The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-19
MONEY SOMEWHAT EASIER
STOCKS RESPOND TO THIS INFLU-
ENCE, WITH HARDENING PRICES.
Southern Pacific Shows Special
strength on Individual Causes and
Registers n Gain of Five Points.

NEW YORK, March 1s.-Stocks showed
some hardness to-day. and hopes were in
dulged in for a rise on the part of a con-
watching the market closely for recovery
when the interior begins to send back
funds to New York and money becomes
easier. The few scattering indications of
a relaxation Of the money market did not
appear sufficient to induce buying much be-
yond the ranks of the professional shorts.
who have become uneasy over the cessa-
ton of the liquidation in stocks, and show
anxiety to cover. The cessation of the re-
cent persistent selling of New York Cen
trail and Pennsylvania was a particularly
favorable influence in a negative way. The
advocates Of higher prices stand in dread
of obstacles to be encountered in the way
of selling orders on the part of persons
who are tied up In unmarketable ventures,
and who may desire to realize in securities
with an active market to protect them
selves in possible money squeeze later
in the year. 1t has been feared that the
recent selling of Pennsylvania was for the
purpose of making good losses sustained
in project that has come to grief. The
stocks is. therefore, of great sentimental
influence on the market.
Money conditions are undeniably less
stringent. The doubt is how far this is
due to the liquidation Of stocks and the
lessened demand for money in the market,
and also to the transfer of obligations to
foreign creditors whose demands for reim-
bursement must be met in the future. The
advancing course of foreign exchange is a
significant evidence of the present end or
the borrowing from foreigners. The sub
treasury made another small contribution
to the local money market supply. Interior
banks, for some time past, have arranged,
as far as possible, for all obligations to the
government to be paid to the New York
subtreasury by draft on their New YORK
correspondent banks. The lessened require
ment of the government institution may be
accepted in part as more compliant atti-
tude on the part of interior money centers
toward New York.
OF to-days special movements that In the
coalers was due to gossip that the report
of the anthracite strike commission, pre-
septed to the President to-day, would prove
favorable to the companies. The influence
of Sugars advance also came largely from
Washington, and dealt with the Cuban rec,
iprocity treaty Buyers Of Tennessee Coal
professed to have information of very large
current earnings. Corn Products were
bought on the declaration of Its first divi-
dend. Southern Pacific furnished the only
sensational feature of the day. There was
heavy buying of stock in the last hour,
which carried the price up points. the net
gain being only fraction under the top
figure. The stock loaned at a premium or
IA and there were rumors of important de-
velopments in connection with the contro-
versy between the pool and Union Pacific
interests. Shares of the latter company
were moderately active at point gain.
The bond market showed steadiness
throughout the day, but shared only to a
slight extent in the strength of stocks. To-
tai sales at par value, were $3,4I5,OO0. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: