The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-13
STOCK PRICES ARE WEAK
CROP REPORT AND NORTHERN Sc
CURITIEs CASE HAVE INFLUENCE.
London Sold Freely Here. I'm Spite of
Firm Tone of Its Own Market
Union Pacific Sold on at Close.

NEW YORK. April I2-To-day's stock mar
ket was still lacking in the animation which
had characterized trading previous to this week.
and the sagging tendency of prices became rath-
er more pronounced than yesterday.
There the same effort lift prices
by the stimulating effect OF marking UT spe-
cal stocks. The market was not left TO drift
as derelict. however. and a sort Of nursing
process adopted. II was the prevalent con-
viction in Wall street that the recent campaign
for high prices has enjoyed the auspices OF some
influential capitalists who believe that outside
interest in speculation could be awakened in
that way
A moderate reaction is calculated TO serve
the twofold purpose of shaking of speculative
followers OF the weather caliber and OF inviting
some investment demand at the lower level on
the part OF those who missed their market on
the advance.
1t is characteristic Of the prevailing opinion
toward the market that the professional element
is prone to find such purely artificial causes to
explain the movement OF prices.
The course Of to-day's market was evidently
influenced by the government report on the con-
dtion of winter wheat The free offerings in
the wheat market served modify the bad
impression of the report but there was belief
that wheat moved under the influence of realiz-
ing speculation based the conditions re-
vealed by the report. The hope expressed
also that the crop had benefited since the first
OF April. The Weather Bureaus weekly sum-
mary shook TINS nope 10 some extent OWING
to its report OF damage to winter wheat by
heavy rains in parts OF the belt. as against
needed
The imputations through newspaper inter
views as TO the motives of the Northern Secu-
rites suit by the prnciPal parties gave mate
position to seek some reconcile indications OF
policy in the public attitude thus assumed which
a 0f frf% Pae ch OF
The report that the United States Steel Cor
poraton had Cancelled an option for the pur-
sibly helped to depress the preferred stock.
The concentrated absorption Of the second bonds
Sc or OF UPWARD o theTe bonds
taken by one firm. The impression con-
veyed that much of this was on orders for Ger
London was a free seller on balance OF stocks
in this market. notwithstanding the generally
buoyant tone of the London market More
porary note issues at high interest rates on col
lateral security of unsold bonds by the Rock
Island and American Telephone Company multi
fed the favorable effect of the recent sale OF
aid the revival OF an absorptive demand in the
market for such securities This anomalous
contrast with the extreme ease OF the money
distrust the part of investors
Reports that grain rates had been agreed upon
by the railroads were received with satsfac-
ton. A large amount of traffic is said be held
back in the expectation that cut rates would
be offered later, when lake navigation had
The failure of Union Pacihc's advance Of
point to lift the market followed by a
steady decline in the whole market Union
Pacific slumped at the last the hasty read
titude toward the intervention suit at St Paul.
The closing was weak and losses OF to ~
Bonds were irregular. with a large part of
the dealings in United States Steel second fives.
Total sales S, at par value were $4,000 United
Sales and the range: