The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-02
MARKET In A DECLINE
THIS HAS BEEN THE CONDITION ALL
THE PAST WEEK
Copper the UnsettlinG
Innuence-GoIdE Exports Are Again
a Strong Probability.

X,
Copper shares saw further vicissitudes to-
day and maintained their influence on the
general market. The raw copper markets
abroad We're reported quieter after yester-
days enormous liquidation, and Amalga-
mated started upward here, reaching a
point above last night. This had a re-
vivifying effect on the list, and upward
movements began here and there. These
were among the coalers, hard and soft;
l.. & n. and Manhattan. Sugar was marked
UP over point. Then Amalgamated Cop
per resumed its recent occupation of MAX
ing new low records, and touched 721z in
the course of the morning. Bears covered
in the stock at the decline, and il closed
at 741s, a net decline of a point. Brooklyn
Transit was another point of acute weak
ness, with a loss of nearly 4 points on
account OF the decrease in October net
earnings, caused by the increase in operat-
ing expenses. The whole market gave
way, led by these two stocks, when the
bank statement appeared. The increase in
loans, and the consequent increase in de-
posits, resulted in reducing the surplus over
a million dollars by reason of the expanded
margin of requirement. The frmness of the
foreign exchange markets makes further
exports of gold next week increasingly
problematical. The final covering by room
shorts made closing prices materially bet
ter. and the market closed active and firm.
The movement of prices during the week
has been somewhat irregular and hestat-
ing and the promise of a vigorous upward
movement has not been realized. There
have been strong spots in the list, and only
a few stocks have suffered marked losses.
but the market has shown the effect. 10
some extent, of recrudescence of uneasi-
ness over the possible year-end develop
mentS in the money market. There has
been realizing here and there on the pub
LEGATION of anticipated good news and some
selling by disappointed holders over the
failure of expected good news to material
lie. The violent and erratic fluctuations in
Amalgamated Copper have been another
disturbing influence. The stock rallied
sharply on Monday on denial Of last Sat
urdays reports that papers were preparing
against the company in the attorney gen.
erals office in Washington, but the open
ing price on Monday proved TO be the high
est of the week and heavy offerings OF the
shares have been feature of the market.
Stocks OF industrial combinations. outside
Amalgamated Copper have been affected,
owing to counteracting influences. Thus
Sugar has gone UP on the hope Of a reduc-
ton or abolition of duties on raw sugar
from Cuba and the new island possessions.
Peoples Gas has rallied on the hope that
the Supreme Court decision in the Kansas
City stockyards case would afford a want
age ground for the gas company against
the Illinois franchise tax law. The steel
stocks have held firm on the reports of the
extraordinary activity in the iron and
steel trade. The opinion of the leading au-
thority in the trade as published that next
years business may exceed the current
unprecedented business, and that the pres
ent capacity and that of works in process
of erection will be needed TO meet the re-
quirements of the first six months of 1902,
has favorably affected, not only the steel
group but the whole market. The difficulty
OF obtaining material owing to insufficient
car supply seems to be the only drawback
in this trade, while it is evident that the
railroads have all the business they can
ports of railroad earnings, as published,
bear out this assumption.
The downward course in the foreign ex-
change market, which set in late last week,
has given place TO a sharp recovery and
led to renewed anxiety over possible gold
exports. The recovery was partly due TO
the competition and the selling to realize
by bankers long Of exchange in the expec
tation that requirements for renting sub
scriptions on the final installment Of the
British loan would maintain the market at
the gold export point 1t appears that New
York borrowed in Paris to some extent
during the week. which helped to ease the
market early in the week. The pressure
for gold at Paris has obviously relaxed, but
the coming year-end requirements in Lon
don are coming forward for consideration.
| This weeks Stock Exchange settlement in
London has driven borrowers to the Bank
of England, and. as the government has
| curtailed disbursements, that institution is
! in a position to make its rate effective in
the local market.
A feature of the week in the financial
world has been the covering movement by
bears on the Berlin Bourse, and a slight
awakening from the extreme prostration
that has prevailed in German business af-
fairs. demonstration that finances have
been shaken down TO a stable basis again
in Germany would be followed by some in
hux of capital to that country to take ad-
vantage of low prices, the turn in the
course of foreign exchange has not affected
the ease of the New York call loan market.
| The return of SIS, 000. 900 paid in by the sub
scribers to the United States Steel Cor
poration underwriting syndicate is sup
posed TO have increased the available
credits.
There has been good demand for bonds,
and a rather irregular price movement In
United States bonds the new tours ad-
yanced u per cent in the last call
Following are Saturdays share sales and
the recorded price changes: