The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-06
STOCK MARKET ACTIVITY
DEALINGS RISE ABOVE THREE
QUARTERS OF A MILLION SHARES.
Price Movements Are Irregular and
the Close Is Easy at General De-
clines-Money I'm Good supply.

NEW YORK, Feb. 5.-The aggregate
dealings in stocks rose to above three-quar-
tiers of million shares to-day. The mar
ket was broad and at times very active, and
also gave a general impression of strength
and advancing prices. That this impression
was to some extent illusory Is manifest
from the small and ragged showing of no
gains Of the day. Whereas, at one time
large number of leading active stocks were
a point or more above last nights close.
the last prices of the day were in all cases
moderately below the best, while in many
instances the earlier gains were wiped out
by final prices made than those of last
night
The sldllful leadership of the market may
be safely inferred from this showing, and
1t is not a rash assumption that profess
sional manipulation also played a part in
the price movement. 1t is evident. however,
that operators in stocks with large re-
sources and with an extensive organization
for the purpose have ventured on a stock
market campaign for an advance in prices.
There is no evidence yet that the leader
ship thus undertaken has been effective in
attracting any large buying movement.
There was some increase i'm commission
house business, and the later downward
course of prices warranted the presump-
ton that the professional operators we're
taking advantage of this demand to realize
profits. The prevailing ease of money is
the dominant motive of the reviving of
speculation although the low rates to which
call loans have fallen are in part result
of the recent stagnation of the speculative
demand.
The leading feature of to-day's market
was the announcement OF the decision of
the New Jersey court in favor of the right
OF the United States Steel Corporation to
convert a part of its preferred stocks into
bonds The stocks of the corporation adj
vanced strongly on large dealings after
the decision became known. Earlier in
the day the Reading stocks were the lead
ers OF the market and their upward move
ment was said TO be due to the expectation
that the first preferred is to be- restored to
the per cent. dividend list and the vot-
| ing trust dissolved, and that the control
Is definitely lodged in the hands of the
Lake Shore and the Baltimore & Ohio. Ii
was thought possible also that the heavy
liquidation of the minority interest which
followed this fixture OF control had re-
suited in the creation of a large short in
terest, which was driven to cover yester-
day and to-day. 1t was very noticeable
that the large concurrent buying Of Erie
and Ontario & Western resulted in very
slight price movement.
The Pacifics grangers and Southwesterns
moved upward in company, and this ad
vance was attributed to the belief that the
| agreement arrived at between the Rock
Island and the Union Pacific authorities
would be a benefit to the whole railroad
situation In that part of the country Wa
bash had the special benefit of the perfec
| ton OF its franchise to enter Pittsburg
| Sugar was carried down sharply on tn,
| announcement of a cut in the refined
product. Rock Island also seemed to b,
! under the pressure most of the time, anC
did not share in the early strength il
the grangers. The profit taking became
quite general at the last under cover of thu
| late strength in United States Steel, anl
| the close was easy.
The bond market was active and quit,
| broad. but there was some irregularity In
| the price movement. Total sales par value
$3,07O.000.
United States bonds were all unchanged
| on the last call.