The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-01
STOCK TRADING is SLOW
SUSPENSION OF TRUST COMPANIES
HAD DEPRESSING EFFECT.
Further DeniaIs Are Given to Re-
ports that st. Paul Interests Are
Buying Union Pacific.


Corresponding day last year.......-.. 3o5,.oO
sales 10 Gate this year d.
To corresponding date last year.. 3Z,4s 0,oOo
NEW YORK March s1-The suspension of
two trust companies. in Cleveland and one
in Boston. had a somewhat chilling effect on
speculation to-day. The tendency Of to-mor-
rows Good Friday holiday was hailed mo-
tive for curtailment of operations. and
to-days Jewish holiday of the Passover was
also the occasion of some absences from the
Stock Exchange
These the nominal causes of the decided
falling off in activity and the rather heavy tone
of speculation There indications. how
ever. that speculative sentiment affected
by some reaction from the strength of the early
part of the week.
;, The d td given to rgmors of purchases of
which were circulated the Exchange were
reinforced in their reactionary effect by the large
the rise of yesterday and by the cessation OF
much OF the demand to-day
The suspension of the trust companies seemed
due to special rather than gen
eral conditions. and so were OF little direct IN
huence on the market.
There were points of strength in the market
but they were exceptions rather than the rule
ton, and the coming outward movement of gold
which is expected to run 10 many millions, and,
in the opinion OF exchange experts, may
reach the amount of the remittances to be made
to Paris on account of the Panama canal pay
ment-
1t is believed that any accumulation of bills
which may have been made for this purpose
have been worked off at the profitable ruling In
the market, that provision for the purpose
remains TO be made. The exchange rate to-day
was at the point where gold shipments would
snow margin of profit. but. owing to lack of
shipping facilities gold is likely TO go out
until next week. when 1t is expected several
millions will be shipped.
The present abnormal of money in New
York is undoubtedly due. in part, TO the accumu-
lation here of government deposits in prepare
ton for the Panama canal payment. With con-
ditions in the exchange market as at present, 1t
is not probable that when the payment is made
the proceeds will remain in New York The
effect on the money market Will be watched
with interest.
In Paris, Berlin and London the quarterly
requirements for April extraordinarily heavy
revealed by this weeks reports of the great
foreign banks. But, with the turn Of the quar-
ter a large reiux of funds to the circulation is
looked for, with resulting effect money rates.
which may modify the pressure New York
for gold.
The domestic movement of currency appears
to be still in favor of New York. in spite of the
completion of remittances of government de-
posits.
The strong stocks in to-day's market
among the Southern group and the soft coalers,
due to favorable reports of earnings. United
States Steel reflected a more confident feeling
over the preferred dividend
Covering by shorts rallied the market during
the latter part of the day, but the closing
heavy.
Bonds steady. Total sales, par value.
call.
Ga nd he