The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-18
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.

70 corresponding
NEW YORK. Jan 1s-within narrow limits.
both as TO price movement and volume Of deal
ings. to-day's stock market ragged and I'M
certain. The handful Of room traders who made
up the market had difficulty in moving prices at
all. The undertone was. the whole. frmer'
although there was some yielding in spots
The further advances in minor specialties were
not so impressive and did not 70 give tone
to the rest Of the market. The downward course
Of prices in foreign markets on the war situation
followed here, but the semi-sta gnation
was attributed TO the uncertainty over the mat
ter. A rumOr gained some currency also lldt
an early decision will be forthcoming on the
NorIheTn Securities case probably due bi 70 t tn
Supreme Court is accustomed 10 announce It's
decisions.
TO afford any feature. The gain OF upwards of
sl10O0OO0 in the cash reserve. as shown by the
OF the most sanguine preliminary estimates,
which were more than usually at variance But
the stock market was disposed 10 look a little
askance at the loan expansion of sl3 4OS 400
Another week of expansion at that rate would
bring the loan item of the banks to above any
figure record. the highest record for loans
having been oched in the week ending Feb Il.
1903 at $3.50 2OS, 700 Reports were current OF the
repayment Of large loans Of long standing TO one
OF the trust companies which may have involved Owed
banks. The market closed steady. but mani
NO DEMAND FOR STOCKS.
There has been appreciate demand for
curities this week. Prices have moved sluegshly
and irregularly ana the stock market was prac-
tically idle most of the time. Operations by
the only variety from the prevailing monotony
and the rumors set afoat TO account for these
special movements have proved impossible Of
The manipulation which accompanied the
movements has been generally commented upon.
and in at least mas been the occasion
of charges which threatened official investigation
by the Stock Exchange authorities While the
ERr "A heel
outside public. no important pressure to sell has
been in evidence, and prices have not suffered
during the week
The general assumption is that the demand for
securities which was looked for when the money
market grew easy, after the turn of the year,
is held back by the threat OF war in the far
East. The constantly varying rumors on that
ations. but the week progressed the war news
seemed to lose its influence upon prices. and the
dition of lethargy. apparently resolved to await
the definite outcome Of the question.
II Is uncertain how far this motive for hesita-
ton in New York may be mixed with other in
luences since it is not generally feared that war
harm to cur industries or finances. 1t is believed
that the doubts and uncertainties incident to the
eve or a national political campaign might be
sufficient In themselves TO induce conservative
attitude in the financial world
There Is room for superstition also that a new
turn in the industrial and financial outlook is
awaited. The long decline OK prices of securities
a normal upward reaction, but opinions not
agreed on the future Of business. Senti-
awaited to iRduoe CONVECTION The IRON and steel
industry is especially field of conjecture and Of
Reports of increased demand for some grades
OF products are and od OF
pecially In the field OF foreign trade There has
been clear T exdeHGe Of good absorption this
second bonds, believed to be due to well-informed
belief ir better trade prospects. The statistics
d o bea1 fnd the % Of any @
provement in conditions as yet.
Ded 81 had f Gf 10 the q s 6 GR
years. and no tendency toward the working OF
Of accumulated stocks was yet in evidence. These
figures. however. are for the same period COW
cred by the g1arteTy statement OF earnings OF
be supposed to have had its due influence upon
the speculative markets already; Reductions in
feet on future earnings
The heavy demand for copper especially for
coroiiary Of improving markets for IRON and
steel. The correct estimate for the cotton crop
and Violent controversy and it's final decision will
be needed TO confirm opinion on en- important ele-
ment OF the country prosperity.
RAILROAD EARNINGS.
The future of railroad earnings is by no means
clear Gross earnings for the fourth week of
December showed n gratifying rise in the ratio
of increase the corresponding period of last
year. but the roads so far reporting for the first
week in January fail sustain the good record
The coaIers are not included in this showing
and their earnings cannot mot be expected to hold
settlement of the great anthracite strike. For
the reason the showing of the coalers,
which included in the compilation Of net
earnings for November help to cause the de-
teroration there shown.
Future net earnings of railroads expected
to show the benefit OF extensive economies in
reduction of working forces and cutting down of
expenditures for improvements which have
figured largely in expenses up to the present
time.
The extreme ease which has developed in the
money market seems to leave little room for
fear of trouble that ground The payment of
So. O0O, 900 of Lake Shore rotes and the calling
of 671z per cent. iDstallment OF subscriptions
to the $40. 200 of Lake Shore bonds failed
TO create a ripple in the money market. 1t was
large railroad borrowings of this character
which feared. for their effect the money
market and many remain to be met.
The inflow of gold into New York has stopped
the import movement of gold the need for II
But the December foreign trade return. with its
favorable trade balance of $50, 000, 600 is
convincing proof that New Yorks control Of the
international exchanges remains unimpaired
The bond market has suffered throughout the
week from the same repressve influences as
that for stocks, and has shown no important
movement. United States twos have declined
p per cent. and the threes have advanced "A per
cent. on call during the week. Sales and the
range:
Hiph-