The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-08
WENT TO PIECES
STOCK MARKET VALUES ELOW
LAST SATURDAYS QUOTATIONS.

Money Outlook and Liquidation
Caused the Break-DecIine in the
Country's Export Trade.
NEW YORK, Dec. Spectators long
Of stock rushed to sell to-day and precipi-
tated a violent decline, which carried
prices below last Saturdays level, leaving
no vestige of the weeks gain. Amalga-
mated Copper led the van, with Man
haitian a close second. The copper stock
touched 645s, a loss from last night Of 52s.
The scramble to cover among the shorts
reduced the net loss to 315. In Manhattan
the extreme decline was ia, and the net
loss only a. The stock touched 1S6 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 3 points. New York Central, Great
Northern preferred, st. Paul, Chicago &
Northwestern, Rock Island, the Buffalo,
Rochester & Pittsburg stocks and General
Electric were especially weak. The bank
statement was even weaker than expected.
The loss in cash reserves reached over
S1,0OO,pO, and an expansion Of over 5000, 900
in the loans stretched the legal reserve
requirements, 50 that the surplus was cut
in half and brought below $7,000,000. 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had been Withdrawn, the insiders presum-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-
leved 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 a favorable influence in the stock mar
heI, especially because the pears haQ SOLO
the market in anticipation of an 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
not 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,
directly or Indirectly, in the formation of
the Northern Securities Company. and of
Er-nI. Gfnnln &c thu TTnf+n1 Totes G+na1 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
parentiy are to be met. Conditions are more
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.
New York is not viewed with equanimity
by spectators, especially on account of the
continued depletion of bank reserves here
on domestic account. Against these fac
tors admonishing to precaution is the in
dubitable 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-
try's history and ii is notable that the
ratio of increase is largest outside the great
speculative centers.
creases over those Of last year, though in a
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 a 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 or equipment and
making Improvements to increase their
carrying capacity. There is apparent con-
fdence in continuance Of demands upon
their reserves.
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
oIs The contrast with the commercial and
industrial depression reported in foreign
countries is striking. 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 w conditions.
Our iron and steel exports have fallen off
S23. 600. coo. or 211z per cent, in ten months of
1901, compared with the corresponding Pc
riOd of 1900. In copper the decrease has
been s2S. 10000 also. but the percentage is
451s. It 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 81
and the threes. registered Is per cent. over
the closing call or last week.
Following are Saturdays share sales and
the recorded price changes:
High Low Closing
Stocks Sales. est. est BID.
AtChison ...----------... zgfSO 70 It's as
Atehison pref --.... sLo s9E 80 s9A