The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-22
| STOCK MARKETISSTRONG
LAST WEEKS CONDITIONS WIPED
OUT IN Yesterdays TRADING.
Cleveland & Pittsburg Announces
SIO,OOO,OOO stock Issue-Consid-
cradle Pressure on Steel.

NEW YORK. March 21.-The movement of to-
days stock market in large part wiping
out of conditions established last week. rather
than a response TO any events bearing on
values. The action of the market was looked
a sort of test OF the character of last
weeks strength.
The opening of a week following such an ad-
vance that OF last week is likely TO show
an accumulation of buying orCers in commission
houses result OF the larger intervals OF the
sunday holiday, the special influence OF weekly
letters from Wall-street houses TO their clients
and the natural disposition to up results
With the turn OF week.
Monday morning is therefore looked TO for evil
dence OF how far a speculative movement has in
terested the outside public. But for the very
reason tina. stirring OF public interest in the
market is likely to make itself seen hrst a
or stocks keenly awake 10 realize any profts
aecrung on their holdings by the absorptye
This is so generally the case that high open
ING on Monday Is one OF the unfavorable auspices
In the Interpretations creed of the professional
operator IN Wall street
The rule proved itself in most details to-day.
The buoyant stock market of Saturday seemed
TO have resolved the doubts Of many skeptical
observers and there was sufficient demand to
cause higher opening this morning. and to sus-
tain prices firmly. though without further ad-
vance during the active market of the first hour.
ADVANCE DID NOT LAST.
Thereafter the market languished and at
tempts to renew the advance met with indifferent
success. There had been large realizing besides
"a considerable interest established the short
side. The preponderance OF the professional de-
sire was. therefore for reaction and there waz
not sufficient buying power forthcoming to pre-
it,
The heavy pressure to sell United States Steel
preferred was of especial influence in bringing
about the reaction and was not accounted for
by any news of change in last weeks better
outlook in the trade.
Rumors OF cut in prices Of steel bilIets were
denied. Further rains in the winter wheat belt
helped TO sustain the grangers in the early mar
kct. but did not save them from the late reac-
ton.
There sufficient demand for Northern Sc
CuritieS on the curb to lit IL nearly points
over Saturday, which is taken to indicate a
FEELING of assurance against losses by stock
noloers IN the dissolution of the company.
The recovery In the cotton market was a safe
guard against further damage by speculative
losses there. These would have been regarded
as II was OF good news Saturday, but they
were TAX i advantage of to sell to-day.
BIG STOCK ISSUE ANNOUNCED.
The announcement Of $4,000. 900 stock issue
by the Cleveland & Pittsburg, on the Pennsyl-
vania's guarantee of dividends, was a notice that
the capital expansion of the Pennsylvania sys-
tenn Is still in progress, and was OF rather chilli
ing effect, but not especially upon Pennsyl-
vania itself.
Western railroad officials spoke in rather cheer
full terms Of the traffic outlook, but their in
fluence overhorne by the assertion Of Pres
dent Mellen. OF the New Haven, that there had
been slump in business in New England to a
degree that called for large curtailment in rail-
road service.
Conditions in the money market I'M
changed, and were without effect stocks.
Bonds moved in sympathy with stocks. The
| United States Steel second 1veS heavily
sold in the late dealings, together with the pre-
| ferred stock. Total sales at par value were 81 :
and the old tours II per cent. call.
Sales and the range: