The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-14
DAY OF UPS AND DOWNS
LEAVES THE STOCK MARKET NEAR
MONDAY NIGHTS CLOSING.
Steel strong for Time, Breaking
OF Pittsburg Money Troubles.

NEW YORK, Oct 13-To-day's stock
market passed through a number of sepa-
rate phases and ended the day in nearly
stagnant condition and with prices for the
most part not far from last nights level.
The market enjoyed its period of decided
strength during the early part of the day.
when the selling pressure which has been
so conspicuous recently seemed to be en-
tirely withdrawn. An organized party of
professional traders made an attempt to
start prices upwards, perceiving a number
Of circumstances which might work in IA
vor of the attempt. The most notable of
these was the building up of large short
interest, which gave evidence of its exist
ence by an eagerness to borrow stocks for
delivery, causing a number of the indus
trials to command a slight premium for
that purpose in the loan crowd. London
was inclined to take a more cheerful view
of the financial outlook and felt somewhat
treasured over the prospects in the far East
and decidedly over the absence of
trouble in the progress of the Stock Ex-
change settlement. Buying for the new
count in London puts the next settlement
off for two weeks, and on these terms Lon
don was disposed to buy few stocks here.
But the most important effect of the Lon
don position was it's relaxation of pressure
here. Speculative circles were inclined to
attach Importance to some very large and
concentrated buying Of United States Steel
preferred, which was noted yesterday and
gave rise to reports of very important ac-
cumulatlon. That Stock in consequence,
recovered TO 60 and inspired hope that its
downward course had been arrested at last.
The Importance attached to the shipbuild-
ing case was indicated by the good effect
of a rumor that the suit was TO be adjusted
and discontinued. AT the same time there
was some talk of a dividend increase on
Amalgamated Copper and of a declaration
OF a dividend on Reading second preferred.
downward plunge in United States Steel
preferred to 57i4, the lowest price of record
had chilling effect on the whole movement
and caused reactionary tendency. The
selling OF the stock was associated with the
renewed stock market furry in Pittsburg
and 1T was rumored that the steel preferred
offered in the market came out of collateral
burg money troubles. three-point break
in Westinghouse Electric and a drop OF
eleven In the first preferred were supposed
to find their origin at the same source. The
slump Of nine points in Colorado Fuel had
| no news to explain 1t, but was supposed to
to eon nj tbs with Speculative at aecumula
| still disputed. As a minority stock the de-
mand has so far fallen off as to offer little
market for forced sale. The railroad
| equipment companies were still notably
! weak under the influence of the official adj
missions of large measures of economy by
! the great railroad systems, which are eX-
| pected to become general throughout the
railroad world. A sale OF old Rock Island
| stock at decline of fifteen points attracted
some attention. The break in Canadian
| Pacific just at the close was attributed to
orders from Montreal
| The Western demand for currency is still
| deferred and New York exchange at Chicago
went to Is cents premium. The money mar
| ket is correspondingly easy I'm tone, but
bankers maintain a degree of caution on the
possibility that the demand, though late,
may still come up TO the normal.
Outside of the fluctuations in steel bonds
| the bond market was narrow and unmpor-
| tant. Total sales at par value were 81, S42 600.
| United States twos advanced 70 per cent. on
| the last call.
| Following are the days share sales and the
recorded price changes: