The Indianapolis journal., 1903-04-16
VOLUME IS MUCH LESS
BUSINESS ON THE STOCK EXCHANGE
SHOWS A HEAVY DECLINE.
strong Incentives to Caution for
Traders on the Long Side-MOney
Market Is Working Much Easier.

NEW YORK. April 15-The notable fea-
ture of to-day's stock market was the de-
cided falling off in the volume of business.
Aggregate sales for the day barely reached
half million shares, compared with over
100000 shares yesterday and a million and
a quarter on Monday. There was some con-
tinued demand to cover short contracts to-
day, but there was also evidence of further
liquidation of a substantial, but not al all a
precipitate character. AS prices reached
higher level there was the inevitable SELL
ing which always follows violent decline
by lucky traders who got in at the bottom
and are quick to take profits. and also on
the part of buyers of a more influential
character, who bought on the decline to
support the market and to reassure senti-
ment with the purpose of preventing need
less sacrifice of values. There was large
amount of this kind of buying on Monday
and yesterday morning during the strug-
gle to turn the market upward.
The fact that Northern Securities on the
curb. although quiet. ruled all day at
level below last nights close, was an addi-
tional incentive caution on the long side
Nevertheless there was considerable buy
ing at different points in the list of SEEM
ingly good character and based on individ-
ual causes. Missouri Pacific was we'll taken
all day, on its report of net earnings for
February, showing an increase over Febru-
ary of last year Of $373776, which Is no less
than 10 per cent. increase. The other MEM
bers of the Gould group moved in SYM
pathy. Baltimore & Ohio's report for March
showed an increase in net earnings of "a
per cent, and the stock was freely bought
in consequence. Norfolk & Western moved
up in sympathy and was helped by rumors
of a proposed increase in the dividend rate.
The annual meeting of the New York Cen
trail stockholders. without any action to-
ward the new stock issue, and without any
evidence to confirm recent allegations of a
change in control relieved some anxiety and
had a favorable influence. Among the In
dustrials Sugar had the advantage OF an
advance in the refined product Ice pre-
ferred reflected reports Of an acquisition In
Baltimore. Metropolitan Street-railway re-
sponded to rumors that the question of in
vestigation of its finances by the local mu-
nicipal authorities was decided in the neg
ative, an advance In the London copper
market helped Amalgamated, and poor op-.
erations were manifest in United States
Leather stocks A number of the iron and
| steel industrials were inclined to advance
| also. The tone of the whole market
| changed late in the day, when Manhattan
| began to run off on the news that the de-
| mands of the employees had been refused.
| The general market reacted, and in many
cases fell below last night, the Pacifics and
! Western stocks being notably affected.
| Among inactive stocks there was a drop of
| q points in Westinghouse Electric first pre-
| ferred and Is points in Fort Worth &
| Denver City stamped.
The money market continued to work
easier both for call and time loans. The
| subtreasury in contributing to the local
money market by reason of the increase in
! refunding operations and the rates OF ex-
| change at interior points indicate flow OF
currency toward New York. There was a
| stiffening of foreign exchange rates, how
ever, and an advance Of discount rates both
| in London and Paris.
Bonds were firm for the most part al
| though there was some recession on the
| late reaction in stocks. Total sales, at par
| value, were 81, 600. United States old
| fours declined Il and the fives advanced a
| on the last call
Following the days share sales and
| the recorded price changes: