The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-20
SPECULATION Is REVEVING
sULLY FAILURE DOES NOT HURT
MARKET.
st. Paul and Reading Made Most Prog
ress Yesterday-Wa1l street Is Get
ting Into Hopeful Mood.

Corresponding day last year.......... 24O,!oo
Sales to date this year. <O.t 3V,ttV
To corresponding date last year.; 81 ,coZ,sOo
NEW YORK, March 1s.-To-day's market dis
closed lively revival Of speculation apd closed
animated and buoyant at the top level Of the
day.
Not only was yesterdays reaction caused by
the sulIy failure than wiped out, but net
gains were established for the principal active
stocks running from over a point TO two points.
St Paul Reading and Sugar the largest
gamers, but there was a very large absorption
OF Pennsylvania and the Pacifics a rising
scale.
The equanimity with which the market ac-
cepted the Sully failure was the motive for the
squirt Of bullish enthusiasm. The rise started in
the face Of the announcement OF an additional
failure on the Cotton Exchange, and gained
cumulative force after brief periods Of hesitation
which induced no important reaction.
Fears that the failed cotton bull had extended
his speculations into the stock market were re-
lieved, and no anxiety seemed to be felt that
the speculative losses in cotton would induce any
realizing IN the stock market, such often re-
suits from large losses elsewhere.
The events in the cotton market were viewed.
in fact, with some complacency in the stock mar
ket as promising a return to price level fairly
representative OF cOnQltlOnS Oh llldl Sldple,
likely to renew demand from foreign and do
nestle spinners.
MONETARY INFLUENCE; REVIEW OF THE
WEEK.
The decrease in cash reserves of the banks and
the decline in the surplus, which ordinarily cause
a chill to speculative enthusiasm. were also taken
in good part.
The recent tendency Of cash to longest in re-
serve centers has been viewed rather indi-
~, Of ~ than as n
ing any need In the money market, where the
tendency of interest rates OF all kinds is dis
tinctly downward
The continued in the morey market leaves
unopposed the advance in the foreign exchange
rates, which continued to-day and approached
TO the point at which gold would go out
T The long-expected Northern Securities decision
or Monday unlocked the rigid bonds which held
the stock market in a state OF stagnation for
nv more than double that of 1ast week, and
| prices for the principal active stocks are from
2 g points oyer last week.
1t is the general conviction that the large part
of the demand for stocks has come from the
short interest left uncovered. although commits
Besides the short covering, there is TO be count
ed some buying orders by banking and financial
| protection against a possible break on the de-
cision and the operations by professional traders
| profit out Of the necessities Of the uncovered
bears, On the whole. therefore, II is believed
that the weeks rising market has been little due
to any growth of investment demand
DECISION DOES NOT CAUSE LIQUIDATION.
The quickly apparent fact that the Northern
Securities decision not throwing any large
volume of liquidation on the market a
warning that precautionary operations in the
fear of damaging effects of that result had been
completed. 1t was evident Also that SOME i'm
portant bear accounts were held open in the
face of the first covering demand in the expecta-
ton that the upward movement would be short
| lived
The covering of these was the sustaining niu-
| ence in the later advance With the Northern
Securities case out OF the way II was ieit tha
cause any further DECLINE In prices, and the shorts
| were impelled to cover
The speculative community has given a broad
Interpretation TO the official intimat lions on behal
OF the administration that there was no inten
tion to run amuck' with the powers in theil
| hand.
1t is the common assumption in Wall stree
| that this means that no further proceedings are
| to be entertained for the present against othel
same element sees in the opinion Of Justice Brew
cr OF the majority Of the court. that in the like
which 'reasonableness'' or its potential restrain
of interstate international commerce might b.
urged, the complexion OF the courts decision
might be altered.
TALK OF LEGISLATIVE AMENDMENTS.
Talk of legislative amendments to the statut
to the end has also been dwelt II
the revusion of sentiment thus produced Their
has even been faint revival of interest In SOM
of the community of interests projects whicl
were supposed to have reached the embryo stag
when the blight of the Northern Securities prose
cution fell them. 1t cannot be said tina
this represents the prevailing sentiment in tn
larger financial world.
Any possible harm to the transcontinental rail
road situation any reopening of the ferc
contest which the Northern Securities forma
ton was designed TO settle finds place in pub
Which has had small recognition is the recover
i'm foreign markets Which has occurred. Thi
4 is small
the covering of short contracts.
or domestic factors, large importance has bee
attached to the hopeful expressions by Presiden
Gould on his return from a tour of the wild
territory covered by the complex railroad syster
under his direction.
Railroad traffic officials as body have modifie
their former discouraged views Of the outlook 70
new business and have adopted more hopeful
tone.
IMPROVEMENT IN IRON TRADE
The advance in the prices Of various lines
iron and steel products is evidence of the re
vival in that industry. The breaking OF tn
drought in the Southwest relieves a cause O
anxiety.
The February foreign trade statement reveale
how far the decline in this demand had gone an
how important a bearing it was having upon tn
balance of trade.
The approach of. the period for the Panam
canal payment increases the Importance of thi
factor in the exchange market.
The decision by soft coal miners to accept I'll
offered wage scale is regarded with satisfaction
The shutting down of some of the anthracit
mines, owing to the slackening demand. is
counter effect.
aCfancing bids have been recorded for some
the high-grade investment bonds United State
fours coupon have advanced Is per cent
likewise registered: the threeS and old tours
per cent. and the twos Y per cent call sine
last week Saturdays bond sales. par valu,
Sales and the range yesterday:
High Low Clo
RAILROADS Sales est est Biz
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