The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-10
EARLY THE MARKET WAS DULL
YESTERDAY, BUT CLOSED FIRM
Action of Market in Face Of Heavy
Realizing sales Has Caused Cheer
full Speculative Sentiment.


days trading that reaction was due. and traders
were inclined to take profits.
There was no sustaining force by the strength
Of a few stocks such covered the realizing
sales Of yesterday and Thursday. With this ad-
vantage lacking holders did not seem disposed
to press the selling. and the decline was very
moderate. Before the closing the market recov-
cred rather more than its decline and closed
dull. with small net gains.
The rise in the local fractions attributed
to the new rapid-transit legislation at Albany.
The decline in the cash holdings Of the banks
aroused misgivings owing to the belief that
yesterdays receipts of japanese gold did not
figure in the statement.
The expansion in the loan account was not un-
expected. Although the item was carried to a
high record by the amount OF the weeks
increase, and a considerable increase is made
in the surplus item. the extreme ease in the
money market makes the growth of the loan
item LOOK healthy
The present condition of money in New York
Is fairly plethoric and arouses some dlscontent
among bankers, who are quite satisfied TO see
further exports of gold The weeks bank clear
ances throughout the United states show an
increase over the corresponding week OF last 1ast
growth is found in the five largest cities outside
Of Boston and Boston. especially the great
cotton centers. For all other cities the average
is less than last year. Total sales of bonds. par
value $4,000.
REVIEW OF THE WEEK.
The stock market has maintained a considera-
bic degree of activity and variety this week.
Occasional reactions and constant irregularity
have not detracted from the appearance OF
strength. The action of the market. in face OF
the heavy realizing sales, has been an incentive
to a more cheerful speculative sentiment rather
than obstacle.
The proft-taking has been achieved at small
expense of values. and has not interfered with
the progress of the market by the succession TO
new points of strength. Much OF the dealings
operators of a large class. and the occasional
large selling by the same interests argues con-
siderable distribution of securities.
mend upnn the extent 70 which this distribution
represents a real digestion Of securities. Where
the secondary stage of speculative advance
represents passing from the hands OF strong
resources and of timid methods the advance is
soon followed by reaction and letting go of hold
The belief that there has been important alb
sOTption Of stocks this week by inside interests
in various properties and of an investment char
acter has been a strong influence in maintaining
the firm undertone of the market The improve
ment in the speculative tone OF the market was
cue in the first place TO the small effect pro-
duced by various incidents that seemed 10 De
unfavOrable TO values. The successive advances
following these developments caused a belief that
the bad news had been already discounted. leav-
ing prospect of further declines and pointing
TO the long side of the market the one of ad-
vantage for professional operation.
Ell Of IdE DECloION
The strength which followed the decision of
the Supreme Court in the Northern Securities
the first striking demonstration of this
tendency of the market. This was followed this
week 10y the reception accorded to the announce
ment of the appeal to the courts by the Union
Pacific interests TO enforce the return to them
of the Northern Securities holdings which they
had placed In the Northern Securities merger
The first impression suggested by this action
was reopening of the whole conflict for control
ol NOrtheIh racine, Win the threat oI hosllle
movement between the two most powerful groups
of capitalists in the country. But prices pro-
ceeded on their upward course. This, with the
amicable conferences reported between many or
the capitalists connected with the two sides to
the controversy, luled the apprehensions of the
public. and aroused the suspicion that I'M
disclosed plans and policies might be behind the
apparent hOstilities.
The decision of the Supreme Court that the
anthracite carriers must produce the contracts
with the mining companies was regarded as Of
fertng a formidable weapon for any procedure
against the coal combine. But the market for
the coalers undisturbed. Published reports
that the traction employees of New York and
Brooklyn were forming an association TO en-
force demands upon employers resulted in a
notable advance in prices in the local traction
group
PEOPLES GAS HURT ONLY NORMALLY.
Peoples Gas only momentarily hurt by
a judicial decision against its contention for the
illegality Of the 75-cent gas ordinance.
These seeming anomalies impressed specula-
tive sentiment with the underlying strength of
the market and proved an incentive to buy.
The action of the United States Steel securities
following the publication of the quarterly earn
ings another striking example of the same
marked tendency. and proved a strong sustain
ing influence for the whole market.
% W h the net earnings Tor the quarter proved
ton, it is true. however. that the showing was
ipated and there were some features in the re-
port OF a positively encouraging character. The
progressive increase in the earnings for the sue
TfE rh
evidence that the course of the trade was up
ward. and the large expansion in the volume of
orders on hand on March 81 compared with Dec.
81 was evidence in the same direction
The action of the directors in encroaching on
also accepted 5 expression of confidence in
future business. Probably there is no one thing
that would conduce more to confidence in future
values than a clear prospect of revival in the
iron and steel trade These indications OF it
had a decisive influence upon prices throughout
the market. The strong tone in the copper mar
ket is an auxiliary influence of the same kind.
The decision OF pools in finished steel products
TO maintain prices strengthened this influence
SETTLEMENT OF STRIKE HELPED MAR
KET.
The settlement of the New York building
trades labor troubles helped the market. So did
the favorable crop weather in the winter wheat
belt.
The. weeks large exports of gold were notably
without effect. they were more than offset
by the arrivals of japanese gold at San Fran
cisco. and the course of interest rates continued
downward.
The sale of a number of new railroad bond is
during the week proved the resources of
the money market and the improved sentiment
of bankers towards new securities in contrast
TO the invariable resort by railroads for some
time past to temporary note issues at high in
| terest rates to supply their financial needs.
The feature of the news which is unfavorably
regarded is the succession OF small bank facil-
| tiles which comes TO hand almost daily. This
| evidence of widespread strain the financial
| fabric is regarded disquieting
The bond market has improved, in spite of the
congestion OF the dealings in United States Stee
second ives. Union Pacific convertibles and sew
eral other speculative issues. United States
| threes. registered. and the tours. registered
4 have advanced Il per cent, and the twos and
| old fours y per cent. on call during the week.
Saturdays sales and the range:
High Low Clos
| RAILROADS Sales. est Bid
AtchisOn ................... $500 74ls 1885 74A
| Atchison pfd .............. 800 "a % "a
| Baltimore * Ohio......... 2.6O0 Sis s03s 81
| Y. * O. pfd................ 80. -. 90l.
Canadian Pacific 400 1i62s lie 1l6%
Central OF New Jersey. 49,. 49,. -. I5S
Chesapeake K Ohio.--..-- 1900 327s 327s 323
Chicago * Alton.......... 100 IS IS 37%
| c. & A. pfd............... .... 80. -. 50
Chicago Great Western $500 IFS 16s. II
Chicago * Northwest..... 100 171L 17I1t III
Chi, Mil. ~. Paul.. $500 14i24 1893. 144I.
| 4 NJ A St i: pfd...... l74l-