The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-07
STOCK TRADING EXPANDS
EVIDENCE INCREASES THAT OUT
SIDE INTEREST Is GROWING.
Interest in Wall street Yesterday
Conferred I'm U. 5. steel Report
Steel Preferred Was strong.

NEW YORK. April e-There was breadth and
variety again in the stock market to-day and
some evidence Of growing outside interest Inc
largest part of the trading. however. was in
the hands of the professional operators and the
early activity was not maintained. The latter
part the day showed signs OF lassitude in the
market
Large attention was given 10 the quarterly re-
port of the United States Steel Corporation. and
the opinions held on the showing played an i'm
portant part in the whole market. The wide
opening in United States Steel preferred on the
sale of 5000 shares at 5s& and eoA. extreme
advance of rs points. evidence that a con-
siderable short interest was dsagreeably sur
prised by the character of the showing.
The net earnings for the quarter were in ex-
cess of most of the previous estimates. and
much made Of the progressive improvement
shown in the earnings from month TO month
and also in the growth of soo. 900 tons in the
orders on hand compared with those reported
on Dec 81 last.
In the days consideration of the report allow
ance was made for the normal influence OF the
season Of the year in some improvement in the
trade. whether in good years poor years. The
same nominal tendency is looked for to continue
the improvement in the coming quarter.
The inclination to- draw cheerful augury
from the report, although some misgivings were
caused by the reactionary movement in the stock
after the opening. Union Pacific also continued
10 hang back, with some effect upon sentiment
contributary cause TO the reaction was the
Unexpectedly heavy engagements Of gold for eX-
port. The amount not larger than had been
looked for at the opening of this week, but yes
terday's movements in the exchanges seemed 10
have averted the movement
Little Importance is really attached to the out
ward flow OF gold at this time, however. with
money call hard to lend even below per
cent, and with the inflow OF Japanese gold at
San Francisco still in progress.
The news Of the sale OF a sl4. OK. 600 issue OF
Chicago. Burlington Quincy bonds was a
gratifying contrast to the recent makeshift note
was regarded significant of improving de-
mand for bonds. 1t is worthy of notice, how
ever. that the proceeds of the railroad note is
sues, according 10 the general understanding.
draw interest while deposit with the bank
pending its by the company, the rate al
lowed being stated at high per cent.
This, coupled with the general feeling among
bankers that they will be called upon TO accept
some funded issue in payment for these notes.
explain the relatively high interest rate paid on
the railroad notes.
The weakness in the grain and cotton markets
on the favorable weather map a help 70
stocks, the report that the threatened
labor troubles in the New York building trades
will be submitted to arbitration.
Realizing made it's impression on the late mar
ket. and renewal of the upward movement in
United States Steel preferred did prevent
rather irregular close.
Bonds were active and firm. Total sales, par
value. 32900oo. United States bonds I'M
changed call.
Sales and the range: