The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-15
STOCKS NOTABLY WEAK
THE PACIFICs AND ST. PAUL LEAD
IN THE DECLINE.
Crop Damage Reports and Fears Are
the Dominant Factor-SOuthern
Demand for Money.

NEW YORK, Sept. 1.-THE course of to-
days stock market was shaped by num-
Der of adverse factors, chief among them
being reported damage by storms in the
spring wheat regions and frost in the corn
belt Lower prices for international securi-
ties In London, where consols were again
depressed because of the political situation
in eastern Europe, also gave a setback to
the list. which opened generally lower, the
few initial advances having apparent
significance. Missouri Pacific displayed the
greatest weakness, though only a trine
heavier than Atchison. Reading, st. Paul,
Union Pacific and Amalgamated Copper.
Steel common again broke below 20, but
came in for fairly good support and reeov-
cred. There was story current during the
day that the second steel syndicate, wnlcn
some time ago converted sOo.oo.cU OF pre-
ferred stock into 250,000.OOo of per cent:
bonds, would soon make another demand
for a considerable sum on the underwriters,
but this could not be confirmed: A reac-
tionary tendency was shown by the list De-
fore the end of the first hour, special pres
sure being once more directed on Brooklyn
Transit, as well as against Reading and ST.
Paul. the latter receding over point. The
heaviness of st. Paul was attributed to re-
ports Of Northwestern crop damages. Much
Of this news came from Chicago and was
accepted with reservation. The afternoon
session of the market was noteworthy only
for the increased weakness in the last hour
of such stocks as Atchison, Reading, Anal
gamated Copper, st. Paul, Missouri Pacific,
New York Central, Rock Island, Southern
Pacific and Union Pacific. The selling OF
Reading and Union Pacific was said to come
from one source, but was unexplained Lon
don bought from 5000 to 5, 900 shares on bal
ance. Among the stocks sold for account
of that center was Mexican Central. The
sixth installment of the so 100000 Transvaal
loan is payable in London tomorrow
In the final trading the local market
displayed further weakness. Union PACING
being especially heavy. with the break in
Southern Pacific partly explained by the
company's July report: which showed
deficit. after charges. Of s6S7.O00- The mar
ket closed active ana weak.
An interesting development OF the finan-
cial situation was the renewal OF heavy
shipments of currency to New Orleans.
which took from the banks 100000 tGrough
the subtreasury, besides additional sums
on direct shipment. The amount now UNI
der shipment from this center is always
heavy at this time and because of the
excessive speculation in cotton is likely to
assume unusually large proportions this
year. The fact that the Southern demand
will be coincident with that OF the West
may prove embarrassing for the New York
banks, although ii will be several weeks
yet before the total Withdrawals can be
accurately estimated. Foreign exchange
below Saturdays level Of Sass for demand.
Railroad earnings out to-day included Bal
timore & Ohio with a net increase of
900 for August and the annual report
Of the Missouri, Kansas & Texas road for
| the fiscal year showing a surplus increase
of S191, 900.
The bond market showed some irregular
ity, but the speculative issues declined IN
sympathy with the weakness of stocks.
Total sales at par value were 81, 255 600.
United States twos declined y per cent. on
the last call.
Following are the days share sales and
the recorded price changes.