The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-31
STOCK TRADING NARROW
WEEK, As 4 WHOLE, HAS RECORD
ED NO IMPROVEMENT.
Prices Gave Way Yesterday After
Publication of Bank Statement
steel Securities Weak.

Sales Of stock shares. 2Ii.SOO
Corresponding day last year........... 1880
Sales 20 date this @.5I t.0CD
To corresponding day last year..-.-i5,6O2'sOO
NEW YORK. jan 3O-Trading in stocks was
listless to-day and the changes in prices were
trivial. The market moved hestatingly through
out the session. and closed heavy at practically
the lowest figures OF the day.
The early trading showed a disposition to
carry prices upwards in spite of free selling
OF United States Steel preferred and discourage
ing opinions current over the iron and steel out
look.
Prices gave way after the publication of the
bank statement. The item of deposits reached
a new record figure to-day and loans and cash
reserves went above last weeks record figures.
The changes in the various items not fully
up to last weeks unprecedented records, but the
increase in loans with last weeks. and one
other exception. has never before been equaled.
and the increase in deposits netr before, with
last weeks single exception.
The loan item Of the clearing house banks is
now close 10 the billion dollar mark The week 5
gain In cash is considerably in excess of the
preliminary estimates, but not sufficient to
make up the increased reserve requirement from
the enormous growth in deposits. so that the
surplus is slightly impaired. The New York
banks are putting large funds into commercial
paper from interior points. and large loans have
been made on sterling collateral, so that the
rapid growth Of the loan account is regarded
But there is a growth Of conservatism in the
feeling about extending credits for speculative
commitments in the stock market. 1t is pointed
year came TO halt in the last week of Janu-
airy. while the loan expansion proceeded from
From Feb. to March IA last year the New
York banks lost over 100000 cash and the
surplus in the same time declined 27,2l3. 500.
These conditions and precedents force in
causing the halt in the speculative movement
In stocks. Foreign influences to-day were slight,
but were favorable to higher prices.
FALLING OFF IN ACTIVITY.
There has been a decided falling off in the
activity of this weeks stock market and the
animated operations of a powerful organized
party Tor the advance have been much less con-
spicuous. Measures of support for prices have
not been altogether abandoned, and the pressure
of sales to take profits has not been formidable.
The principal interest attaching to the market
has been in the effort to trace the operations of
the speculative leaders. with the purpose the
part of the traders to follow their operations
or TO meet them as an available basis for their
counter operations. There has been little
evidence of any genuine investment demand for
securities or OF any important liquidation.
The halt in the speculative operations for the
advance is attributed primarily to the failure to
attract any important outside interest, such as
would effect widespread distribution of securi-
ties and afford a broad market for absorption.
The highly professional character of the opera
have awakened feeling of distrust and skep-
tielsm toward 1t from the first
The movement has had to contend this week
That OF the war uncertainty has been somewhat
in evidence but is of questionable force on sew
eral days the stock market resisted the inhu-
ence Of war depression on foreign exchanges,
nomnally 10 the war scare the commodity mar
kets failed TO bear out this hypothesis. cotton
continuing to advance and grain holding back.
OF much greater influence the decline in
confidence over the revival of the iron and steel
in the weakness of the United States Steel Sc
curities. but of decisive effect on general
sentiment. Consultations during the week 10
he h
ern iron producers were reported to be futile.
either for fixing prices or making plan for
merging the companies.
RUMORS OF CUT IN STEEL RAILS.
Rumors in persistent circulation during
the week of cut in steel rails. and some of
the important Western railroad interests were
outspoken IN their dissatisfaction with the pres
ent price schedule. the ground that they did
not share in the advantage of Eastern railroads
from the carrying of steel products as an offset
for the high price paid for rails. The Iron Age
outlook
A reaction in the copper market was regarded
as of parallel significance in the iron trade, and
per, in which active speculation in prog
ress. The events of the week had the effect OF
of promotion and organization of corporations,
and the sentimental effect was not favorable 70
the market.
The tragieal Termination Of the prosecution
made the text of mOralizing in the press and in
Wall street circles which not calculated To
methods Of speculative leadership.
An influence of the same kind was exerted
by the action of the Stock Exchange authorities
in scratching from the list of securities quoted
on the exchange those of an industrial corpora
ton. The published details of the efforts Ia
effect a compromise of the embittered dispute
OF the parties to the shipbuilding organization
were of additional weight in their erect upon
the sentiment thus aroused
RAILROAD EARNINGS.
Reports of net earnings for December pub
lshed during the week were not calculated tc
foster speculation for the advance Their in
fiuence was modified to a degree by the inclu-
sion of the favorable Union Pacific statement
and the coal carriers in the returns which have
their for unfavorable comparisons
with the corresponding period of last year, and
whose showing was Of preponderant effect on
the weeks averages.
But the Atchison statement, showing the
growth or operating expenses for the first time
overcoming the gain in gross earnings, with a
resulting decline in net earnings. gave strong
impression of similar forces at work in the
railroad field a whole.
A hardening of the rates for time loans served
as warning that the period for the piling-uI
Of the cash reserves in the New York banks is
coming 10 its normal conclusion, promising a
limit to the possibility of enormous loan expan-
sion at the rate which has been in progress in
New YORK since the beginning of the
The excited speculation in cotton and grain
diverts some resources from stocks to those
markets. The sharp decline in the rate OF cot.
ton receipts awakens renewed attention to the
of a shortage lines OF industry. which are
an important element in the countrys pros
perity
The bond market has shown some sympat nv
with the reactonary tendency of stocks, and
business has declined IN volume United States
coupon threes have advanced &c call during
the week.