The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-19
STOCKS CONTINUE Dull
MARKET SEEMS TO BE WAITING FOR
NORTHERN SECURITIES DECISION.
Announcement that Decision Would
Not BE Handed Down Yesterday
Had Hating Effect on Stocks.

NEW YORK, April 1S.-No new interest
was awakened in the stock market to-
day and there was the same listless drift
of prices and languid operations as for
most of the time last week. The activity
of the market is on a diminishing scale
from day to day.
Such slight activity as there was to-day
was abruptly halted by the announcement
from st. Paul that there would be no de-
cision to-day on the petition regarding the
manner of distributing the Northern Secur-
tiles assets.
This fosters the impression that the mar
ket is waiting on this decision But the
prevailing belief in Wall street is against
the likelihood of the petition being enter
tanned while the conviction is general that
the contest will be pursued by other legal
steps on the part of the Union Pacific in
terests. This makes it doubtful whether
the expected decision at ST. Paul is to re-
lease the market from the repression
upon it.
The repressive influence of the contest
involved in this suit is undoubted and the
influence was increased by the seven-point
drop in Great Northern preferred to-day.
Much discussion is given to the continued
output OF railway notes in the money mar
ket for short periods and at high interest
rates, notwithstanding the extreme ease of
money for loans in other forms. Addi-
tional contrast 10 this condition was
afforded by the news from London and
Paris of the quick absorption of new CAPT.
tai issues in those markets, which is result
ing from the accumulation of capital at
those centers.
The investment demand in the London
market has encouraged the decision to
offer the s25.OOO,00 Transvaal guaranteed
loan, and in Paris the large oversubscrip-
ton for the $4,000 900 CITY of Paris loan
has been followed by announcements of
other government issues.
1t is believed that until the issuance of
railroad short time notes in this market
has been completed the investment de-
mands for bonds and stocks will halt
Present speculation halts accordingly The
weekly discussion of traffic by railroad
ofhclalS did not indicate any actual re-
vival. These officials offer as exclamation
of their professed satisfaction with
smaller volume of traffic than last year
that they had expected the shrinkage
would be much worse.
Last weeks assumption that the fixing
of grain rates from Chicago had settled
the dispute over the differential on ex-lake
grain from Buffalo was found to be due
to a misconstructiOn of the case and some
unfavorable effect was thus revived A
light speculation in Consolidated Gas on
the disputed chances of pending legisla-
ton was an unimportant feature of the
market Missouri Pacific made no response
on a good statement of net earnings for
February.
Very few stocks moved over an extreme
range of as much as a point Closing up
OF traders accounts reduced the net
changes 10 still narrower proportions. The
dull and irregular. Total sales, at par
value, $l,390000.
United States bonds were unchanged on
the last call
Sal nd 4