The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-17
STOCK MARKET Is QUIET
SALES YESTERDAY ONLY LITTLE
MORE THAN 100000 SHARES.
Though Dull All Week, the General
List Has Been Firm and Declines
Are Few-Quotations.

Corresponding day last year ......-. <iS.3UO
Sales to date this year ............... 5,IS2.4Oo
To corresponding day last year ....1O,621,ooo
NEW YORK. Jan. 1s.-within narrow limits
both TO price movement and volume OF deal
ings. to-day's stock market was ragged and un-
certain. The handful OF room traders who made
up the market had difficulty in moving prices at
all. The undertone was. the whole, hrmer
although there yielding in Fpots-
The further advances in minor specialties were
not so impressive and did not serve TO give tone
to the rest OF the market. The downward course
Of prices in foreign markets on the war situation
was not followed here but the senii-stagnation
ter. A gained currency also that
an early decision will be forthcoming on the
Northern Securities case probably due 10 the
knowledge that Monday is the day on which the
Supreme Court is accustomed to announce It's
decisions.
There was no operation in the market sufficient
ST. 900 in the easb reserve as shown by the
bank statement. proved 10 be largely IN excess
Which weTe roae 1han 5PsT n But
the stock market disposed TO look httie
askanee at the loan expansion OF SO aus sOV would
brfnS the loan item Of the banks TO ABOVE any
heure on record me highes. reoU[ 5i III Feb 81
1903, at $3.50 2Os 700 Reports were current or the
repayment Of large loans OF long standing 10 one
transfer of loan obligations to the clearing house
banks. The market closed steady. but mani
mate.
NO DEMAND FOR STOCKS.
There has been appreciate demand for Sc
curities this week. Prices have moved suggishly
and irregularly the stock market was prac-
tically idle most of the time. Operations by
speculative pools in minor stocks have offered
the only variety from the prevailing m mo th
special movements have proved Impossible OF
verification.
movements has been generally commented upon.
and in at least case has been the occasion
Of .lak ALE n1
by the Stock Exchange authorities. While the
market has been profoundly neglected by the
outside pubic, no important pressure 10 sell mas
been in evidence. and prices have not suffered
The general assumption is that the demand for
securities which was looked for when the money
m bsd grey Easy after the turn OF the the a
East The constantly varying rumors on that
subject were followed for time by price nuctu-
seemed to lose its influence upon prices. and the
markets both here and abroad lapsed into con-
dition OF iethargy apparently resolved 10 await
1t is uncertain how far THIS motive for hesita-
tion in New York may be mixed with other IN
between Russia and Japan would do any direct
harm TO our industries or finances. II is belleved
that the doubts and uncertainties incident to the
eve of national political campaign might be
attitude in the financial world
There is room for suppos,tion also that new "
awaited. The long decline OF prices of securities
on account of this reaction has been followed by
agreed on tRs future course O of business Sensi
ment is hopeful, but actual Developments are
awaited to induce conviction. The iron and steel
industry is especially field of conjecture and OF
Reports Of increased demand for some grades
! of products encouraging, and prospects OF
| even better demand are believed to be good. es-
| pecially in the field of foreign trade There has
week of United States Steel preferred and the
second bonds. believed TO be due to wel-informed
belief E better trade prospects. The statistics
! of production and consumption far received
/ fail 10 bear out the idea OF any substantial I'M
| provement in conditions as yet.
The weekly rate of production OF pig iron or
| Dec. 81 had fallen to the lowest figure for SIX
years. and tendency toward the working OF
! of accumulated stocks yet in evidence. These
figures. however. for the same period COW
| cred by the quarterly statement of earnings OF
the United States Steel Corporation. which may
be supposed TO have had It's due influence upor
wages and other economies are looked to for et
feet on future earnings
| European account, is looked upon a probable
corollary of improving markets for iron anC
| steel. The correct estimate for the cotton croI
continues be the subject of furious speculation
be needed TO confirm opinion on an important ele
| ment of the country's prosperity.
RAILROAD EARNINGS.
The future OF railroad earnings is by no means
clear. Gross earnings for the fourth week o
December showed a gratifying rise in the ratio
| wear but the roads so far reporting for the frs
; week in January fail 20 sustain the good record
|
| and their earnings cannot be expected to holC
| at the high level OF last year following tn
| settlement of the great anthracite strike Fo
| the same reason the showing of the coalers
| which are included in the compilation of ne
| earnings for November, help to the de
! terioration there shown
Future net earnings of railroads are expecte,
| TO show the beneht of extensive economies Al
reduction of working forces and cutting down o
, expenditures fer improvements which hav
figured largely in expenses to the presen
time
The extreme ease which has developed in tn
money market seems to leave a little room 70
fear OF trouble that ground. The payment o
$25, 010 900 of Lake Shore notes and the calln
Of a Sly per cent instalment of subscription
to the $40 900. 900 of new Lake Shore bonds faile
to create a ripple in the money market. 1t wa
large railroad borrowings of this characte
which We're feared. for their effect on the none
market and many remain TO be met.
The inflow of gold into New York has stoppe
the import movement of gold or the need for IL
But the December foreign trade return. with il
favorable trade balance of over S96, 000, 900,
convincing proof that New York's control of tn
international exchanges remains unimpaired
The bond market has suffered throughout tn
week from the repressive influences a
that for stocks, and has shown importan
movement United States tw0s have decline
y per cent. and the threes have advanced Il De
cent. on call during the week. Sales and tn
range:
High Low Clos
\ q nCf 4