The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-04
SOME SHOW OF STRENGTH
STOCKS ARE MORE ACTIVE AND
PRICES ARE TEMPORARILY Up.
Late Reaction Is Unexplained-Ex-
change Market CONTINUOUSLY Strong"
but Call Loans Are Very Easy.

NEW YORK, Feb 3.-The professional
element among the traders contested the
apathetic condition of the stock market to-
day and developed some show of strength
and activity before the close.
There was a very meager outside follow
ing and very little news on which to base
during the morning became dominant. and
the professionals apparently resigned them
selves to the neglected condition of the
market. The movement in the Wabash
curities led the way out of the lethargy of
speculation. These stocks made a slight
advance at the opening on the strength of
the news from Pittsburg that the franchise
for the companys entrance to the city had
been favorably acted upon by the City
Council. but the stocks fell back again and
the debenture bonds particularly suffered
from realizing. The later movement had
no fresh news to go on. One of the de-
pressing factors early in the day was the
weakness of New York Central. which also
was without news to account for it. This
movement was the result OF characteristic
traders campaign. Yesterdays selling of
Pennsylvania on the score of the conversion
privilege for the bonds carried the price of
Pennsylvania stock below that of New York
Central. whereas it has dulled constantly
that stock for a long time past. For this
reason traders sold New York Central and
bought Pennsylvania to-day. The news OF
the sickness of the King of England was an
influence In the early dizziness, as was also
the renewed hitch i'll the negotiations for
the settlement of the Venezuelan difficult
ties. The December statement of the Penn
sylvania lines, both east and west of Pitts
demonstration
prevailing tendency of railroad expenses 20
encroach on net earnings that the effect
was rather depressing.
Sterling exchange was ominously strong,
and IL was said that the freight blOckadeS
and the falling off of the grain movement
had resulted in a scarcity of grain bills in
the exchange market. AT the same time
the prevailing ease of money Is an induce
ment to borrowers from foreigners to pay
off maturing obligations abroad. Exchange
eased slightly at the close. The growing
plenitude of loanable funds was probably
the basis for the attempt to advance prices
of stocks. The rate for call loans fell be-
low per cent during the day. This state
of ease is due in large part to the declined
quietude of speculation. The proposition
of the clearing house committee to require
a per cent. reserve fund by the trust COM
panies, with progressive increase for the
future, proceeds in line with the policy OF
conservatism.
A number of the metal stocks were con-
spicuously strong in tO-days market. The
advancing tendency of copper, the measures
TO consolidate tie lead interests, the gov
ornamental measures which are discussed
for the improvement of the silver situation
and the extraordinary activity in the iron
trade combined to form the basis for this
movement. which included Anaconda,
American Smelling, National Lead and later
in the day United States Steel and the in
dependent iron and steel companies.
Wabash debenture BIS overshadowed the
bond market, which was otherwise irregu-
lar. Total sales at par value were $5,375. 000
United States bonds were all unchanged on
the last call.
Following are the days share sales and
: the recorded price changes: