The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-14
BUSY WEEK in STOCKS
DEALINGS ROSE To NEARLY MIL
LION SHARES DAILY.
Movements Have Been Erratic and
Net Changes Are Small-Conditions
In the Money Market.

NEW YORK. Dec. 12-The stock market was
irregular and rather dull to-day. but the reac-
tionary tendency prevailed There was no per-
ceptible response to causes in the movement
which represented the working out Of specula-
tive contracts. Some support was accorded to
United States Steel preferred. and this had a
sentimental effect on the general market. The
advance in that stock, however. encountered
fresh selling and the bears did not show great
uneasiness. Profit taking in Brooklyn Transit
was conspicuous and cost that stock nearly
points at one time There was pressure against
Pennsylvania and the bears resorted to the de-
vice offering the dividend on limited number
Of shares OF the stock for the coming year at
5& in the curb market. The money and ex-
change markets were normal. usual Sat
urday, but cable reports of expected
arrival in London. next week. of s.. 500. 900 in
gold which is likely to be taken from New
York Bank clearings for the week throughout
t the country show slight increase over last
York clearings having risen over last year
on the averages.
The daily averages of dealings in stocks have
risen to near a million shares this week. The
market has been irregular, advancing at times
and meeting with reactions and backsets which
leave the net results of the movement of prices
presumably been effected at profit and the new
holders have shown little disposition to throw
of the market warrants Interpretation OF an
improved sentiment regarding present conditions
, and prospects. The reactionary movement il
regarded normal after so considerable an
advance. The approach of the end of the year
and the annual settlements to be met at that
period .beget conservative spirit about fnan-
eial commitments. owing to the Likelihood Of
nurries In the money market through the large
temporary requirements upon resources.
Of st 9 s; IN dns S sr
belief in an early decision in that case are the
occasions for some forebodings. 1t is true that
the present belief that the decision OF the lower
court against the company foreshadows the de-
cision of the Supreme Court points to the prob
| ability that unfavorabe decision has been
discounted But precedent shows that Supreme
character are of long continued and sweeping
effect on the stock market. The effect of the
| the Joint Traffic Association case examples.
These precedents reinforced in their influence
an agitation against the. great Industrial and
| financial combinations may play large part in
But these influences have merely modified the
conviction of an improvement in conditions, war
ranting the hope of better things in the future.
Even in the iron and steel trade the further
| indications of the enormous contraction that
| that affairs in train for Improvement.
| Trade statistics of Dec / show the process of
| without yet having reached the reduction in re-
| quirements, as unsold stocks have still further
| accumulated. But a somewhat better inquiry
and a hardening tendency of prices is reported
notn IN tne iron ana Structural steel Depart part
pool is awaited with great interest to disclose
current prices is felt to avoid a further conces-
sion.
| Appreciation Is growing of the Importance
upon the domestic financial situation OF the
extraordinary course of foreign trade. The
\ November return Of domestic exports shows
| the greatest value for cotton exports for any
month in the history Of the country. The de-
! Ginning value of the countrys imports Is no less
significant in the explanation Of the course OF
the foreign exchange market and the persistent
| inward movement OF gold, Notwithstanding the
| employment of devices by foreign banks to pro-
| tect their gold holdings. The decline in prices
| that the decline in imports will continue, and
| puts our manufactured products basis to
compete better in foreign markets. thus prom
| Using a growth in manufactured exports. Or
| ganized efforts are being made to extend the
foreign markets for iron and steel products es-
pecially. The effect of the new turn in the In
| ternational trade situation must receive impor-
| tant consideration. The movement of the securi-
| ties market in the last two weeks must be at
| tributed partly to this development The In
| fiuence on foreign money markets is matter
| for careful observation as IL is clear that any
| considerable withdrawal of our balances from
abroad at this time would result in advance
| OF interest rates which would attract funds
/ from here and might lead to renewal of Ameri-
| can commitments in foreign government securi-
/ ties
| The bond market has been moderately active
and irregular. United States threes advanced
one-Quarter OF i per cent. and the new tours
| declined one-quarter from the closing call OF
| last week.
Following Saturdays share sales and the