The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-24
DAY OF FEARS In STOCKS
RUMORs OF DECISION IN NORTHERN
SECURITIES CAUSED WEAKNESS.
Market Was Strong ut Opening. but
Developed Weak Tone i'm the Az
ternOon-BOnds Active.

To corresponding cay last year .--o,ooo'-o"
NEW YORK. Feb. PA good start against
depression was made by the stock market this
morning but the tone became nervous and APP
prehensive as the day on, and in the after
noon there was positive weakness
Some OF the early Improvement had its i'm
petus from foreign sources. where the success
of yesterday in calming the panice-' conditions
the Paris Bourse was followed by some re-
bound. The later action OF the local market
gave rise to the supposition that none of the
early advances were stimulated by manipulation
to afford better basis for selling.
The concentrated nature of the selling induced
some fears that large interests were hquidating
their holdings. The suspense felt over the com
ing Northern Securities decision was an impor-
tant influence in the market. and there was
room for the opinion held by some persons that
1t was the dominant influence 49,
Wall street was entirely at sea during the
morning to what expect on the subject.
London reported a belief that a decision would
be handed down to-day and would FAVOR the
company. No decisive information could be Sc
cured here whether the court would hand down
Monday being the usual decision day. it was
doubtful whether the holiday OF yesterday would
lead the court 10 hand down their recess oecl-
sions on this, the first day of assembling
When the report was received that decisions
greatest weakness of the whole day, in SYM
PATTY with break of 2$l in Northern Securities
Uneasiness over the foreign financial situation
was revived by the report or an important Dank-
ing failure in Berlin. and the strength or the
local Exchange market gave color to the doubts
felt 1t is realized that Europe is not stripped
OF American securities. however large the re-
cent reduction in the floating supply there may
have been.
Extensive financial disturbances in Europe
would be sure to precipitate pressure upon the
worlds strongest financial point. which seems
to be New York at present. The influx of cash
into New York, which is making II so strong, Is
viewed somewhat obviously. taken in connection
with the decline in railroad earnings and the
shrinkage in the countrys bank clearings point
ing to decrease in business activity, which is
not wholly reassuring.
The tendency Of the vote on the Panama
treaty pointed to early call by the secretary
of the treasury for portion of government de-
posits in national banks.
A further cut in the lake grain rate kept alive
apprehension the of rates. The end
of the moratorium Baltimore obligations UNI
covered no embarrassment, which caused sat
isfacton.
The market closed at about the lowest of the
day and showed losses ranging between and
ia points. Southern Pacific the most
lively pressed for SALE and number OF dor
mant stocks made violent declines.
Bonds were moderately active and easy. Total
sales, at par value 81, $40 000 United States
tnrees. registered advanced Ia per cent. on call.
Sales and the