The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-03
STOCK MARKET LIFELESS
FLUCTUATIONS so NARROW NO MAR
GIN OF PROFIT Is OFFERED.
Current Railroad Earnings Discour-
aging-Money Market Presents
an Uncertain Feature.

NEW YORK March 2.-The stock market con-
tinues fiat and lifeless. The feeble huctuation
in prices is not sufficient offer any margin Of
profit over the expense of commissions. Conse-
quently there is an entire absence Of outside in
terest.
OCCASIONAL news developments that might be
supposed, in times of ordinary activity. TO have
a bearing on values passed over with apa-
thetie indifference. The cause OF the stagnation
is not entirely clear. and still more obscure is
the coming event which may TO break the
deadlock
There is prospect that the collateral results
upon the financial markets of the war in eastern
Asia will be anything but very gradual in their
developments.
One of the immediate influences upon to-day's
market the unsolved doubts over the out
come of the Paris settlement which is still in
progress. While trouble has yet developed
the apprehension on the subject is not likely to
be allayed until the conclusion of the payments
on the account. which due tomorrow. Both
Paris and London labored under this disadvan-
tage to-day and reflected some influence upon
Current railroad earnings are discouraging.
heaVy declines In January net earnings continue
10 come TO hand. the Pennsylvania lines and Lee
hlgh Valley being to-days conspicuous additions
to the list. Southern Railway made a better
showing, but the stocks got no benefit from it.
, The lack of pressure upon railroad stocks on
this account argues some confidence among Sc
curlty holders that the unfavorable condition is
temporary one but the clearing up of weather
conditions will be necessary to confirm this hope.
MONEY MARKET UNCERTAIN.
The money market future is another uncertain
problem. Call money is drug and reserves
continue to pile up in New York banks, in spite
Of some reported demand upon Chicago banks
from the interior and a resulting fall IN New
York exchange at Chicago. There was a trans
Ter OF 100000 to that point to-day
DOSsble that fnterfor daDoe-
itories are RENTING to New York in readiness
for the return of 20 per cent of their deposits in
Whether this the decline in business uses for
money is the cause of the accumulation of idle
iunds is subject upon which the shedding of
market.
New York Centrals one-year borrowing Of
SoUOO0 at the equivalent of per cent. con-
firms the indication of previous railroad loans
that relatively high rate is demanded for these
corporation loans, and gives an Elusive appear
markets.
The possible effects of the Panama payment,
which is expected to be put through at once,
and the further corporation borrowings known
10 be hanging over the market may be the ex-
PLANTATION OF this uncertainty. The movement OF
gold from New York TO Argentina, inaugurated
yesterday, is another factor in the problem Its
present significance is that London is able 10 call
On New York for payment of it's South American
debt, Notwithstanding the enormous merchandise
balance or the last few months for which pay
ment was due
The in freight rates the prospect of a
soft-coal strike, uneasiness over the condition of
winter wheat and the impending Northern Sc
curities decision must all be held in mind to
understand the apathy Of the market from day
is not worth analysis
Bonds frmer. but dull. Total sales, par
value. S1.120OOo- United States bonds were I'M
changed on call
Sales and the range: