The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-03
SOME SHOW OF STRENGTH
STOCKS HAVE AN EARLY ACTIVE
AND BUOYANT PERIOD.
Rise I'm the Call Loan Rate Influences
Final Decline, Aided by the
Persistent Profit Taking.

NEW YORK, Jan. 1.-THE trading on the
Stock Exchange started off with great ami
nation this morning and something like a
bulge In prices was noted. Buyers of Tues
day and Wednesday took advantage OF the
rise to secure their profits. Prices ran of
under this process and the market became
dull. The advance was renewed again at
some points, but the snap seemed to be
taken out OF the market and a fairly gen.
eral selling movement developed in the
afternoon when call money rates stiffened
to 10 per cent. Reading was vigorously ad-
vanced to above So and served to steady
prices, but the selling was renewed before
the close, which was very irregular. Sugar
ran off point below Wednesday.
The opening call loan rate of 10 per cent.
revealed a stiff demand for funds but
caused no uneasiness. Other developments
pointed to a relaxation condition in the
loan market and sterling exchange market
made sharp break with the cessation of
the demand to meet the year-end settle
ments in London, which was a feature last
week. The London market showed its usual
prompt response to the turn of the year
and money and discounts made added de-
clines under the abundant offerings in the
market. This was accepted as hopeful
indication of a light demand for the future
from that center on New York. Prelimi-
nary hgures OF the weeks currency move
nient, which runs up to Wednesday night,
indicate that the banks have gained up
wards of 5000 on the regular express
movement with the interior, while the
subtreasury has taken from the banks ST.
$4,000. this indicating a net gain of about
sl,S0OO0O for the banks. The weeks grain
exports were disappointing, while the i'm
value several hundred thousand dollars
over those of last week and exceeded those
of this week last year by over 100000, thus
exp the large customs ios OF
rate late In the day indicates that there
will be the usual delay in the return of
funds to the channels of the New York
money market, following disbursement
period.
The action of the days market gave rise
to conjectures as to whether the advance
in prices simply halts for the expected
easing of the money rate or whether doubts
of last month over the general situation
have required. To-days statement of Read
appointing, and the late advance in this
stock was unexplained. Other statements
of November earnings showed gross in
creases more than wiped out by increased
operating expenses. Louisville and st.
Paul. however. showed moderate net gains
remaining. But these stocks were rather
more affected by realizing than others. The
of the United States Steel Corporation
caused a sharp rise in the preferred stock.
Amalgamated Copper continued to advance
on the rise in copper but reacted sharply.
Brooklyn Transit was somewhat depressed
and affected the other local fractions. Mis-
souri, Pacific, selling ex dividend, was nota-
bly, strong and helped the Southwesterns
| generally.
The early firmness I'm the bond market
| gave way to an irregular tone. In sympa-
thy with stocks. Total sales. at par value.
were $3,3OO,OOO United States bonds were
| all unchanged on the last call.
Following the days share sales and
| the recorded price changes: