The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-17
FST0CKSCLOSE WEEK DULL
FEATURE OF Yesterdays MARKET
WAS NEW YORK GAS STOCKS.
The Halt in Union Pacific Was the
Principal Factor of Influence the
Past Week-GeneraI Outlook.

Corresponding day last year........-. Zao,3UO
To corresponding date last year.. 40, 133,26o
NEW YORK. April 1s.-There was only a slug
/ gish drift IN to-days stock market, and the
trading without interest. The day erded
with prices generally a fraction lower, after
having been at one time higher.
| The only considerable movements were in spe-
cialties individual The local gas
stocks were affected by the surmises regarding
| the fate Of legislation from which they would
| benefit.
| The weakness Of the virginia-Carolin Chem
| ieal stocks was caused by a proposition to issue
preferred stock for repayment Of a large floating
| debt
| The bank statement showed a smaller loan
expansion than expected. that the cash in
crease went further to enhance the surplus of
the reserves. But the market sold off after the
| publication of the bank statement and closed
easy at the lowest
The unreasonable weather was regarded un-
| favorable. the more so as the mercantile
agencies reviews dwell upon the deterrent eff
feet Of the cool weather upon business.
J The Kansas state report wheat conditions
weakened the wheat market by indicating
more favorable condition than that reported by
| published report of a determination to stop
improvement work on the Pennsylvania system
steel rail- orders booked by the United States
Steel Corporation for 1904 amounted to but 1000
| 900 tons. The bond market was relatively frmer
than stocks, but dull Total bond sales,
par value, $4,000.
| REVIEW OF THE WEEK
The impression conveyed by the action of the
weeks stock market has been one of depression,
but the irregular movement of prices carried the
| level OF the market but small distance from
last weeks closing level. either above or below.
and the volume OF dealings has been much con-
tracted from that recently prevailing.
Many OF the large operators and traders who
made the recent activity apparently withdrew
! from the market. and there have been none of
! the decided movements in individual stocks
which gave tone to the previous market and
| which stimulated speculation by keeping quiet
The most conspicuous of such movements was
that in Union Pacific. The general public has
obtained no satisfactory clew TO the recent enor-
nous accumulation of that stock, and insiders
profess TO be equally in the dark. asserted by
many Mr. sehi also Expressed his disbelief
| in the supposition that any effort to obtain con-
troll OF the party by outside capitalists had been
| involved owing 10 the practical impossiblIity OF
such an attempt succeeding.
The recent advance in the stock market has
hinged almost entirely on the Union PACING
e oNeme a ana the malt IN that m4hemeht TINS
upon the whole market Suspicion of purely
the stock in the face of the supposition late
Monday that the attorney general had interviewed
the Union Paciac interests 70 secure the return
Of the Northern Pacific stock from the Northern
Securities merger.
| GOVERNMENTS ATTITUDE BETTER UN-
DERSTOOD.
! A better understanding of the governments
step changed this impression, but not the belief
that the accumulation of Union Pacific was
based the chance OF winning the contest for
control of the Northern Pacific. Public utter
ances by President HILL of the Great Northern,
have confirmed the belief that the Union Pacific
| has entered upon a determined contest for
troll of Northern Pacific and of Burlington.
to continue the This end, even in the
event of the throwing out of court of the petit
/ ton at St Paul The uncertainty which would
have been kept hanging over the market for
! a long lime by such procedure would renew.
| II Is feared. the conditions preceding the deci-
sion by the Supreme Court in the Northern Sc
curities case itself.
| This prospect has chilled speculative enthu-
siasm. Another of disappointment was
the further issue during the week of short-time
notes by railroads and the American Telephone
| Company at high interest rates. The hope had
been aroused that the market was improving
for railroad bonds, and the sale a SIS. 600. 900
! bond issue by the Burlington helped TO inspire
this hope.
But the renewed note issues dashed this hope
and revived the unfavorable impression due to
this condition, with the apparent abundance
and cheapness Of money. The inference is
! drawn that the accumulation of capital in
serve centers is to be attributed to a decreased
| mercantile and trade demand while capital still
lacks the requisite confidence to embark in fixed
| forms except on terms that unacceptable to
1t is believed that corporations hesitate TO ac-
! cept such terms owing to the permanent effect
! which would be caused upon the price of bonds
and rate or their credit. 1t is reported also
| that New York savings banks are advancing
! the interest rate demanded New York real
| estate mortgages. The contrasting excessive
ease in the money market for cali loans and
ordinary time loans is explained being due
TO the fact that the proceeds of the great rail
road note issues are kept on deposit in the
| banks pending their outlay, and available
meanwhile TOR use in the money market. The
progressive expansion !: in the loan item of the
! high record figures week after week, is due TO
the railroad note issues.
JAPANESE GOLD AFFECTS EXPORTS
| The immediate movement in the field of cur
rency seems to be little regarded. The outflow
of gold to Paris has been more than offset thus
far by the inflow of japanese gold to San Fran
cisco. The movement to Europe is expected to
extend good deal further.
The present heavy contraction in the value of
cotton and grain exports and the future require
ments for the Panama canal payments are to be
considered in the outcome. Foreign money mar
kets are easy. but suggestions are revived of
coming Russian loan. and the existence of
begets spirit of caution in the money
The influence of domestic conditions has been
mixed Crop prospects have growing influ-
ence, and the condition of the winter wheat crop
IS not regarded as satisfactory cheering eff.
iron, while the stocks on hand continue to de-
cline put the Iaure 81 ensd states Steel to
gamated Copper reflected the Improvement re-
ported in the market for copper
Railroads report traffic running at lower W
erage than last year but traffic officials speak
hopefully of the future prospects. The settle
ment of grain rates East and West removes a
cause Of uneasiness for the integrity of earn
ings Extraordinary demand for anthracite is
reported on account Of the spring reduction.
Activity in speculative bonds has decreased.
and prices have moved irregulary and in sym
pathy with stocks. United States twos have
advanced Il per cent and the new fours u per
cent. call during the week.
Saturdays sales and the range:
High Low Clos.
RAILROADS Sales. est. est. Bid.
Atchson ......-............ 200 75a. 73k 1885
Atchison pfd .............. 100 93A 93L 50
Baltimore & Ohio.......... 1900 1874 1884 7ss.
b. & o. pfd................ go. -. - 9Ols
Canadian Pacific 500 1854 1163. lI6a.
Central OF New jersey. -. 80. - l5e
Chesapeake & Ohio....... 100 32ss 32ss 32x
Chicago & Alton.......... 80. -. - 37is
Chicago Great western. 100 is3s ISIS iS5.
Chicago & Northwestern. 100 III III Is9
Chi Mil. & ST. Paul. 200 I45L l44L Il43.
c., NJ. & st. p; pfd... rs
Chi. Term. and Trans. go. 80. 49,
Chi T. and T. pfd........ -. I9z
G., c.. c. x St. L-........ 80. 49,. 70
Colorado Southern -. 80. 80. IL
c. S. first pfd.............. 80. 80. 80. "a
c. 6. second pfd........... 80. -. - %
Delaware & Hudson...... .... -. 1884,