The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-03
UPWARD RUSH OF PRICES
PROFESSIONAL TRADERS LIFTED
UNITED STATES STEEL.
Several Industrial Stocks Affected by
AmaIGamated Copper Episode
RaiIrOad Bonds Dull.

NEW YORK. Oct. 2.-The market started
out to-day with somewhat Of an upward
rush of prices. Apparently the profess
sional traders were impressed with the
idea that the statement of net earnings
officially promulgated last evening as the
market closed by the president Of the
United States Steel Corporation would
have a strengthening influence on the
whole list. There was quite an active de-
mand for a while for United States Steel,
which lifted the price IL over yesterday.
Colorado Fuel and Tennessee Coal showed
some strength on the assumption that the
favorable conditions in the trade revealed
by the statement of the Steel Corporation
earnings would benefit those companies
also. The railroad list was affected by a
demand from the shorts, but the force of
the demand spent itself early and the mar
ket fell into dullnsss and heaviness. pune
tuated by a number of weak spots among
the industrials. The friends of United
States Steel were inclined to attribute this
weakness to the contrast afforded with the
policy of that company in the publication
of it's earnings, but the United States Steel
securities fell back with the rest OF the
market and the professional speculative
sentiment in the street failed apparently
to be impressed with the new policy of the
United States Steel Corporation as an
e~poch-makng departure.
The large profits reported by that COM
pany had some reassuring effect, neverthe-
less, owing to the undertaking impor-
lance attached to prosperous conditions in
the iron and steel industry.
The distrust left by the A~malgamated
Copper episode and the annual reports OF
one or two Industrial corporations recently
showing net earnings insufficient to pay
the current rate Of dividend and a conse-
quent encroachment on the surplus for that
purpose probably accounted for the con-
tinued weakness in that class of securities.
The American Car stocks, the Pressed Steel
Car stocks. Glucose and National Salt were
affected, losing from rs TO 4 points. Ma
tional Biscuit, Rubber Goods, international
Pump and international Paper preferred
fell from / to IA. Brooklyn Transit con-
tinued weak under pressure of liquidation.
The stock fell an extreme 4@s, to below 60,
the lowest price of the year. Manhattan
declined 2k. partly in sympathy. The re-
ductfOn Of refined sugar explained the re-
cent decline in the stocks, which steadied
toward the close of the day, ending with a
net gain. The level of prices generally car
ried To below last night, but net declines
did not reach a point I'm important railroad
stocks except for Missouri Pacific. The
money market continued steady and ster-
ling exchange advanced again. The demand
was attributed TO requirements for pur-
| chaSeS of stocks bought recently in the
London market. The announcement by the
Treasury Department that the purchase of
government bonds for the sinking fund
would cease cut off the main source of re-
Punishment of the New York money mar
ket for some time past against the interior
demand for currency. There was a signifi-
can't drop in quotations on call for gov
eminent bonds following the announcement
The postponement of the meeting of the
Atchison directors, which was expected to
increase the dividend rate of their common
stock, caused some disappointment and de-
preston. Covering of shorts rallied the
market slightly and it closed about steady.
Railroad bonds were dull and irregular.
Total sales at par value were 1905. 900.
United States old tours declined 4, the
threes and fives Il and the new tours 1 per
cent. on the last call.
Following are the days share sales and
the recorded price changes: