The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-10
STOCKS SHOW net GAINS
THE MARKET DEVELOPED POSI-
TIVE STRENGTH YESTERDAY.
Insurance Companies VIII Not Have
TO Sell Securities on Account OF
the baltimore Fire.

NEW YORK, Feb s-The stock market to-day
went beyond the partial resistance TO depression
which characterized It yesterday, and developed
positive strength in OF the continuance of the
present bearish factors.
The lack Of news Of a favorable character TO
account for the advance In prices drove observers
back upon the conclusion that yesterdays fall
comparatively slight il was considered. was
greater than was warranted by the concurrence
of the Baltimore fire. with the rupture between
Russia and Japan.
The violent break Of state funds In foreign mar
kets was again accepted a demonstration this
morning that there was a considerable element
abroad which had still chung to a slender nope
of peace. even after the severance of diplomatic
relations. and whose hope was blasted with the
outbreak Of active hostilities.
The effect on our market was scarcely percepu-
bic from the outset Of the trading Inc concur I-
to American interests is to be feared, directly
or indirectly, from the war.
But more potent influence was the reVulsion
from the fears caused by the early extreme esu-
mates of the money loss from the Baltimore ca
lamity. The measures taken to postpone BAIT
mores settlements and TO extend credits prom
ised opportunities for arrangements 10 De Haue.
The likelihood of considerable portion OF the
insurance risks having passed TO great foreign
companies pointed out. There was less APP
prehension of the necessity OF forced liquidation
OF securities by the insurance companies ana =. a
greater confidence that they would be able TO
secure credits sufficient to avoid the necessity
for any sacrifice of their security holdings at un-
remunerative prices.
This view of the situation does not dispose of
the large requirements upon credits and the
probable effect upon money rates OF this process
The same contingency was more or less ignored
in the view that Baltimore's mercantile world
would be able TO proceed promptly about the
work of recuperation by obtaining credits Inc
special diversion OF this reconstructive expendl-
ture likely TO flow into the steel trade was the
explanation of the special demand for United
States Steel preferred, which carried IL nearly
points over last night, with a notable effect
upon the whole market.
The stock market seemed equally Indifferent &c
the movements in the cotton market, thus offer
ing striking evidence of the change in the tenn
per of speculation The time money market was
appreciably frmer, and announcement was made
of an early call on the underwriting syndicate
for $50,0 900 Lake Shore bonds for the final II
per cent installment of their subscriptions.
There a late of the placing OF
$500. O0O, Russian loan, and foreign money mar
| kets showed a rising tendency. Nevertheless
prices of the leading active stocks here made
| gains of to points.
Bonds free from pressure as stocks
| and were disposed TO advance. Total sales, a.
par value. We're 81. 565 COO. United States bonds
/ were unchanged on call.
1 Sales and the range: