The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-01
NO MOVEMENT OF NOTE
sTOCK MARKET PROFESSIONAL,
sTAGNANT AND HEsITATING.
4 Few Under PnIpabIe MAN.
ipulation-COntined Firmness in
Money Rates.

NEW YORK, March 31.-The professional
element on the Stock Exchange had some
hopes tina the favorable bank statement
published on Saturday during the holiday
interval in the trading would induce some
speculative activity. and it marked up
prices at the opening to-day with a show
of recovery. The market. however. almost
Immediately developed the spotty character
which has been the rule Of late and fell
into heaviness and semi-stagnation. There
was another upward movement towards
the end of the day, based on the assump-
ton that the quarterly and monthly dis
bursements to be paid tomorrow and the
completion Of the preparation for them
would result in a relaxation Of the money
market. But the late upward movement
showed signs of being abortive, like that
at the opening, and did not extend 10 a
large number of stocks. St. Paul was
about the only stock which is ususally
prominent to show an advance Of over a
point, in spite of the decrease in net earn
ings for February reported to-day, while
Union Pacific, which reported a hand
some increase in February net earnings,
fell short of the one-point advance and
reacted again before the close. Rock
Islands APPOINT advance and the gains by
the Chicago & Northwestern stocks were
not very convincing, while the rise of all
the way from 1 to over 6 points in a group
of less conspicuous stocks was quite in
effectual to induce a speculative following.
The Canadian Pacific group. including the
Minneapolis, st. Paul & Sault Ste. Marie
stocks and the Duluth, South Shore & At
lantic, were most conspicuous in this cate
CORY. Hooking Valley also forged upwards
21k. The activity in these was dwarfed by
the overwhelming preponderance Of Colo
RADIO Fuel. Amalgamated Copper and Sugar
in the dealings. All of these were de-
pressed after the opening, but recovered
sharply. Sugar rising a point above last
week on account of the report from the
committee on ways and means Of the Gu
ban reciprocity bill. All these stocks re-
acted again at the close, which was irregu-
lar. Although the completion of the prepa-
ration for the April l settlement seems to
insure the money market against any pres
ent furry, there is no expectation in we'll
informed circles Of an early relaxation in
money rates. Foreign requirements are
too large to permit the money rate here
10 run down without drawing gold. To-
days advance in sterling, in spite of the
closed markets in London and Paris, indi-
Gates that gold may go out anyhow. Pay
ments OF government interest this week in
London are expected 10 ease that money
market. but the British chancellor of the ex-
chequer will undoubtedly take advantage of
the position to place the new loan, which is
expected to amount to $3.50. 000, 600, the
monthly installments on which will hold
the market firm in the future. Govern
ment interest payments here in New York
of about SO, 600 BOO will be promptly offset by
drafts of lawful money TO retire bank
circulation up to the $3,000,0OO monthly limit
allowed, applications for which are already
on file I'm Washington. Other uncertainties
which have %overhung the market for some
time past, and relief from which does not
appear in sight, promise to keep a re-
straining influence on speculation for the
immediate future.
Some OF the speculative bonds were in
clined to advance, but there was no gen.
eral activity in the market. Total sales at
par value were S4,675,0 900. United States
bonds were unchanged on the last call.
Following are the days share sales and
the recorded price changes: