| market was coincident with the arrival al
| his office of a leading individual in the
| financial world after vacation absence.
| The bond market was weak in sympathy
| with stocks. Total sales at par value were
| $1,S75,O00. United States fours, registered,
| advanced " per cent on the last call.
Following are the days share sales and
| the recorded price changes: