The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-03
STOCKS Dull AND LOWER
MONETARY SITUATION AN INCREAs-
ING INCUBUS ON THE MARKET.
Few spasmodic spots OF strength
Have No General EHect-Pending
New Issues of Securities.

NEW YORK, March 1.-The closing rally
in stocks on Saturday had some slight in
huence on the dealings to-day. but the ad-
vance was Insignificant and the market
soon relapsed into dizziness and neglect and
a slow downward movement. The decrease
in net earnings for January reported by st.
Paul was an unfavorable influence, al
though it was sought to explain it by the
high price for fuel which had TO be paid.
Amalgamated Copper showed some strength
owing to the further advance in the metal
both here and in London. and in Pennsyl-
vania there was some resistance to the de-
preston Late in the day again the unex-
planned advance in Manhattan induced some
recovery in prices, but the closing was I'M
steady and very dull.
The money situation continues to weigh
on the market and the professional traders
made the varying rumors regarding the
chance of the Aldfich financial bill the NOM
inar motive of their operations. The weight
of the days rumors inclined against the
bills chances, and. this was assigned as a
cause of the declines. There was no money
to loan on time in Wall street at less than
per cent. to-day, and many lenders were
not willing to accommodate any but their
regular customers The ruling rate for call
money was 3& per cent. Some RELIEF was
afforded by large sales of bankers bills in
the exchange market in the process Of bor-
rowing foreign funds. Discounts We're
easier in London, and there was reported
an expectation that the bank rate would be
reduced there this week. But there was a
suggestive break of / centime in the ster-
In ta of VIII
cheaper money in London will lead to with
drawals of French capital The New York
banks have already lost s., 10000 to the sub
treasury since Friday. and that institution
had a credit balance in the clearing house
this morning of $344.3l0. showing the con-
tinued decline of funds there. There was
rather less pressure. however, on New YORK
from the interior, exchange at Chicago re-
covering TO zoe discount, compared with
40c discount last week. A contraction OF
bank rese is normal to this season,
and is expected to go further. The surplus
reserve of S., 591, 900 of the associated banks,
disclosed by Saturdays bank statement, is
the lowest for this season since 1880. Last
weeks insignificant contraction In loans
leaves that item of the clearing house
banks still practically at the highest record
in their history.
1t is estimated also that securities lately
authorized, but rather more remotely In
prospect, run up to over $2OO,OOOOOO. Mean
time underwriting syndicateS carrying over
from last year are being dissolved ana the
securities distributed, forcing members of
the syndicates to resort to the banks for
credit to carry them as individuals, or to
sacrifice their holdings by forced sale In the
market Sales of bonds for February this
year in the stock market decreased nearly
$4,000, 600 in par value, or over Y per cent,
from the sales of February of last year.
These are the conditions that keep specu-
lation from the stock market and discour-
age investment demand.
Bonds were dull and inclined TO be easy.
Total sales, par value, were N,9S5,O0. United
last call.
Following are the days share Sales and
the recorded price changes: