The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-30
HEAVY OUTGO OF CASH
NEW YORK Is STILL SHIPPING
MONEY WEST AND SOUTH.
Loans Firm I'D, hut Sterling Breaks to
Near the Gold Import Point-StOcks
Generally Lower.

NEW YORK, Oct. 2o.-Dealings in stocks
were hardly more than nominal to-day. the
aggregate transactions barely exceeding
quarter of million shares, The trading in
Amalgamated was far in excess of that or
any other stock, and it was the only stock
of any prominence which showed strength.
In the early dealings it got rs over last
night and had some sustaining effect on the
general list. The heaviness elsewhere
proved too much of a weight for it TO car
~, and its maximum rate was not held. 1t
closed to-day, however, at net gain of 4,
having held firmly above last night
throughout. The drop in the general mar
ket carried a number of the leaders about
a point below, including ST. Paul. Union
Pacific, Missouri Pacific, Canadian Pacific.
Delaware & Hudson and L. & n. The iron
and steel company stocks and the railroad
equipment stocks also showed various de-
clines of from to 2 points.
The buying of Amalgamated was at
tributed to the coming meeting at Butte of
mediation committee with the purpose of
effecting a settlement OF the embittered
quarrel among the copper interests. The
sagging tendency of the general market
was due 10 hamilton rather than any posi-
posed to extend themselves in face of the
hardening money market and the unknown
extent to which the Withdrawals of cur
rency from this center may extend.
Telegraphic transfers through the SUBJ
treasury were over million dollars less
than yesterday. but they still reached the
respectable total of S1,S75,0o0 OF this
amount $S25.000 went to ST. Louis, SIOo,OOo TO
Chicago and $3.50 900 to New Orleans. There
. n diSnOGftiOn account move
ment TO Chicago wholly on the ground OF
| the sudden development OF the long-de-
| layed crop-moving demand. but there is au-
| thority for the belief that st. Louis has
| made drafts on Chicago for which Chicago
| is recouping itself by drawing on New
| York. The Tightening of the local money
market sent sterling downward with a
plunge to within measurable distance of the
| gold import point, demand sterling break
ing to below A.S5, but with a slight recox-
cry at the close. Cotton bills were again In
| free supply and the outward movement of
grain continues heavy. The weekly state
ment of the Bank of England shows gain
/ in gold for the week of nearly Si,O00,0O0. but
| 1t is probable that any demand from New
| York for gold would meet with resistance,
| The weekly statement Of the Bank Of
| France shows a decline of gold holdings of
| nearly two million dollars. while that in
| stitutions loan account has been expanded
over $50. 100000 during the week Last weeks
| emergency shipments of currency to Balti-
more and Pittsburg failed to find any re-
/ Election In saturdays bank statement Thls
is condition that usually results In throw
| ing over the showing into the statement for
| the following week This weeks heavy
| outgo of currency may. therefore, be re-
flected in aggravated form in Saturdays
| bank statement
| There were some rumors current on the
| Stock Exchange of tendency to spread
| the spirit of distrust aroused in st. Louis.
| These rumors We're not verified, but they
| had some influence on sentiment. The ia
| vorable reports of September net earnings
| hx- he 1IarS N
/ the decline by those stocks. The close was
| steady.
| The bond market was affected by the de-
| cline in stocks and the rising money mar
| ket and was inclined to be heavy. Total
| sales at par value. were s., los. 900. United
| States twos declined Il per cent on the last
| call.
| Following are the days share sales and
/ the recorded price changes.