The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-14
MORE CHEERFUL FEELING
1T HAS ITS EFFECT IN WALL
STREET SPECULATIVE CIRCLES.
Price Movement Slowly Upward, with
a Slight Reaction aat the Close
Monetary Conditions.

NEW YORK, March 1s.-Sentiment in
Wall street took on more cheerful tone
again to-day. and an upward tendency OF
prices was in force. The movement did not
display much vitality, and was mostly CEN
tered in a few stocks, especially the Wa
bash issues 1t had for it's principal basis
the fact that professional traders found
that they could bid up prices above the ex-
with the offerings brought out in conse-
quence.
This evidence of the cessation of the
pressure to liquidate. which has been bur-
den on the market for several days, led to
the indulgence of a hope that the bank
statement tomorrow would be more favor
able than has been expected, in view of the
continued heavy drain this week upon cash
resources. The quietness Of the money
market fostered this hope. 1t is not I'M
usual for the special demand for loans in
cident to the carrying over of stocks from
Friday until Monday to cause furry In
the call loan market on a Friday. To-day
1t was feared that the preparation for the
payment of the 900 Of Standard Oil
dividends on Monday would aggravate this
tendency. On the contrary, the money mar
ket was notably calm, until III was paid in
the last five minutes. Traders were dis
posed to reason that the position of the
banks must be better than supposed. Ru-
mors were renewed of intended measures Of
money market relief by the Treasury De-
partment. and it was alleged that the pres
ence in Washington of j. Z. Morgan was
for the purpose OF urging such measures.
The proposed measure took form in the
f,f r1rafi inn a
OF the outstanding per cent. bonds OF the
government. This issue, of which there are
SIS, 3S5,050 still outstanding, will mature on
Feb 1, 1904. The rumor met with denialS In
Washington. Much discussion was given
also to a report that both houses Of Con-
gress would be called in extra session
early in the fall to ratify the Cuban reel
procity treaty, and also to act on the
Aldrich financial bill or some similar meas
ure. The upward bound OF Sugar was In
response to this rumOr.
The effect of these rumors, which were
all without verification. was evidence Of the
primary Importance still attached to the
money situation in the speculative outlook.
A sharp reaction in the London market
occasion of some profit-taking in Amalga-
mated Copper. This was well absorbed,
and did not cause more than IA decline in
the stock at any time. The bringing of suit
by the Southern Pacific pool interests to
enjOn the Union Pacific from voting its
holdings of Southern Pacific and the grant
ing or the 1nJunctlOn naQ little erect on
the prices of those stocks, but rather quiet
ed the speculation In them. The reaction
in the last hour seemed due to profit taking
on the days advance by room traders al
though the rise In the call money rate to
61k per cent. after noon was an added infu-
ence.
The offering of tx per cent. in call money
was not given much significance. The loss
to the subtreasury during the week of
81, 100000 was offset by the receipt of only
a few hundred thousand dollars on balance
from the interior. If to-morrow'S bank
statement accurately reflects these move
ments in the cash item there must have
been loan contraction of upwards of
$12, 0OO, 900 to have prevented inroads upon
the legal reserve required of the banks.
The bond market was dull and irregular.
Total sales, at par value, were 81 305, 600
the last call.
Following are the days share sales and
the recorded price changes: