The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-08
STOCK MARKET REVIEW
BANK STATEMENT CAUSED A SLIGHT
DECLINE IN PRICES.
Partial Recovery Was Followed by
Weakness and Heaviness-COndi-
tions During Last Week.

NEW YORK, Sept. 6.-In the absence OF
London quotations the local market was
without cue from any particular quarter
Nevertheless, the opening was decidedly
firm, with much strength Of undertone
The excellent showing made by Norfolk
& Western in it's annual report impaired
strength to that stock, as we'll as 10
others in the soft coal group, but the up
ward movement in Ontario western,
following hard upon reports showing heavy
strike losses, was not altogether clear
Readings displayed heaviness at the out
set. Presumably as a result OF decline
in July earnings, but showed evidence or
the support closing with net loss. st.
Paul and Missouri Pacific, leaders of the
previous day, were fairly active, while
the Atchisons were strong, much OF the
buying being attributed TO Rock Island
interests. The move in Peoples Gas and
Brooklyn Rapid Transit appeared to nave
its origin in the operations of promi-
nent commission house.
During the first hour advances were
scored by Republican Steel preferred, vlr-
ginia-Carolina Chemical, Cast-iron Pipe,
Minneapolis. st. Paul and Sault Ste. Marie,
Sloss-Sheffield Steel, Pacific Mail, Laclede
Gas and the Cotton-oil stocks. -
The publication of the bank statement
was awaited with almost painful interest.
the list hating somewhat in anticipation
of very unfavorable showing. In point
OF fact the statement, as whole, was
faithful reflection of the weeks opera
lions, although the loss Of cash, amount
ing to sS.S00,OO0 was somewhat in excess OF
expert calculations. The decrease of al
most s5,6 ,O0O in reserves reduced the sur
plus to $l,097,05O, the lowest figure since
under the influences of the bank statement,
ST Paul and Peoples Gas making the
or SO elsewhere than the active issues A
partial recovery was effected by some or
these stocks named but the closing as
whole was weak and heavy.
Barring a temporary halt the market
for the week was generally strong and very
active, so much so as to suggest at times
a return of the boom periods of the last
few years. With the resumption of bust
ness on Tuesday the entire list, except
ing few issues which seldom, If ever,
exert any influence. moved to higher
The advance was well maintained on the
second day. resulting in large number
of new high records. The United States
Steel stocks. especially the common. were
very strong on London buying and gen.
eral belief of a speedy termination of
the pending litigation In the middle OF
douche, the primary result being a rise
in call money, which advanced TO 5 per
cent, fears of serious injuries TO the Presi-
dent, bear rumors regarding the cotton
crop and repressive measures applied by
the conservative elements.
The chief feature of the week was Read
iilS COliiiilOH, WHICH the HTSl Two
was dealt in on an enormous scale. with
attendant rumors of competitive buying.
Later this stock lost the greater part of
its gain on heavy selling by the specula-
| tive element, no less than to the belief
that its control is now lodged with one
| of the main Trunk lines. Pennsylvania
received considerable attention on the sec
ond day, making sharp gains, largely be-
| cause of its excellent traffic returns, as
well as to the rumors crediting it with
flo nod
marked leadership. The first named sold
higher than ever before and reviving
rumors of a close alliance with Missouri
| Pacific. The practical collapse of the sort
coal strike in West Virginia was of as
sistance to the stocks in that group which
gained on the week with the hard coalers.
such as increased railroad earnings, many
of which were noteworthy for their gains,
excellent crop reports and an all-around
| feeling of optimism, there was little to
| account for the strength of the marke.
London was factor throughout the week.
although on only one occasion did she buy
| The local banks have lost, according to
| careful estimates, something like $500 600
| during the week, 100000 to the sub
| treasury, the balance to the interior. rs
! a result of the system of averages en-
| ployed by the Associated Banks 1t is quite
unlikely that this loss will show to the
| full extent in the weekly bank statement
| though a further decrease of surplus re-
| serves is regarded as inevitable. The sec
ond furry in call money was not of long
duration, and the closing quotation for
| money on demand was really the lowest
for the week. Time money while in
moderate demand, was not loaned in any
great volume because of the higher rates
for the call loans. There were no develop
| ments in foreign exchange, but rumors of
approaching. gold imports were held.
Large dealings in semi-speculative issues
| of bonds followed sympathetically the
course of the stock market. Dealings were
rather irregular and there was a good uf-
| dertone for the bond market throughout.
| United States twos and threes coupon and
| new fours registered advanced per cent
| and the old fours common ~ per cent
| as. compared with last weeks closing cali.
| The following table shows the range of
| quotations on Saturday: