The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-16
MARKET Is AGAIN HEAVY
INDUsTRIALs TOUCH NEW Low REC
oRDs IN THE PRICE MOVEMENTS.
Effort to Divorce Rails from the In
Easier, Sterling Hardening.

NEW YORK, Oct. 1.-THE professional
traders in stocks renewed their attempt to-
day to divorce the movement Of the rail-
road stocks from the depressing influences
now ~overhanging the industrial securities.
even than was the case yesterday. There
was more business during the first hour
than at any other time during the day.
After this the market fell into neglect,
owing to the evident futility Of the eff
forts to attract buying for the railroads.
There. was no urgent or general liquida-
tion manifest. but the industrial securi-
ties continued to suffer in spots. The re-
ported disruption of the Southern Pig Iron
Association. a further slight reduction in
the price of Northern pig iron and a decline
In the official price of copper were pointed
to as concrete evidence of unfavorable
trade conditions. This view was not bright
ened by the rather negatively favorable
opinion of the Iron Age, which asserts
that evidently consumption is keeping
up much better than would be supposed
from the discouraging reports in circula-
ton" The renewed break in Crucible Steel
preferred at Pittsburg, with the official in
timation of a possible passage of the divi-
dend, was another unfavorable factor, and
the explanation that this might be neces-
sary to carry the Clarion steel plant. the
sale of which to the United States Steel
Corporation has fallen through, gave an
impression of growing friction in the
trade.
Operators in stocks also kept one eye
on the proceedings in the shipbuilding hear
ing all day. While the Wall-street mind
may be supposed to be sufficiently sophisti-
Gated to have been already instructed on
some of the methods of corporation ad-
ministration which are being disclosed,
Wall street has grown exceedingly fear
full of the effect on the public at large
which may result from the heated inter-
est now focused on this hearing. The poor
market for industrials, while due In part
10 a state of mind on the part of the pub
lie. has a serious effect on their accepta-
bility as collateral. Some of their weak
ness Is plainly due to the fact that bank
ers are throwing them out Of collateral for
loans, owing to the unready market that
now exists for them. A~malgamated Cop
per shared in the early weakness Of this
department.. and made a new low record.
mere was an active speculation In this
announcement that the regular dividend
had been declared passed almost unnoticed.
The regular declaration Of an initial divi-
dend on Reading second preferred. imme-
diately Following the Amalgamated an
nouncement, seemed to have a cumulative
effect and there was a sharp scramble
among shorts to cover just at the last
Norfolk & Western, Baltimore & Ohio and
Chesapeake & Ohio were exceptionally
heavy in the railroad list, apparently OF
the report of a reduction in freight rates
on soft coal. The rumor that the Gould
interests would acquire the Seaboard Air.
line possibly had some influence also or
this group. Money continued to work
easier and sterling was inclined to harden
the cotton bills in the market being insult
fcient to supply the demand for bills Il
cover exchange sold previously.
The tond market was dull and inclined
to be heavy. Total sales at par value
were S2,O04,00. United States bonds were
unchanged on the last call.
Following are the days share sales anC
the recorded price changes: