The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-26
STOCKS WEAK AND DULL
NEW YORK MARKET AFFECTED By
SALES OF STEEL PREFERRED.
Six Millions of Gold Engaged for Ex-
port To-Day-Railvays and Mer-
chants Complain of Late Spring.
2S2,SOO
Sales Of stock shares.

Sales Of stock shares 2sZ,Soo
NEW YORK. April 25.-While the stock
market of to-day continued extremely dull
there were evidences of more positive weak
nesses than in tho stagnant and dropping
market of last week. The weakness seemed
to spring from United States Steel pre-
ferred. which was very freely sold from the
outset with marked sympathetic effect on
the whole market. The source of this sell
ing was not clearly understood. bat it was
attributed to Pittsburg account and was
supposed, for that reason, to be based on
unfavorable developments in the trade. The
unfavorable developments were not di-
vulged, although there were reports of an
other proposed large purchase of pig iron
from outside producers by the United
States Steel Corporation. 1t was rumored
also that the affairs of the syndicate for
converting preferred stock into mortgage
bonds were about TO be finally closed. Some
large individual stocks of the second mort
gage bonds changed hands on declining
scale and sharp declines in the stocks of
some of the minor steel companies added to
the depressing effect of the movement on
the general market.
The engagements of gold for shipment by
to-morrows steamers reached an aggre-
gate Of S5,6O0.OOO, which is close TO the record
of about S7.300,OOo for a single shipment.
which went out in the fall of 1901. Paris
also bought some s., 900 900 of gold in the
London market to-day thus strengthening
the expectation of an early Russian loan
issue at that center. Meantime the bank
week has sarted with another payment by
the sub-treasury of about 81, $4,000 on ac-
count of Japanese gold at San Francisco
and further large receipts on that account
are expected to continue. Money continues
almost a drug. except for an active demand
Tor commercial paper and for corporation
notes. The plethora of money, the huge
hgure attained by the deposit iteni of the
banks and the nominal interest rate on call
and short time loans is giving rise TO dis
cuSsion of the rates now paid on deposits
by some of the trust companies and banks,
which seem 10 involve a margin of loss.
Railroad traffic officials continue to eX-
plain the level of current earnings by the
deferred spring trade and to express the
opinion that the arrears of traffic will come
forward with SeaSonable weather. But the
mercantile world reports the back
ward spirit, with no signs of a disposition
10 anticipate revival by provision ahead,
by output or by laying in supplies The
acceptance by the wheat market to-day of
the reports OF excessive rains in the South
west gave renewed cause for unea siness
over crop prospects, and the memory of
last years severe flood losses in that re-
gion gave additional weight TO the weather
news The London copper market was
strong but without benefit 10 Amalgamated
copper. The active stocks ended the day a
point below last weeks final prices, and
the tone was easy, with prices al the lowest
of the day.
Bonds were irregular, but the active is
sues were heavy. Total sales, par value,
$2,55O,OoO. United States bonds were I'M
changed on call. Prince range and sales: