The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-26
DULL WEEK in STOCKS
DEALINGS HAVE BEEN SMALL AND
PRICES ARE LOWER.
London a Seller on Balance, Except
on One Day-Monetary Situation Is
Very Much Improved.

opening, but later relapsed into extreme
dullness and failed TO make any response
to the very favorable bank statement In
the early operations advances were scored
by Baltimore & Ohio, Atchison, st. Paul,
Reading, Norfolk & Western, Union Pa
cifc and Southern Pacific, as well as by
Colorado Fuel and Iron and Amalgamated
Copper. Elsewhere the list displayed little
animation, and no material changes. The
Gould stocks later became a feature by
reason OF their strength and there was
some good buying of Texas Pacific. Wa
bash common and st. Louis Southwestern.
The dealings in Colorado Fuel gave rise
to reports Of competitive buying and that
stock was again the feature of the day in
point of activity, though it closed with
fractional loss. Improvement was shown by
Canadian Pacific. due to increased earn
ings, and Chesapeake & Ohio held steady
in spite OF an adverse showing. The
strength of Cotton Oil resulted from the
belief that a consolidation with any kim
dred company would be of great benefit to
it. Only the most favorable comment was
heard regarding the bank statement and
traders were at loss to account for the
selling movement which set in with it's pub
LEGATION. The statement was regarded as a
very correct exposition of local financial
conditions The gain in cash was fully up
to expectations. The loan increase was
believed to be due to syndicate operations.
The increase of over $4,000, 900 in surplus
reserves was especially gratifying and liza
bilties of the associated banks proved to
be within 100000 Of their resources. The
market closed somewhat unsettled and
very dull. Net changes showed improve
ment over the previous day, but with the
exception of the movements in the special
class, this including Colorado Fuel, Con-
York Air Brake, gains were chiefly frac-
tional. The days business was barely in
excess of ]. 900 shares. Sterling exchange
was quoted at a slightly higher figure, but
no Importance was attached to this fea-
ture. The nominal rate for call money was
2z per cent. The subtreasury paid out
100000 for account Of San Francisco, and
received the same amount for transfer to
New Orleans.
The week was barren of important devel-
opments. its chief features being the light
volume OF business, partly due to the
strength Of foreign exchange, which caused
groundless fears of early gold exports and
absolute paucity Of public interest, and
vague feeling OF uneasiness resulting from
diverse rumors of growing unrest in the
labor world. This last was one of the most
disquieting elements In the speculative sit
apparently exercising no repressive meas
| ures, seemed determined to check any con-
certed move for higher prices, and activity
was shown ouy by few comparatively
| unimportant issues in which certain pools
| were believed to be chiefly interested. I'm
successful efforts were made early in the
week to create a demand for some Of the
miner 'reorganized' industrials. In this
| connection It is not amiss to state that the
| greatest and most powerful of the indus
| trial concerns has intimated that 1t might
| be necessary before long to engage in a
| rate war with some of its Independent
| rivals.
Adverting to the weeks movement in the
special class, 1T was the general opinion
| that only in the case Of one stock was the
| buying genuine and technically good"
| The coalers, hard and soft, held moderate
| ly firm, but the impairment suffered by the
| anthracite roads, together with the knowl-
| edge that only long period OF uninter-
| rupted operations and higher prices for the
product can restore those losses makes
| that group of stocks less attractive than
| usual. During the week 1t was reported
| that two of the hard-coal roads. one of
| them an important line, were contemplate
| ing increased stock issues.
| With one exception London was q seller
| to this market all through the week and II
| Is regarded as very significant that such a
thing as investment buying for London
| for other European account in any volume
| have been unknown for some weeks. From
| all accounts this country's debt to the con-
! tinent is far too heavy to be Offset by our
exports OF DreadStu1S ana commodities,
| and ii is freely predicted that an indefinite
| extension of time will have to be granted
| for the adjustment of our obligations. That
some such extensions were made this week
| is we'll known in exchange circles. Locally
| the financial situation presents no really
| unfavorable aspects. The rate for demand
money ruled easy. The drain on the local
| banks has been heavier than reports would
| indicate, a considerable amount of money
going to the interior by express. On the
| other hand the subtreasury paid out large
1
/ deposited at San Francisco, and disbursed
| about $4,000, 600 for bonds, this series of
transactions being clearly reflected in the
bank statement.
| tive and showed decided irregularity
| throughout United States twos and threes
| advanced per cent, and the new fours
| declined u per cent. as compared with the
| closing call of last week.
| Following are Saturdays share sales-and
| the recorded price changes: