The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-21
STOCKS Dull AND INERT
GENERAL OPINION THAT PRESENT
DEADLOCK CANNOT LAST LONG.
Union Pacific's Rise Connected with
Bcginning of Hartman Suit-C1ose
Was Near Best Prices.

NEW YORK. Mag 2O.-The narrow and
varying fuctuation in the stock market Is
a reflection of the timid and facilitating
temper of the speculative mind. The great
body of capitalists are evidently refraining
from either adding to their holdings of
stocks or liquidating.
The orders by room traders on which the
market movements depended do not afford
motive force for more than small frac-
tional changes a movement of a fraction
invites taking of the meager profit or in
duces the prompt pocketing of loss, owing
to the great uncertainty as TO what dlrec-
ton prices may suddenly move. The con-
viction is general that the condition of alb
solute deadlock in which the market Is now
held cannot last long.
The midday rally to-day principally
due TO the heavy debit balance by the sub
treasury at the clearing house due to the
payment of a 100000 treasury warrant TO
j. p. Morgan * Co. as fiscal agents of the
Panama republic for the canal. This pay
ment is to the benefit of bank cash and
will figure as an offset TO the losses by gold
exports.
The exports. including those of to-mor-
row. are the principal cause for the loss OF
Sl3.50OOOO by the banks on SubtreaSury OPP
erations for the week.
The s2,50o,0o0 shipment in gold coin is to
be received in addition. The movement OF
cash at the interior has been heavily in
favor of New York again. promising TO re-
duce the loss to the subtreasury by fully
half. The extent to which to-days pay
ment Will figure in the averages is expected,
therefore, to decide the complexion of the
cash item by the extent to which it will
modify the cash loss otherwise indicated
Call money was appreciably easier to-
day and was offered in large amounts by
the banks below 2 per cent. Sterling ex-
change also continued its downward
course, encouraging the idea that the gold
movement may be reaching. it's. culmina-
ton.
The beginning of the hearing in the suit
to enjoin the Northern Securities distribu-
ton was OF some encouraging effects, ow-
ing to the step this has taken toward end
Ing condition embarrassing to the finan-
cfal world. AS stated by the counsel in the
case, Ii is desirable TO solve a dispute by
which dividends $500, 900, coo are tied up.
The influence of these considerations was
faint and seemed to pass away quietly, al
lowing the dragging tendency of a stag
nant market TO reaSSert itself.
Weather reports favorable to the crops
were received, but the wheat market was
further influenced by the shortage in sup
ply The cotton market on the other hand,
by the further fall in prices, added to the
attraction for foreign buyers and prom
ised an Improvement in the export showing
for that staple. There was increase of
$4,000 bushels in the weeks exports of
wheat over last week, but only small
proportion of the average for the CORE
spending week in recent years went out.
The exports of corn were little more than
nominal.
Union Pacfics rise may have been due
to the hope of winning its contentious in
the Northern Securities suit. 1t was the
only noticeable movement In the list. The
market closed not far from the best prices.
|. Bonds were dull and irregular The total
n sales at par value were $1,310,000. United
States bonds were unchanged on call.
Sales and the range: