The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-27
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
cific 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 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 a
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 kin
bred company would be of great benefit to
it. Only the most favorable comment was
heard regarding the bank statement and
- 1ers were at a loss to account for the
selling movement which set in with its pub
LEGATION. The statement was regarded as
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 s12, 900 in surplus
reserves was. especially gratifying and la
bilities of the associated banks proved to
be within $1,000,0O0 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-
solidated Gas, North American and New
York Air Brake. gains were chiefly frac-
uonaL The days business was barely In
excess of 100000 shares. Sterling exchange
was quoted at slightly higher hgure out
no importance was attached to this lea,
ture. The nominal rate for call money was
pa per cent. The subtreasury paid out
S100 900 for account Of San Francisco ana
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 ana
absolute paucity OF public interest, and a
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
uation, although the political outlook, while
apparently exercising no repressive meas
ures, seemed determined to check any con-
certed move for higher prices, and activity
was shown ouly 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 Ii might
be necessary before long TO engage in
rate war with some of its independent
rivals.
Adverting to the weeks movement in the
special class, IL 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 a long period of uninter-
rupted operations and higher prices for the
product can restore those losses makes
that group of stocks less attractive than
that two of the hard-coal roads, one of
them an important line, were contemplate
ing increased stock issues
With one exception London was a seller
to this market all through the week and 1t
is regarded as very significant that such
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 breadstuffs and 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
sums against Klondike and Australian gold
deposited at San Francisco, and disbursed
about S20,0O0,OOO for bonds, this series of
transactions being clearly reflected in the
bank statement.
Railroad bonds were considerably less &C.
tive and showed decided irregularity
throughout. United States twos and threes
advanced "A per cent. and the new tours
declined u per cent. as compared with the
closing call of last week.
Following are Saturdays share sales and