The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-19
WEEK in WALL STREET
ONE OF THE MOS MEMORABLE IN
THE HISTORY OF THE TRADE.
Complete Reversal of Sentiment from
First to Last-Improvement i'm
Money Market Conditions.

NEW YORK, Oct. 1S-The market opened
with a partial renewal of yesterdays pool
operations in the railroad stocks. Balti-
more & Ohio made a wide opening, advanc-
ing about l per cent. Pennsylvania was
active, though selling fractionally lower,
as did also Norfolk 81 Western. The re-
actions in the latter stock were ascribed to
heavy selling by those who believe that
any increase in the semi-annual dividend
will not be more than one-half of l per
cent, putting the stock on a 5 per cent. ba-
sis. Extreme weakness was shown by
New York Central and Union Pacific. and
st. Paul also sold below yesterdays close.
B. & O.. made a further advance. but the
Southwestern group, under the lead of Mis-
souri, Pacific. showed some heaviness. In
the Industrial class Tennessee Coal and
Iron and the United States Steel stocks
were the features in point of strength,
while Sugar and Amalgamated Copper
were lower than at the previous days close.
The list showed some further realizing.
due to heavy selling for London and prof
it taking by local traders. The prices
showed a tendency to sag in the second
hour, but the publication of the bank
statement. which was favorabiy regard
MI AO0o'N -
tivity. with better prices. In the final
trading, however, there came another re-
alizing movement. and the close was weak
with lowest prices of the Gay for many
of the more active issues. To the conserv-
alive element the bank statement present.
ed several gratifying features, namely the
decrease in the loan account; the increase
of almost 81, 10000 in circulation; the gain
in cash, and the increase of reserve on
all deposits which now places the sur
plus reserve about $3,0o0,000 above the legal
requirements. Attempts were made to re-
vive interest in gold import movement, but
they met with little success. In the opin-
ion of experts any serious efforts to bring
in gold before the middle OF end of next
month will be wholly artificial and profit
less.
The week was one of the most memoir
able in the recent history OF Wall street.
1t began with a further liquidation of
stocks, this movement being largely in
duced by the previous weeks disappoint-
ing bank statement; a further contraction
of loans by the local banks and fears Of
higher money. That this latter feeling
was justified was shown before noon of
the first day when the rates for call money
advanced to Is per cent. In the early after
noon a general reversal of these conditions
set in on authoritative news that a settle
ment of the coal strike was at last under
way. The selling movement was checked
all around, and the list made net gains,
and with few exceptions increased its adj
vantage d6 lit week wore OIL, advances
in some instances extending to more than
10 per cent. Other causes that contributed
to the general improvement were the large
purchases Of bonds by the treasury, re-
easier rates, both for call and time money,
and the foreign trade statement showing
a large increase OF exports. Sterling ex-
change weakened to a degree, accom-
panied by reports of probable gold imports,
but no engagements were announced.
Total receipts of the treasury for the
| fiscal wear 70 date aggregated S115 600 51l
and total expenditures, 1853, 901 ,976. leaving
an excess Of intake over outgo of over $11,-
1000.
Trading in the latter part of the week
was conspicuous for a series of upward
drives in the securities controlled by the
various pools. Such stocks as st. Paul,
Union Pacific, Baltimore & Ohio, Norfolk
& Western and the soft coalers as a whole
were bought in large volume and closed
with heavy gains. The buying of Norfolk
g. Western revived rumors of an increase
in the dividend of that stock, but no Off
cial announcement on that point was made.
1t Is generally admitted that a better I'M
Outstanding exists between the ST. Paul
and Union Pacific interests under the terms
Of which the first named system is ex-
pected to reap material benefits, but the
exact terms or the deal have not been
disclosed.
Nowhere has the settlement of the coal
controversy been received with greater
satisfaction than in London, and that GEN.
ter was a factor in this market through
out the week, lending encouragement by
heavy purchases of the international list,
a part of which was resold to this market
later in the week. Taking the stock list
as a whole, prices still average 10 points
below the high level reached a few weeks
ago. In fine, it has recovered only about
one-third of the loss which began with the
heavy liquidation about two weeks ago.
Trading during the present week was wide
ly distributed and commission houses were
active on the buying side, but there was
much profit taking.
Trading in bonds was on a large scale,
and there were very many substantial adj
vances in the speculative issues. United
States twos advanced a per cent. as COM
pared with the closing call of last week.
The following table shows the range Of
stock prices on Saturday: