The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-22


NEW YORK. Dec 21.-whatever influences
were in operation In to-days stock market issued
IN almost immovable market. The whole in
terest converged in a handful OF stocks. Dull
ness is seasonabe at this period of the year.
when year-money problems working them
selves. But the extraordinary ease of the money
market practically eliminates the money stu
alton as factor in the dullness. The merely
sentimental effect OF the approach OF the holt
days may be reckoned to induce part of the dull
ness.
more substantial factor in to-day's market
was the gathering of the cloud in the far
East which took on lowering an aspect as
to lead TO a general conviction in Wall street
that an early outbreak of hostilities cannot be
avoided 1he conviction seemed to be without
market except as London's more active interest
IN the situation led to selling in New York
lions on either side OF the market. This effect
conforms well TO uncertainty felt as to the
situation. OF any directly harmful results
there is no apprehension but the point of doubt
Is as to how the placing OF loans
iturope might disooate the foreign money
kets and upset the expected demand tor our
merchandise products and Tor our railroad secur-
tiles. That large issues of new railroad securi-
ties are imminent is the general feeling in Wall
street this accounts for the lack of response
In to-days stock market to the extraordinarily
large offerings of funds.
Money brokers assert that money on call was
more freely offered this morning than at any
other corresponding period for many years past.
All departments OF the money market were af-
fected, sixty and ninety-day loans, and even
thirty-day loans, being made at rates below
per cent. Mercantile paper for prime grades also
was onered at 5l2 per cent, thus breaking the
per cent. rate, which has been determinedly
held for some time past Sentiment was at
iected by the opinions expressed by eminent
banking authorities when questioned regarding
the likelihood of Russian japanese loan
hnding subscribers here, to the effect that we
likely to need money resources In our own mar
ket.
There some heaviness shown by Atchison
on the ground OF its bond issue, and the small
grain movement affected this and other grangers
10 some extent This matter also played a part
in the sharp upward movement Of the railroad
equipment stocks owing to the intimation con-
OF the Atchison bonds, that part OF the pro-
ceeds would be used for the purchase OF locomo-
tives and equipment The depression of
United states Steel preferred was accompanied
by further discussion Of the dividend prospects
for the stock and the expression of discouraging
opinions as to those prospects. There some
accumulation of the coalers, attributed to better
trade conditions. The speculation In the New
York public utilities continued without
features. Amalgamated Copper, after advancing
slightly, reacted sharply with the rest OF the
market. The closing was dull and heavy.
The bond market dull and generally
steady. but some of the active issues heavy
Total sales. at par value, ST. 900. United
States twos, threes and old fours advanced "a
per cent. and the new fours declined u per
cent the last call.
Sales and the range: