The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-23
STOCKS GROW DULLER
TENDENCY IN UNION pa
CIFIC HELPED WHOLE LIST.
Selling of Steel Pre-
ferred Attributed to Pittsburg In
terests-Bonds steady.

NEW YORK. April 22-No incident in
the days news to-day proved an incentive
to operations in stocks. and the volume OF
dealings declined successfully TO a point
nearer stagnation. Neither was ii clear
that any positive encouragement 10 specu-
lation was offered by the days news
The trading public was. however, indiffer-
ent and almost idle. Some of the usually
active stocks did not move at all, While
others did not open until late in the day
On the other hand, there were number
of specialtes quoted. which may remain
dormant for months at a time.
This revival of long dormant specialties
is feature of the present market There
is no general condition to explain their
movements which must be traced to an in
dividual cause in each case. The advanc-
ing tendency of Union Pacific proves sus-
tanning influence on the whole of the gen
eral list against the contrary influence of
the rather marked depression in United
States Steel preferred.
The selling of the latter was attributed to
Pittsburg account and had influence, owing
TO the common assumption that selling from
that source is likely TO come from sources
well informed on the steel trade. However.
nothing was disclosed of any specific de-
Velopments in the trade 10 prompt the sell
ing. Conflicting reports OF the terms OF
the proposed Clarion steel purchase caused
an impression that the transaction Is stu
open. Some discussion was heard of the
small buying by railroads of steel prod
ucts.
The expectation of decision during the
day on gas legislation kept Consolidated
Gas rather feverish. The local trac-
tions advanced in an irregular manner.
BIDS Commercial advanced
IL points before bringing out an offer, and
a movement in Mackay companies on the
curb accompanied this rise with rumers
OF an utilization with telephone interests.
The decline in United States Rubber pre-
ferred was on realizing on yesterdays rise,
explained by the declaration of a dividend
after yesterdays market closed. Weather
conditions were more favorable, both for
the opening of belated spring business and
for the crops, and the weakness in the
wheat market gave emphasis to this con-
dition.
Neither one nor all of these developments
caused any appreciate movement of prices
in the market. Neither did the extraordi-
nary ease OF the money market affect the
stock market. Several million dollars were
reported loaned on call at l per cent, and
the demand for time loans was practically
Stagnant.
Some corporations reported to be still
borrowing at rates higher than the market,
but no important note issues have been re-
ported during the week The extent of
the weeks loan expansion is, therefore, in
doubt, but the forecast of the weeks cur
rency movement shows further enormous
accession of cash by the banks, the esti-
mates of the weeks movement to this CEN
ter running as high as $l2,000000, including
the express movement with the interior
and the SubtreaSury operations, in which
the gold exported is comprehended.
Sterling exchange was easier, but this
was plausibly supposed to be on account of
bills sold against further gold exports. The
stagnation of stocks became almost COM
plete late in the day
Bonds were neglected and about steady.
Total sales, par value, S1,S05,00O United
States bonds were unchanged on CALL Sales
and the range: