The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-04
WEEK In WALL STREET
MARROW AND DULL CLOSE TO A Pc
RIOD OF MANY CHANGES.
Market Wholly Professional, with
Prices Very observation-disclosures of
Monetary Situation.

NEW 1OHh, Oct. 3.-IO-dayS market
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 to 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 satisfactory
in view Of the heavy requirements of the
Oct. l settlements and the steel conversion
syndicate's needs, but the decrease in cash
of sl,664,5O0 disappointed expectations This
item, however, was complicated by the
cash dividend payment of the Bank Of Com
merce in the adjustment Of it's merger
with the Western National Bank. The
market rallied well and closed irregular
There was evidence of some leftover IL
quotation and the outcome of the Baltimore
banking embarrassments was still some
what disturbing factor on sentiment The
violent jump in the cotton market on the
governments monthly report of conditions
Sterling exchange was easy and discount
rates declined in London. with reports OF
large arrivals of gold from South Africa.
New York's 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 uneA-
planned liquidation which had peen goiiis
on for considerable time and followed
with an urgency and a disregard or prices
which stamped it Enthusiastically as heceS,
sitous. Selling Of this character was sun
in evidence on Monday and made the closing
of the market on that day weak TO the
point of decentralization. The next day
showed sudden and unexplained reversal
in the course OF prices. 1t became very eNi-
dent in the course of the day that the
strongest banks and capitalists We're buying
stocks at various points in the list for the
purpose of supporting prices and sootnlng
the fears which were threatening to run into
a panic Formal denials were made that
any agreement had been entered INTO TO
this end, but Ii is certain that there were
meetings and discussions MONDAY night pc
tween the capitalists concerned which must
have developed a consensus or opinion as 10
the proper action TO be taken
On Wednesday again there was abundant
the day before to support the marke were
being sold again and there were signs OF
recurrence of liquidation. When TINS resell
ing was accomplished the market TOOK on a
more steady appearance or strength ana
seemed comparatively free from rorceo
liquidation. The selling orders whicn orlgl-
mated in Philadelphia and Pittsburg were
especially heavy and the speclal weakness
of Pennsylvania and the traction stocks was
a feature. Coupled with the uninterrupted
falling Of the United states Steel securities
the surmise was formed that the nnanclai
trouble centered on the iron and steel IN,
dustry The closing Of various mills and
the admitted necessity for curtallment OF
the pig iron output gave additional force
to these surmises and gave rise 10 an APP
prehension that coming Industrial depres-
sion and an economic crisis was being fore
Swallowed by the continued depression In the
securities market. 1t was obvious tnat the
apprehension in the stock market was nav
ing a reactionary effect also on the CONNER
cial situation and this was authoritatively
pointed out in the iron and steel market.
Closing down of mines In the anthracite re-
gion on account of accumulation or STOCKS
was an additional factor in the feeling OF
depression.
had some influence In the SITUATION. Inc
end of the corner In cotton is calculated to
have far-reaching effect both IN hnancial
and industrial affairs. The Increased de,
mand for commission house account ano
for cotton mills made itself promptly
shown with the passing of the aruhcial
price level established by the corner, and
the confidence in a large export demand
to follow brought a flood of cotton bills
into the exchange market with result
ing break in the sterling rate to within
measurable distance of the gold import
point. Free supplies have come into the
money market as the result of government
operations including the redemption or
ner cent. ana deposit of internal revenue
receipts in the banks. The arrival of over
81 100000 in gold at San Francisco from
Australia and its transfer through the
treasury to New York had timely effect
ON the money market. The lateness of the
corn and spring wheat crops stu deters the
movement of currency to the West.
Bonds were not so active as STOCKS, excep'
e. The enormous dealings in steel fives
but that market had the benefit OF the feel
ing in stocks.
E,ollowing are Saturdays shares sales ano