The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-07

BANK STATEMENT ALSO WAS DE-
PRESSING on THE MARKET.
Review of Week shows that Effort of
Bull Pool to Liven Market Has Come
to Naught-The Outlook.

Corresponding day last year ............ 3OS. 200
Sales TO date this year 10 OBS 800
To corresponding day last year is, lSS, 200
NEW YORK. Feb. 6-The action of to-day $
stock market indicated a feeling Of greater APP
prehension over the subject of bank loans than
the impending war in the far East.
The borrowing of SJ00OOOO0 by the Pennsyl-
vania company induced heavy selling OF Pennsyl-
vaniI stock. the latter company owning the
stock of the borrowing corporation. This loan
and the fear that it prelude to similar
heavy borrowings by other railroad corporations
caused a marked impression in sentiment all
through the street.
The loss in Pennsylvania itself reached IL.
at the lowest price OF the morning. Wabash
preferred notably firm. in spite Of the Of
fetal disclaimers from Pennsylvania sources that
the loan to figure in any settlement of diff
ferences with the Wabash.
The general list did not seem to be much af-
fected carly by the depression abroad. and prices
rebounded from opening fractional declines.
The tone of the market underwent marked
change after the issuance of the bank statement.
which was clearly due to the moderate expansion
shown 10y the loan item, which was not large
enough to wipe out the narrow margin below
the billion-dollar mark. at which the clearing
house loans now stands.
This effect of the bank statement made
the more clear by tire fact that the cash re-
serve OF the banks showed decrease Of 81 49, 100.
where Increase of almost equal amount had
been indicated. The inference drawn from the
small impression made upon the loan item by
the large money market operations of the week
was that large corporate requirements had al
ready been provided for by the enormous loans
expansion since the first OF the year.
Pennsylvania rally left its net loss less than
point and United States Steel preferred and
Wabash preferred finished the day about a point
higher than last night. The closing firm
and practically at the best prices.
REVIEW OF THE WEEK.
The course of the weeks stock market seemed
to be accepted by operators at the beginning
Of this week a satisfactory demonstration
that the attempt TO bring about a speculative
revival for an advance had proved abortve.
The market has declined in activity and no
organized efforts have been any longer appar-
ent TO lift prices to attract general demand.
The market has moved suggishly and irregu-
larly, and the average tendency has been down.
wards. The abandonment of the campaign for
me rise was partly due TO the appreciation that
the period OF redundancy of money passing
by the normal course OF events.
But the market has been overshadowed also by
seNeraI developments and the news of the week
has contained little to encourage an upward
movement of prices. The approach of the crisis
and japan has overhung all the speculative mar
kets with growing influence.
Foreign securities have been almost stagnant
on the eve OF the momentOus decision. The
most notable effect on our own stock markets
mas Deen one or constraint upon operations
rather than weakness The principal speculative
markets and the excessive commitments in those
markets have made them feverish and sensitive
to the slightest causes
of those causes. the violent fluctuations from
the commodity markets emphasized the impress
sion OF the possible effect of war upon securi-
ties. Besides this reflected war influence from
the commodities, the unstable condition Of
staples in those markets had it's own influence
in exciting uneasiness in financial quarters and
IN beginning a conservative spirit there.
EFFECT OF COTTON MARKET.
The volatile uprush Of cotton prices bespoke
a elimination of wild speculation there and the
collapse during the week gave warning Of ex-
tensive speculative losses such as are bound tn
have some effect in the WalI-street market for
quick liquidation from whatever quarter thew
may come.
The coffee market another though less
important. source for this kind OF influence
Traffic and industrial reports have not been of
a kind to help in sustaining values The re-
turns of railroad net earnings for December
compare unfavorably with December of the
preceding year. showing the effects of the
growth of operating expenses in nearly ali cases
Inc southern Pacific statement was a notable
exception, owing TO the approach TO comnletion
OF its extensive OUTLAWS for improvements which
have been coming out of net earnings for a Ion
time past. This exception did not bened, Sbe
stock OF that company, while the Pennsvfvania
showing of the falling off in iron and steel traf
fic used to depress that stock ia
Rumors of additional capital issues nv
the Pennsylvania, which were at first denied
were also FACTOR in causing the decline in that
stock. " 'iia'
The returns of gross earnings for the fo,,r,h
week in January so faT as reported show n
decided falling off from the Corresponding vel
of last year the average decrease runpin week *
ION,
weather conditions given as the cause for
nignter trafhc. THESE conditions cause rise in
apprehension of unfavorable returns to come
LOW TEMPERATURE in SOUTHWEST HAS
EFFECT.
The low temperature and the absence of snow
covering the Southwestern winter wheat belt is
commented upon, and is unfavorable inf,u
upon grain carrying railroads in that To-
cality.
Business failures for the month OF Ianuarv
were larger than for any month since Nav. 1900
with the exception of December last past In
spite Of the severely cold weather the mining
of anthracite is being curtaed TO avoid an ac-
elimination of stocks and the wage dispute he
tween miners and operators of bitumipous coal
has given rise to threatening talk of a great
strike TO come
Definite news from the iron and steel trades
has been lacking, but rumors have persisted of
coming cut in steel and OF concessions from
schedule prices in other lines Of finished product
The price OF copper has yielded, in spite of
ords. The announcement of a decision by the
Montana Supreme Court favorable TO the ri9ht
of the Amalgamated Copper COMPANY 10 hold
stocks of other corporations resulted in a cuI-
mination of a speculative movement in that
stock.
The death OF William c. Whitney was de-
pressing influence upon various stocks OF com
panies in which his interest and influence had
been dominant
Currency has moved freely to New Orleans
during the week. and interior exchanges have
moved against New York. This development has
had added influence by reason of the notice by
days for a payment OF 20 per cent. of government
deposits in national banks TO provide for the
Panama canal payment.
The extraordinary figure at which New York
tonal large requirements for railroad corpora
tiOn purposes prompt a conservative use OF
credits for speculative uses
Bonds have remained steady on a diminished
volume of business. United States twos the
coupon threes and the old tours have declined u
per cent. call during the week
Sales and the range:
RAILROADS Sales. est est Bid
Atchlson -..:.......'.'.'... 9'61 % SIS 6S%.
Atchlson pref .............. eco S95 So sqIs
Baltimore & Ohio. 1880 SIS SOzt s1ss
j. * q. pref................ .... -. - 81
Canadian Pacific ....;.-.. 1900 III 1l6 INK
Central Of New Jersey. 49,. 80. 80 l57
Chesapeake * Ohio. 200 80 32@ 327s
Chicago x AltOn..-.......- 5000 20 IS 3ga.
G. x a. pref................ 100 $40 S4x 81
Chicago Great Western. 400 49, l5L 15H
Chicago * Northwest. 100 Is5 lbs 1871
Chi, Mil. & st. Paul.. $500 142 InL l42
ehi- :. Term = and EEan:.... 800 ioi. 81 10 is
Chi. 7. and T. pref. -. -. -. 22L
c.. G, G. & st. L......... 100 Is IS q
Colorado Southern ........ 800 II l6S 16A
c. :. first pref............. 80. 80. 81
G $ second pref -: -: =. p