The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-16
STOCKS CONTINUE DULL
PRESSURE TO SELL YESTERDAY
WAS SMALL-BONDs WEAK.
Advance in AmaIgamated Copper,
Due to Improved Condition OF the
Metal Trade-CIose Firm.

sales to date this year.
To corresponding date last ear......22 ,oo6,3Oo
NEW YORK. Feb. 1.-THE stock market was
extremely dull to-day and at times trading was
almost at a halt. But slight as was the de-
mand for stocks it was sufficient to maintain
prices, as the offerings were Insignificant.
There was no sign Of important liquidation
nor did the professional traders venture TO take
the short side OF the market. in spite of the
stagnant condition of the trading. a condition
that usually invites to some aggression by pro-
fessional bears.
There was nothing in the days news that
seemed to have any influence upon the market
beyond the negative influence of the relief felt
at the absence Of selling pressure.
The special demanu from Baltimore last week
for funds. which counteracted the currency
movement to New York. is expected TO con-
tinue this week. some estimates Of the probable
shipments to be made this week running to very
large figures.
The financial world, however. is in a very COM
posed frame of mind regarding the money out
look, in spite of the Baltimore demand. the
coming Panama canal payment and the con-
receives a greater or less addition every day.
CONDITION OF BANKS.
The abstract of the reports Of national banks
throughout the country as of Jan. % shows some
comparisons with the condition OF Nov. IL, the
period OF the last call by the controller which
helped to explain this confidence. While the
total OF loans for that period has increased some
s4+ 100000 the reports of the New York clearing
house banks between the nearest corresponding
dates show an increase Of SIS. 900, 900.
Inc aggregate increase in deposits. which
reached sl24. 09O,O0 is also exceeded by the New
York increase. which was $lS9. 900. 600. 1t thus
appears that the enormous increase which was
noted in the New York bank loans during that
time, and which has gone still further since
then. was accompanied by an actual shrinkage
IN the loan account OF other national banks.
This corroborates the supposition that interior
banks, as well as New York trust companies.
were transferring deposits to New York banks
TO take the interest rates on deposits and re-
ducing their own loans because of the low rates
to which interest on money had fallen.
The aggregate reserves Of the country have
increased about $94. 900. 900, while the New York
reserves expanded $1,000. The small loan ex-
ment Is also interpreted as showing that the
large corporation borrowings. which have made
LOT IN the previous loan expansion.
HI DAYS MOVEMENTS.
OF to-day's few noteworthy movements that
in Amalgamated Copper was attributed to an
advance in the price Of copper. Reports were
current that an agreement had been reached
between the largest Individual holders of New
York Central stock to pool the stock and with
hold 1t from the market, and the shorts in the
stock were made uneasy thereby.
Rumors OF the serious illness of the German
Emperor and the Car were without apparent
erect reports or rate cutting on grain. the
failure of railroad earnings to show improve
ment and rumors of a coming strike in the soft
coal nelds were equally without effect.
The closing was firm, but nearly stagnant
The days business was the smallest in nearly
four years.
The bond market was also exceedingly dull
and the tone was steady. Total sales. par value
s~l,2ls,5oO. United States bonds were unchanged
Sales and the range: