The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-02-02

PERIOD OF DULLNESS, WITH VERY
FEW SPECIAL MOVEMENTS.
Car Shortage Influences Exports, Cur
failing the supply of Exchange
BiIIs-Easy Money Market.

NEW YORK, Jan. 31.-The stock market
was merely nominal affair to-day and the
traders who sold yesterday bought TO cover
on the belief that there no warlike
threat in the Venezuelan situation and that
the labor dispute on the Union Pacific had
a less serious aspect this morning than was
reported yesterday. There was continued
was explained as being due to reports of
very large current earnings. The extra
dividend of u per cent. on Northern Pa
cific had not been foretold, but it was
without apparent effect on sentiments AS
Northern Securities is practically the sole
owner of Northern Pacific and as the in
crease in the Securities Company's divi-
dend, already made. was presumably based
on the Northern Pacific extra, the episode
was allowed to pass without ripple In
terest conferred in the bank statement and
even more in the days clearinghouse fig
ures. The latter disclosed that the balances
to be settled beween the clearing house in
stitutions for the day were the largest in
the history of the clearing house. reaching
total of s24,977, 949. The semi-individual
debts and credits of a few of the largest
banks in the association made 1t seem evil
dent that some financial transaction of
great magnitude was carried through to-
day. The subtreasury bad a large credit
balance due to the payment of Central
Pacific note to the government. The large
loan expansion for the week was attrib-
uted to the Pennsylvania loan, which is
authoritatively stated to have been. nearly
$40. 900. 1t is generally believed that
considerable portion of the loan was taken
by foreigners and was thus a factor in
the easier tone Of exchange which devel-
oped during the week. The redeposit with
the banks by the railroad company of the
proceeds of the loan has been responsible
for the free supply of funds which devel
oped yesterday in the money market. The
market sold off after the bank statement
and closed dull, but about steady.
All through the week there was little to
occasional fits and starts were due to the
the market and to anticipate any new
movement that might possibly develop.
There has been no outside response to these
tactics, and every movement, of whatever
proportions, has scarcely lasted a day out.
Some real sustaining force for values was
uation. For the first time in several weeks
the impression in Wall street has been
strong that all parties to the trouble were
anxious to be we'll out of 1t, for no other
motive than the settlement of the claims
a presented The incident has had a senti-
mental effect in financial circles rather
deeper-seated than appeared on the sur
face. This was partly due to the unpleas-
ant features of the Venezuelan panic at the
time of President Cleveland's boundary de-
cision. The mystery which attaches to the
diplomatic initiative in the matter, and the
surprise occasioned by the common action
OF Great Britain and Germany, kept alive
for a time a suspicion that the movement
marked some far-reaching policy designed
to test the Monroe doctrine, and thus neces-
sarily calculated TO provoke war. Last
weeks market closed with the Venezuelan
question causing considerable anxiety. The
recovery on Monday, therefore, was quite
sharp. The striking point for the traders
to notice, however, was that there was no
revival of activity in the market, and it fell
back promptly into its narrow swing from
day to day. Meantime the undertone con-
tinueS pretty firm.
The subject of railroad earnings has re-
ceived interested attention owing to the
numerous railway systems which made re-
turns of their net earnings for December.
The December return was looked for with
special interest owing to the fact that some
of the increase in freight rates went into
effect in December. These increases were
expected to cure the prevailing tendency
for growth in operating expenses to over
sole exception of the coalers the December
returns show the decreasing tendency of net
earnings still in full force. All branches OF
the railroad world and all parts of the
country figure in the showing. In the case
of the coalers, on the other hand, the De-
cember statements of the New Jersey Cen
trail and Erie show the most prosperous
conditions in the history of the trade a
result of the large coal shortage caused by
the strike and the rush of the supply tC
market. The dominant feature in the whole
railroad situation seems to be the striking
| inadequacy of railroad facilities to accom-
modate the traffic offering. Car scarcity is
a cry heard from many quarters, which ID
soon followed by complaints of lack of en-
| CINE power to clear the yards. Freight
blockadeS are the order of the day, and
serious embarrassment Is caused by non
| delivery of some forms Of raw material
| This Is particularly true Of the iron anC
steel trade, and the grain movement has
| fallen off in a marked degree for lack oi
railroad equipment. That such a condi
| traordinary OUTLAWS of the past few year.
| for new and more effective equipment by
| the railroads is conclusive evidence of the
| flood tide to which business has attained
The obstruction felt by the grain move
| ment has had some effect on the export
| business and the prices attained by wheat
evidently had a discouraging effect on the
| foreign demand. The heavy liquidation Of
long wheat during the week was a cause
of special satisfaction for this reason a:
| the balance maintained in the exchang,
| the free movement of exports. OF specia
| movements in the stock market this week
/ that in Amalgamated Copper was conspic
uous and seemed to be based on confidenc,
| in the Improvement in the trade Tn,
| Fries continued to absorb large shar,
| of attention. but without any enlightenin,
| news bearing on the future of the road
| The general market showed itself sensitiv,
/ in the course of the week, particularly St
| Paul and Pennsylvania, owing to the char
| acter of the commitments in those stocks
1 fndf To
| influential selling OF the shares. Money
! both time and on call, was easier.
| Dealings in bonds were far below tn.
| level of this week last year, and the tom
| of the market was heavy at times Unite,
| States threes, coupon, advanced u per cent
| as compared with the closing cali of las
| week.
| Following are Saturdays share sales an,
] the recorded price changes:
| High Low Closin
| RAlLROADS- SAFES est est. Bid
II A q &