The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-21
STOCKS Dull AND WEAK
TRANSACTIONS AND PRICE FLUCTUA-
TIONs AT NEW YORK WE'RE FEW.
Big Increase I'm Cash Holdings of As.
sOciated Banks and Correspond
ing Decrease in Loans.

NEW YORK Feb. 20-The character OF the
stock market showed no change to-day from that
Of the whole week The effects o. the days
depressing factors was very moderate and were
we'll resisted. But once the depression was over
Come all interest in the market abruptly term
mated. There seemed TO be a waiting demand for
stocks for any declines but no buyers at
hand 10 follow any advance The principal pres
sure upon the market came from foreign sources
This was well absorbed and prices were at no
time down 10 the London parity. The sentimental
effect OF the decided upset in the Paris and
Berlin bourses was very slight The severe de-
clines the Paris Bourse are attributed to
financial needs caused by the shrinkage in Rus
sian securities. which are a poor rate at the
present time. so that necessities must be met by
sales Of other securities
The special weakness Of state funds in Paris
might however, be due to intimate knowledge
Of diplomatic affairs not available TO other cen
ters, which would explain its greater sympathetic
effect on other foreign markets. The favorable
bank statement was help to the resistance 70
depression here The s.. "a, 400 increase in cash
was not unexpected. and is attributed 70 re-
turn from the South. where the collapse in cot
ton speculation has decreased the Immediate
need. Some of the money sent 10 Baltimore Is
believed also to have come back. The loan de-
crease is evidence that corporation borrowings
have been largely supplied out Of the previous
proceeds Of railroad loans are left deposit
with the banks pending the need for employing
the funds which are available to the loan mar
ket at this time. The market closed about steady
and not far from last nights level.
REVIEW OF THE WEEK.
The weeks market for stocks has been duller
and narrower than for nearly four years past.
Mondays transactions falling to a total of sales
less than for any day save one since the summer
OF 1900. The news of the week has not been
favorable to advancing prices, but the adverse
developments have been almost equally without
effect in bringing sales upon the market. The
stubborn resistance Of the market to all unfa-
vorable factors has prompted the professional
traders once or twice TO attempt to advance
prices after testing their ability to depress them
ments here and there were without news TO
account for them and were quite evidently due
TO the testing operations or the traders, VINO are
| az the end of their resources TO effect a suiii-
1 cient movement of prices in either direction 10
afford a basis for their daily operations. These
| professional operations have made up almost en-
| tirely the market the action of which, it's
/ nOnactiOn is evidence OF the strong hands IN
/ which stocks are at present lodged, and of the
/ small speculative position open. Holders are
apparently Indifferent TO the day-to-day develop
! erty for more propitious market conditions
The same spirit is seen In the policy OF the
| railroad companies 10 negotiate temporary loans
| at a comparatively high rate of interest rather
| than attempt to issue new securities at time
wnen 'he tbe me- tims a5 occasonaI selnC
/ movement at one point or another proves 10 De
/ almost without effect on prices giving the i'm
preston. in view of the narrOwness or the mar
/ ket. that potential support lies behind II. The
/ effect this week has been 10 cause most absO-
/ Lutte Rightly. The continued large borrowings
/ by railroad corporations has been viewed with
mixed sentiments. The continued tranquility
/ of the money market In the face Of these de-
mands and future requirements plainly in view.
/ has left little room for apprehension OF any
construction OF credits on that account
| The publication of the CONTROLLERS compilation
/ Of national bank returns, as on Jan. p makes
| IL evident that the loan expansion for the last
/ few months has been restricted 10 New York
/ banks, the New York increase for the period
covered reaching SIS, 00O 900 at the aggregate and
| crease This showing OF heavy decrease in the
bank loans outside OF New York confirms the
/ belief that the low rates for money have been
| sending idle funds TO New York banks for deposit
rates Of interest. thus in measure Forcing those
| institutions TO find employment for their deposits
/ This condition depTives the railroad borrowing
OF any menace to the money market. To some
| extent IL has been used as an indication OF the
| intention to continue plans or betterment ana
! thus insure large expenditures for material.
| which would have beneficial effect upon In
dustrial enterprises. The placing OF large orders
| have most persistently RETAINED from providing
| even for immediate needs is a case in point,
| although IL is understood that In the placing
OF orders the railroads are protected against any
| future decline in prices Of rails.
Bonds have been dull and heavy in very
tours advanced one-quarter of per cent and
| the threes coupon. One-half OF l per cent. or
| call during the week.
QUOTATIONS. AND SALES.
Quotations and sales Saturday are given