The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-20
MARKET OF SpEcIALTIES.
COPPER AND STEEL
PREFERRED LEADERS OF SESSION.
Another Attack on Rock Island, with
CoaIers Strong-Spiendid Bank
Statement-Review of Week.
Sale of stock, shares. ..... 100000
To date this year. .156, COZ 300
100000

To date this year. .156, Coz 300
NEW YORK, Dec ia few stocks supplied
all the interest in to-day's stock market. There
was a continuance of the recent active specula-
ton in Amalgamated Copper. United States
Steel preferred showed firm tone on the better
feeling regarding the trade outlook Opinions
on the outlook in these two metal trades are in
clined react each other. There
repetition of yesterdays attack on Rock Island
and of the rumors of coming equipment bond
issue to which that attack due
The coalers were notably strong, especially
the high priced stocks in the group
The foreign markets showed in rather pro-
nounced form, recrudescence Of the fears OF
war between Russia and Japan. A rumor found
circulation that Russia was seeking a war loan
In Paris and that New York bankers had been
approached to participate in the loan. A
tinuance for any length of time of the recent
course of our foreign trade would offer a prob
ability of some American Investment in foreign
government securities, but the question of the
volume of demands for railroad borrowings
waiting TO be satisfied by our money market is
The bank statement showed an even greater
accumulation of cash reserves than forecasts
had indicated and the preparation for meeting
is plainly in progress. The loan contraction of
over $4,000 900 also serves TO benefit the surplus
being expanded to over si4. 600. 900. Comparing
favcraby with the corresponding period in re-
cent years.
REVIEW OF THE WEEK
There has been a notable decrease in the vol
ume of dealings in stocks this week. and bust
ness has been largely congested in a few of the
specialties in which there was evidence of the
activity of the organized speculative parties.
The advances In these stocks has served to hold
the general market. despite the apathy and in
difference of the trading. The duIlness is nor
NAL to the approach of the holiday period and
she Of ZONE as waiting one Large
ments in the iron and steel trade on account of
the series OF meetings held in New York by
trade to decide upon the question of maintaining
price There was much public doubt early in
the week to the maintenance of rates. and
reports were freely circulated of selling by in
Of steel billets. and Of urgent pressure for con-
cessions on steel rails by number of the great
regarding the net earnings Of the United States
Steel Corporation for the quarter were
different steel pools were successfully held with
out making any change In the prices of their
better in the sentiment the outlook for the
trade. A better inquiry for forms of structural
some of the. troublesome labor controversies
which have tied up operations in building. A
firmer tone for pig iron developed a result of
the heavy cutting down of production and the
taking Of some large stocks off the market.
ton in the trade also gave promise of Important
economies in operation. The iron and steel and
each other, and the important growth of foreign
demand for copper which was reported helped
the improved sentiment over the steel outlook
Detailed reports of the arguments in the
Northern Securities case studied with great
attention in the financial world and the bearing
of the points at issue in that case upon a great
mass of corporate securities and upon the or
ganization or corporations was appreciated with
renewed force. This influence only mti-
gated by the probability of the final decision of
the case being still deferred for several months
PLENTY OF MONEY
The approach of the end of the vaar br,c1S
with 1t sense Of security in the ability Of the
money market to meet all year-end requirements
without disturbance. The free return of cur
rency from the interior and the large inflow of
imported gold have so fortified the banking re-
serves as to afford apparently ample margin for
the dividend and interest and the meeting of
maturing obligations. Provision for such of
these obligations as are due foreigners hos
caused a sharp rebound in the sterling exchanges