The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-09
PRICES WENT TO PIECES
STOCK MARKET VALUES BELOW
LAST SATURDAYS QUOTATIONS.
Money Outlook and Liquidation
Caused the Break-DecIine in the
COuntry's Export Trade.

NEW YORK, Dec. 7-SpecuIators long
of stock rushed to sell to-day and precipi-
tated a violent decline, which carried
prices below last Saturdays level, leaving
vestige of the weeks gain. Amalga-
mated Copper led the van, with Man
haitian a close second. The copper stock
touched 64%, loss from last night of 59s
The scramble to cover among the shorts
reduced the net loss to 3d. In Manhattan
the extreme decline was ia, and the net
loss only Il. The stock touched 136 several
times in its erratic fluctuations. On the
first break in the market many railroad
stocks and the United States Steel stocks
were little affected and resisted the de-
cline stoutly. On the second break, after
the appearance of the bank statement, the
weakness became very general at declines
of 1 to points. New York Central, Great
Northern preferred, St. Paul, Chicago Sc
Northwestern, Rock Island the Buffalo,
Rochester & Pttsburg stocks and General
Electric were especially weak. The bank
statement was even weaker than expected.
The loss in cash reserves reached over
100000 and expansion of over 100000
in the loans stretched the legal reserve
requirements, 50 that the surplus was cut
in half and brought below $7,000,O00. Heavy
losses in Amalgamated Copper necesSitated
sacrifices in other stocks. 1t was manifest
that recent pool support in various stocks
had been withdrawn, the insiders presum-
ably having taken their profits on the
weeks rise. The transfer of funds for
speculation to the grain and cotton mar
kets impinges on the supply available for
the stock market Liquidation for account
of an important firm about to retire is be-
lieved TO figure largely in the selling. The
acute weakness of American Tin Can
stocks on the curb was an incident of to-
days market
There have been periods of general
strength in the stock market this week and
points of continuous strength, but the spirit
of doubt has been sufficiently obvious. The
operations were by professional traders,
sometimes combined into strong pools, and
by banking interests and large capitalists.
The commission houses report that there is
no evidence that the general public, which
makes the really great periods of specula-
ton, has taken any interest in the market.
This is accounted for in part by the large
diversion of interest to the cereal markets,
in which a rampant speculation has ragged
during the week. The Presidents message
was favorable influence in the stock mar
ket, especially because the bears had sold
the market in anticipation of extremely
hostile attitude. on the part of the chief
MAGISTRATE against the great combinations
of capital. The buying by the bears to
cover after the contents Of the message be-
came known argued that the document did
meet their expectations in that regard.
The list OF stocks which advanced during
the week is rather conspicuous, neverthe-
less, by the absence of those concerned,
the Northern Securities Company, and of
such stocks as the United States Steel Cor
poration and Amalgamated Copper.
1t is feared that the money outlook to
the end Of the year is not altogether clear,
owing to the international situation. Less
gold went out this week than at one time
was feared, but further requirements APP
improved from the worst in Germany, and
the Berlin money market has been easy,
but the year-end requirements there are
very heavy. Money scarcity is expected in
London TO the end Of the year. Paris has
renewed the buying of discounts in London,
but money rates have advanced again in
Paris, and sterling at Paris has declined.
The prospects of further gold exports from
New York is not viewed with equanimity
by spectators, especially on account of the
continued depletion or bank reserves here
on domestic account. Against these fac
tors admonishing to precaution is the in
dubtable fact that the country's business
and industries are still on the upward tide.
Bank clearings for November Were in ex-
cess of any previous November in the coun-
trys history and it is notable that the
ratio of increase is largest outside the great
Railroad earnings continue to show in
creases over those of last year. though in
somewhat diminished ratio The earlier
fears of wide inroads upon railroad earn
ings on account Of the deficiency in the corn
crop are giving way to conviction that
the general merchandise movement is more
than sufficient to offset this, as 1t did the
short spring wheat last year in the North
west Complaints of insufficient car supply
TO carry the freight offered come from all
parts of the country, and railroads are in
creasing their supply of equipment and
making improvements to increase their
CARRYING capacity. There is apparent con-
fidence in continuance OF demands upon
! The present activity of the iron trade and
the demand for future requirements con-
tinue to break all records. General trade
in all lines is reported active and prosper
GUS The contrast with the commercial and
industrial de~ression reported in foreign
countries is -riking. Increasing attention
is given to the course of our foreign trade,
which reflects the depression abroad. The
question is asked whether this condition of
| the outside world can fail TO find an ulti-
mate reflection upon our own conditions.
Our iron and steel exports have fallen off
$23 900 600, or 2l12 per cent, in ten months OF
1901. compared with the corresponding Pc
riod of 1900. In copper the decrease has
been S23. 600 600 also, but the percentage is
451h 1t is claimed that the domestic re-
quirements of iron and steel are so large
that none can be spared for export. The
upset caused in the copper trade by the de-
cline in the export demand is, however,
very obvious, Notwithstanding the confu-
sion and obscurity of the present condition
in that trade. The decrease in exports is
most marked in the two commodities
named. but the declining tendency of the
country's foreign trade is clear.
There has been a good demand for rail-
road bonds this week. mostly of the specu-
lative and semi-speculative class. The
United States refunding twos advanced a
and the threes, registered. Il per cent over
the closing call of last week
Following are Saturdays share sales and
the recorded price changes:
High Low Closing
Stocks. Sales. est est Bid
Atchison ................ %. 800 IS 76Ss 77M
AtchisOn pref .....-..... 500 9SA 80 S9S
Baltimore & OhiO....... $500 103S log 1929.
Baltimore x Ohio pref. 300 s5a IS o.
Canadian Pacific 400 1l3A 1l2 1l2A
Canada Southern ...... 500 S4is Ssis 81
Chesapeake * OhiO..--. $500 41is 46A 46iz
Chicago & Atom. l,50O 35R 80 35
Chicago x Alton pref. 100 TA U% TA