The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-05
WEEK in WALL STREET
NARROW AND DULL CLOSE TO A Pc
RIOD OF MANY CHANGES.
Market Wholly Professional, with
Prices Very observation-disclosures of
Monetary Situation.

was narrow and dull and was largely con-
fined TO professional operations. The move
ment was decidedly irregular. especially at
the close, when some Of the leading stocks
ran up 10 the top level of the day, notably
st. Paul and New York Central, while
others ran off to the lowest. Erie and
Missouri Pacific being conspicuous. The
tone was somewhat unsettled throughout
London's influences caused the opening de-
cline and an effective rally was lost on the
appearance of the bank statement The
decrease in the loan item was satisfactory
in view of the heavy requirements of the
Oct. settlements and the steel conversion
syndicate's needs. but the decrease In cash
of sl,664,5OO disappointed expectations. This
item, however, was complicated by the
cash dividend payment of the Bank of Com
merce in the adjustment of its merger
with the Western National Bank. The
market rallied we'll and closed irregular
There was evidence of some leftover IL
quotation and the outcome of the Baltimore
banking endorsements was still some
what disturbing factor on sentiment. Inc
violent jump in the cotton market on the
governments monthly report Of conditions
was not we'll received in the stock market
Sterling exchange was easy and discount
rates declined in London, with reports OF
large arrivals of gold from South Africa
New Yorks probable coming requirements
on London for gold thus promise to be
facilitated. The showing in the annual re-
ports of the Reading and New York Cen
trail was considered favorable.
There has been a considerable improve
ment in sentiment in Wall street during the
week as a result of various causes. but prin-
cipally the tightening pressure of unex-
planned liquidation which had been going
on for a considerable time and followed
with an urgency and a disregard OF prices
which stamped it Enthusiastically as neces-
sitous Selling of this character was sui
in evidence on Monday and made the closing
of the market on that day weak to the
| point of decentralization. The next day
showed a sudden and unexplained reversal
in the course Of prices. 1t became very evil
! dent in the course Of the day that the
| strongest banks and capitalists were buying
! stocks at various points In the list Tor the
purpose of supporting prices and soothing
! the fears which were threatening to run into
a panic Formal denals were made that
| any agreement had been entered into to
| this end but il Is certain that there were
meetings and discussions Monday night be-
tween the capitalists concerned when must
| have developed a consensus or opinioh as u
the proper action to be taken.
| On Wednesday again there was apunosn.
| evidence that stocks which had been bought
| the day before to support the market Were
being sold again and there were signs OF
| ing was accomplished the market took on 2
more steady appearance Of strength and
seemed comparatively fEe FROM io rsss'
mated in Philadelphia apd Ptttsburg Were
especially heavy and the special weakness
! of Pennsylvania and the traction stocks was
feature Coupled win sta,. .ne stsa securties
| tie surmise was formed that the financial
trouble conferred on the iron and steel IN,
dustry G Tss G nseessS Sf fOr
| the pig iron output gave additional force
! to these surmises and gave rise TO an ap-
orehenson that coming inau aus bsn% Pore.
Swallowed by the continued depression IN tns
| securities market. IT was obvious that the
apprehension in the stock marcy t an,m mSr
| cial situation and this was authoritatlvely
| pointed out in the iron and steel market
Closing down of mines in the anthrsclte re.
| gion on account OF accumulation or stocks
| was an additional factor in the feeling OF
The turn of the month and the quartet
! had some influence In the situation. Tnt
| end of the corner in cotton Is calculated &c
| have far-reaching effect both In fnancia
and Industrial affairs me increased oe
For cotton mills made itself promptly
shown with the passing of the artificial
price level established by the corner, ant
the confidence in a large export demand
tn follow brought flood of cotton bill.
into the exchange market, with a result
ing break in the sterling rate to Withil
measurable distance of the gold impor
| no,nt Free supplies have come into thu
money market as the result of government
operations, including. the redemption of
per cent. ana deposit of internal rsxenu'
81 ceooco in gold at San Francisco from
Australia and it's transfer throush ,, tn
AZ n,snev market. The lateness of tn
/ cnro ana spring wheat crops still deters thu
movement Of currency to the West
Bonds were not so active as stocks, excep
For the enormous dealings in steel fives
Init that market had the benefit OF the feel
ing in stocks.