The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-08
STOCKS TURN IRREGULAR
STRENGTH OF STEEL PREFERRED
WAS FEATURE OF THE MARKET.
This influence Helped whole Market
steel Trade Outlook Improved
copper Was Strong.


NEW YORK. April There were signs of
staleness in tho markets upward movement to-
day AMI the action of prices became decidedly
Irregular during the day.
This might have been even more marked had
II not been for the strong sustaining influence
OF the persistent upward movement OF United
States Steel preferred and the enormous absorp-
ton OF the second mortgage bonds. which made
the backbone OF the whole market.
The suxiIia ~ points OF strength few and
were not am ongst the stocks OF the first i'm
portance- The most important stocks were in
cIined to hang back and showed the effects of
realizing on their recent advance. in spite OF
some items OF news that might have helped their
advance
Amongst these were good statements in the
Hartman group. including Union Pacific and
Southern Pacific The weather map and the
crop news continued favorable 10 the South
weston grain carriers. but Missouri Pacific.
Wabash preferred. Rock Island and Atchison
preferred The only stocks to respond to
an appreciabe eAzent.
The strength OF the United states Steel sectir-
titles attribu led TO consideration of the quar-
teriy report. The indications given by IL OF
improvement in the trade helped stocks Of some
OF the independent iron and steel companies
Ama.ga mated Copper shared moderately In
the stren,gth or the metal stocks.
The tlens OF the building trades dis
pute in New York helped United States Steel.
owing TO tte promise OF tmpfOveft requirements
for structu Ssi iron and steel. and was also a
direct caus, OF squirt in the Uniled States
Realty and Tor struction stocks
The meet.l igs OF the steel pools In progress
IN this city 20 fix prices seemed 10 be stimu-
United States Steel second mortgage bonds was
alleged to be of an investment character. and
Improvement reported In the bond market
generally and in demand for high-grado
Investment rail road stocks. preferred stocks in
cIuded.
The extreme Of money is a natural incen-
tive ID this kin.f of buying Money loaned
the end O.. the to-day at low
f1e per cent. WI rich makes the holding of many
wel-secured stot KS and bonds attractive
The outward Il sovement of gold in these cir
cumstances little uneasiness- Yester-
days arrival at san Francisco OF S3.500000 in
japanese gold inc 3cates how the outward drain
Is made up at 9th points.
The heavy cont action in loans by the banks
Of England and France. reported to-day, indi-
Gates the renux te udency in those money mar
kets following the quarterly settlements and
gives small promise of any immediate demand
for money. London was a buyer of stocks here
this morning. and hsjped the early advance.
Only in scattered instances did the rise in
stocks reach as much as a point. and the activ-
fty OF the market much cur.ailed in the lat
ter part OF the day ne closing quite active
again. but irregular.
The bond market active aud firm Total
sales. par value. 1872 300. United States twos
advanced II per cent the threes (registered).
the old fours and the new fours (coupon) IL
per cent and the new Tours registered y per
cent. call.
Sales and the range: