The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-18
DULL AND PROFESSIONAL
Support for Southern Pacific Imparts
ely Conditions Less Satisfactory.

NEW YORK, March 17.-To-days stock
market was entirely in the hands of the
professional operators and these, for the
most part. of the smaller class. The whole
market was dominated by Southern Pacific.
The manifest support for that stock and
the cessation of yesterdays pressure
against Union Pacific caused a check 10
the early selling here and a gradual re-
covery ensued. Late in the day Southern
Pacific, Union Pacific, st. Paul and one or
two leading speculative stocks were
point above last night. The realizing at
the last took the top off prices and the
close was easy.
During the unsettled period Of the morn
ing there was continued pressure to sell
New York Central, carrying that stock
down almost a point. The persistent slow
liquidation in this stock has a very de-
pressing sentimental effect on the whole
market. 1t is variously explained as being
due to sales against expected privileges to
subscribe to new stock, or to the general
conviction that with money at per cent.
high-grade railroad stocks are on too high
a price basis New York Central recovered
with the rest of the list and there were
some sharp rallies from recent depression
in Northwestern, the local gas stocks and
a number Of specialties. Reading was
center of some positive strength, which
was attributed to the expectation or Ia
vorable showing on February net earnings
The renewed advance in the London cop
per market led ID revival OF the demand
for AmalgamateG Copper. The recovery In
the Pacifics was followed by the announce
ment that the speculative pool In South
ern Pacific has been extended from April
/, the original date of it's maturity, to
April 10. Speculative sentiment seemed to
be as much confused by this announce
ment as by the previous moves on the
part of the pool 1t has been feared that
the coming dissolution of the pool would
lead to the throwing over of some heavy
offerings of stock. On the other hand, its
continuance will involve the further tying
up of large credits. The extension also has
the tendency to increase the weight, from
a stock market standpoint, OF the litigation
instituted on behalf of the pool against
the Union Pacific control of Southern Pa
cific. Some favorable effect was produced
by the conference undertaken between the
officials and employees OF the New Haven
system for an adjustment of the labor dis
pute.
Money was somewhat easier with per
cent. the maximum rate for call loans and
a decided softening of the market after
the principal demand had been met. The
subtreasury established gain of some
thing over 100000 from the banks since
Friday, thus wiping out its contribution OF
yesterday to the local money supply, but
the rate of absorption by the government
is much less than 1t was last week On
the other hand, there was very SubStan-
tial rise in the foreign exchange rate.
With the relaxation of the money pressure
here and hardening Of money rates in
Berlin and Paris. there is said to be less
inducement for the placing of foreign
funds. For whatever reason, the foreign
exchange market is now practically bare OF
loan bills. so that the demand for remit
tance has been sufficient to cause a ma
teral advance in the exchange rate.
The bond market was dull and irregular.
Total sales at par value were S1,1o4, 600
United States registered threes declined II
on the last CALL
Following are the days share sales and
the recorded price changes: