The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-29
Previous Market Leaders Bore Up
Well and i'm some Cases Made Act
unI Roadway Against Conditions.
CLOSED FIRM, BUT VERY DULL
SATURDAYS MARKET MOSTLY IN
PROFESSIONAL HANDS.
Plentiful Supply of Exchange Bills
ally Much More Hopeful.

resentative of influential financial sentiment in
to-day's dull stock market, the dealings being
confined to small operations by traders.
The minor industrials relieved from the
severe pressure to which they have been sub
jected recently. and were inclined to rebound.
gains of point or upward being the result in
number of cases. The general list failed to
respond to this influence, and there was dispo-
sition to sell following the appearance Of the
bank statement, which was favorable This
movement was trivial the others, and
the market closed firm at recovery and not far
from last nights level in any case. The gain
in cash by the banks only about half what
was estimated. but the decline in deposit liabil-
tiles was effected by the loan contraction of
Sc, 1884, 500. The resulting decrease of 81 $50 in
the reserve requirement helped out the surplus
to that extent, bringing the increase in that item
to 81 $780, establishing the excess over the legal
reserve at S. 125 200 compared with s15, $4,000
year ago and sl3. SIS in 1901. Additional gold
received by to-days steamship. and reports
from London indicate that part of So. 200, 900 TO
arrive there next week will be engaged in New
York. The weekly bank clearings indicate that
the shrinkage from last years level is still
fined to the four large speculative centers in the
East, while the three largest cities in the West
and the South and the other cities of the whole
country continue to show clearings in excess of
last year.
The weeks stock market has been chiefly re-
markable for series of savage onsaughts on
various industrial stocks of minor corporations.
The railroad list and the Industrial stocks which
have already gone through drastic process of
contraction stood comparatively firm in face Of
this attack, and even made some slight Roadway
against the current. But the violent declines
going on in the minor industrals effectualy dis
courage any great activity for rise. and this,
coupled with the interruption of the Thanksgiv-
ing holiday, resulted in a rather dull and unin-
teresting market, outside OF the special move
ments mentioned. The successive breaks in in
dustrial stocks were evidently the result of a
systematic weeding-out process, primarily on the
part of the banks and money lenders in respect
by party of professional traders, who seemed
to have knowledge t OF the intention OF those
70 srcs San OF m S
Exchange. The neglect into which long list
ITSELF nds fallen em IN saa a trs
for loans by banks, which Ii Is important should
be instantly convertible into cash By selling Of
| of prices this week under this process is eff
| fectve demonstration Of the unsuitableness of
much of the collateral for the purposes for which
There was little specific news to account for
| the movements in this department In fact,
there was notable tendency for the violent
@ TO on yasnS soSd BE Eegsrded
| ferred stocks, concerning which vague rumors
Of doubt may have been current DistrUst of
| viction that reaction and contraction, such as
have been demonstrated in the iron and steel
trade, must be faced in all lines of industry,
was at work in causing this movement The
whole fabric OF the organization OF the industrial
corporations is under suspicion. and every new
evidence of insuficiency of working capital.
4 where liberal dividends have been distributed,
| and of threatened new capital issues ahead of
| stocks to supply this deficiency. to inten-
| sfy this suspicion and aggravate the pressure of
| securities on the narrow market.
| Beyond the present situation doomed up a
| prospect of new competition when industry shall
revive. Many of the consultations which
| present inflated capital issues have been made
are to have been effected at extravagant
| valuations. that room Is left for duplication
of facilities at a smaller outlay of capital on
| which returns must be secured.
| In the general market the movement has been
| a sort of marking time in waiting for the fall
money conditions to work themselves out. Fur
| ther gold has started from London, but on a
| limited scale, and the Bank of England has used
i the customary means to protect the London
stock OF gold. Liberal supplies of exchange have
| come into the New York market There is some
the West may be delayed by the desire of West
ern bankers to protect themselves against money
| emergencies. But it Is not likely that anything
| short of actual runs on banks would prevent the
| usual remittances to New York. under the law
allowing national banks to count deposits In
central reserve cities as part of their own re-
| serve.
| Bonds have been dull and rather Irregular in
harmony with the tightness of the money mar
ket. United States new fours declined u and
the twos, threes and old tours u per cent. below
the closing bid of last week.
Following Saturdays share sales and the
| recorded price changes: