The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-02
DULLNESS is INCREASING
NEW YORK STOCKS sTAGNATE IN
DER REPREssIvE INFLUENCES.
London an Effective Factor to Inlet
ude and to Lower Priccs-Money
Market slightly Easier.

NEW YORK. April 1.-The stagnant con-
dition Of the London market this morn
ing or the resumption OF trading after the
four days interval still further deferred
the hopes OF the speculative contingent
which has been counting on an awakened
interest in the stock market. The con-
tinued absence from the street OF large
capitalists and the coming departure for
Europe of the central figure of the fnan-
cial district had a further discouraging
effect upon the smaller traders. who have
been processing confidence that the powers
in the money world were going to put
stocks up" The consequence was consid-
cradle selling by tired holders anc a droop-
ing market. The sagging tendency gradual
ly permeated the whole list, overcoming
the strength of those specfalties which rose
strongly early in the day. The leaders in
activity were Colorado Fuel, United States
Leather, Amalgamated Copper and Sugar.
Colorado Fuel lost all OF its gain, which
amounted at one time 10. pa. and closed
with a fractional net loss. Sugar was I'M
der pressure and United States Leather
stocks did not fully maintain their advance.
Amalgamated Copper, however, was per-
sistently firm and closed at the top with
a net gain OF 2 points. Reported consolida-
ton Of the copper properties of the prin-
cipal rival interests made the bears In the
stock timid and they covered heavily. A
judicial decision unfolding the New York
franchise tax weakened the New York pub
lie utilities and caused some sympathetic
response elsewhere. Decreased earnings re-
ported by the American Car and Foundry
Company depressed that stock. The coalers
were affected by the announcement that
the summer schedule of prices, representing
a reduction of so cents per ton from the
winter schedule, was In force to-day in
stead Of being postponed until May l, as
was expected. The fact tina the dispute
with the miners is still open was an addi-
tional influence.
The money market was distinctly easier
both for call and time loans. and the large
disbursements payable to-day are expected
to further increase the resources of the
market. To-day's dividend and interest
disbursements were estimated at upwards
of $50, 100000. The London money market
also was easy to-day and sterling exchange
at Paris recovered a fraction so that the
advance in sterling here left a margin still
between the market and the gold export
point. This influence seemed TO be ignored,
however, as the ease of the money market
is not expected TO prevail for any length
of time. The British loan will be an
nounced soon. and foreign banking houses
American subscriptions which will increase
the demand for remittance I'm addition TO
the natural attraction for gold which will
result from the hardening of the London
money market. The March statement of
the federal finances shows a surplus for
the month OF IS, 273, 413, which is less than
a million under the surplus for March of
last year. The available cash balance in
the treasury, which has been held down
in the neighborhood of $40, 000.OO0 for many
months by the redemption of government
bonds. has now run up to nearly SITS. O00, 900,
with the prospect OF a considerable daily
addition with the demptio of govern
ment bonds suspended. The security of
the New York money market from future
complications is. therefore, not clear, and
this continues TO be a Oppressive influence
on speculation.
The bond market was less active, but
was generally steady. Total sales at par
value were SO, $50, 600. United States bonds
were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: