The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-27
STOCKS HAVE A SETBACK
THE MARKET TURNED WEAK YES
TERDAY-THE CLOSE WAS EASY.
There Are still Fears of Financial
Paris and Berlin-Bonds steady.

Corresponding day last year........... 461. 800
Sales 10 date this year Il .6&O.OOO
To corresponding date last year. .26,471,iGO
NEW YORK. Feb. 2S-An attempt was made
TO carry the rally in prices of stocks which set
in yesterday, still further to-day. Only slight
gains were established. and at the higher level
the demand had dwindled to so the zero
point that the traders abandoned their efforts to
carry the rise.
There some increase in the selling pres
sure but this did not develop to noticeable
extent until the sagging from lack Of demand
had already set in.
The selling. in fact. had the appearance of
traders ventures for fall after they had dem
onstrated that prices would not go up. Yester
days rally had brought prices back to about the
level where they left of on Saturday last, which
evidently measured about the recuperative ca
pacity of the market
New developments to-day were not of impor-
lance. but the current indicated the con-
tnuance of of the unfavorable features
which have kept the market under pressure for
some time past. For instance. steps We're
taken in the war of grain rates, both in the
West and East, and in the Western field the cut
ting OF rates showed signs of spreading from the
field of grain traffic to other classes OF freight
IL was reported that the anthracite miners del
egates were starting for the convention with a
determination TO support the soft coal miners
IN their contention for higher wages ana TO vote
them assistance for carrying on a strike
There was renewal of gossip concerning the
Northern Securities decision and assertions OF its
very unfavorable character. Notwithstanding the
reports OF the presence of secret service officers
in the Wall-street district to ferret out any ne
farious disclosure of the Supreme Courts deci-
sion. These reports, intended to deter the rumor
mongers, failed of their purpose.
Railroad earnings reports made an unfavorable
showing both for gross and net, with the excep-
ton OF a few Of the Southwesterns. Atchison,
Wabash and Hooking Valley represented the pre-
vailing downward tendency Of net earnings in
their January returns.
The dealings for foreign account were SMALL
but the uncertainties OF the campaign situation
were not without influence in the local market.
A periodical settlement is impending in the
stock markets both in Paris and Berlin, and the
violent declines which have occurred since these
accounts were open throws doubt over the pos
sible result of the settlement
The promise of further increase in the cash
reserve Of the banks a result OF the week s
currency movement failed TO rally the market.
as the piling up of reserves has reached a point
which arouses fears that II represents decline
in business activity.
The dismissal of an Injunction in the compl-
Gated copper litigation caused a spasrnodic re
covery Of the previous loss in Amagamated Cop
per, but afforded small help to railroad stocks.
The additional fire losses involved in the Roch-
ester fire, following so soon after the Baltimore
disaster were distressing influence.
The active stocks show the losses the day
of about point. The close easy.
Bonds were quite steady, but dull and feature
less. Total sales. at par value were $4,000.
United States bonds were unchanged on call
/ Sales and the