The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-03-24
STOCKS ARE VERY DULL
BANKS NOT IN FAVOR OF CAMPAIGN
FOR HIGHER PRICES.
Hard Spots Are Few and the General
Movement Is DOwnward-Lfttle
Demand for Call Loans.

NEW YORK, March ga number OF
causes contributed to the general weak
ness and dullness shown by the stock mar
ket to-day. Chief among these was the
belief that banking interests will disfavor
any move in the direction OF higher prices
This attitude appears to be based on the
belief that monetary conditions as q whole
are not such as to warrant even moderate
extension OF speculative commitments.
London's prices also were lower, the all
around weakness in that market being led
by consols, which touched the lowest point
In thirty years. However, there was one
note OF encouragement from abroad. The
annual report of the Dresdener Bank said
that fears Of a collapse of the Industrial
development Of this country were rapidly
diminishing. Advices from the granger
States reported normal March conditions.
with restriction of the primary grain
movement, owing to bad country roads.
The trunk lines are still unable to meet
the demands of shippers and the situation
In this regard Is little changed from that
or a week ago. Relief is hardly looked for
until the resumption Of lake navigation.
Opening prices i'm the stock market were
lower for the most part, and reflected an
irregular undertone, but there was little
pressure to sell save in the case of Union
course OF Rock Island, Canadian Pacific,
Amalgamated Copper, Sugar and several
specialties, while Tennessee Coal. Metro
politan and Brooklyn and Rapid Transit
were firm. Before the end of the first hour
the market became more listless and prices
urllted Within a narrow range. The tone
became narrow and professional. and trad
ers used the lower London quotations as
an excuse to SELL There was steadiness
In the steel stocks and a few other in
dustrials>in the middle Of the day. but the
weakness or Sugar seemed to come from
unsettled trade conditions. The decline in
Amalgamated Copper followed a cessation
or the recent active manipula ion. South
ern Pacific was erratic throughout, selling
at an advance of 24 points in the early
dealings, but declining later to the lower
level Aside from the naming Of date
April 3-for the closing Of the books for
the annual meeting. and additional al,ega-
tions of bad faith by the minority stock
holders, no new phase was injected into
the controversy. which Is still viewed with
some degree Of apprehension. Following
slight hardenening OF prices in the early
period Of the afternoon, when abortive
efforts were made to advance St. Paul,
another liquidation movement set In and
number Of issues registered sharp de-
clines. some stocks closing at the lowest
prices of the day. The drive seemed to be
directed chiefly against the PacificS, some
of the grangers and the Readings, and
has the effect Of unsettling the general
list.
London sold upward Of 10000 shares and
bought very little. Sterling Exchange was
10 points lower, but the demand was light.
Further ease was shown in the rate for
time loans, and the days business in call
money which was freely offered, was only
moderate. Considerable thought is being
given to the April money market. A
retrospect OF last years movement shows
gains from the anterior for the first two
weeks of that month.
The bond market was dull and irregular.
Total sales aggregated $2,04O000. Govern
ment bonds were unchanged on the last
call.
Following are the days share sales and
the recorded price changes: