The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-21


NEW YORK. April 2O.-The volume of
dealings in stocks dropped of again to-
day and the price movement became very
uncertain and sluggish These character
istics gained in force as the plane of the
market got away from last nights level.
either above or below. until the movement
feeb.y in the other direction.
The action of the market thus plainly
indicated the operation of room traders of
small class. and of timid convictions.
The direction to be taken by the con-
test for control of Northern Pacific is the
subject most largely discussed by specu-
lators, and the opinion is quite universal
chat this overhanging influence is the
cause of the stagnation in the market
This feeling finds expression in London
as we'll as here, and diverts all interest
from American securities on the occasional
upturns of the course OF prices. To-day.
however, it was quite noticeable that the
Pacifcs were inclined to take the lead of
the movement. The reports of rains in the
western portion of the winter wheat belt
may have had some influence upon the
group, as they did in lowering the price
of wheat. But these stocks yielded again
as easily as the rest OF the list.
he further depression in United States
steel preferred had an undouhted SYM
pathetic effect on the whole market the
more so as its source and motive were not
clearly understood. The proposed purchase
OF the Clarion Steel Company and the
assumption of additional fixed charges was
one cause assigned, and the threat of an
OTTER market for iron ore was another.
Inc unreasonable weather and actual in
terruption of traffic by snow in the North
were not favorable influences upon values
The heavy losses by the Toronto fire made
minor influence towards reaction.
The appearance of advertisements invit-
ing bids for S37,o00.oo0 of New York city
bonds was OF mixed influence. This is the
largest block of city bonds ever offered in
one lot and this is accepted indicating
growing confidence in the investment de-
mand for securities. On the other hand the
requirements for taking up so considerable
mass are calculated TO affect the absorp-
tive power for other securities, as the
railroad note issues have done.
The report of Sl,50O0O0 in gold for export
was little noticed, since the amount is little
more than half of yesterdays receipts of
japanese gold. The reserves of foreign banks
are growing, in common with our own,
against a possible strain. The possible
source of such a strain, which is most at
tentively watched by the financial world.
is the large quantity of Russian bonds held
by French investors.
These investors have hitherto held with
apparent confidence, but a common move
ment amongst them TO Hquidate would
constitute a strain on the worlds financial
fabric. To-days reports of railroad gross
earnings We're poor and the publication of
the Iron Ages trade review increased the
weakness in the iron and steel stocks.
Inc local fractions made some recov-
cry from yesterdays declines and CONSOLE
dated Gas affected by the withheld
action on legislation affecting it. The mar
ket closed dull and weak.
Bonds were dull and heavy. Total sales,
par value, S1,7OO,OO0 United States twos,
coupon, and the old tours declined Il per
cent, while the threes, coupon, advanced IA
per cent and the new fours IS per cent.
call.
Sales and the range: