The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-21
MARKET OF SPECIALTIES
AMALGAMATED COPPER AND STEEL
PREFERRED LEADERS OF SESSION.
Attack on Rock Island, with
CoaIers Strong-Splendid Bank
Statement-Revicw of Week.
3OO,5OO
Sale of stock, shares...... 3OO,5OO
To date this year. .156, 6O2 900

Sale OF stock, shares. 100000
To date this year. .1o6,6O2'ooo
NEW YORK. Dec ia few stocks supplied
all the interest in to-day's stock market. There
was continuance of the recent active specula-
ton in Amalgamated Copper. United States
Steel preferred showed a firm tone on the better
feeling regarding the trade outlook. Opinions
the outlook in these two metal trades are in
clined react on each other. There was
repetition Of yesterdays attack on Rock Island
and of the of coming equipment bond
issue TO which that attack was due.
The coalers were notably strong. especially
the high-priced stocks in the group.
The foreign markets showed. in rather pro-
nounced form. recrudescence of the fears OF
war between Russia and Japan. a rumor found
circulation that Russia was seeking war loan
in Paris and that New York bankers had been
approached to participate in the loan. con-
tinuance for any length of time Of the recent
course Of foreign trade would offer a prob
ability of some American investment in foreign
government securities. but the question of the
volume OF demands for railroad borrowings
waiting to be satisfied by our money market Is
FOR prior decision.
The bank statement showed an even greater
had indicated. and the preparation for meeting
the annual dividend and interest disbursement
over $1,000 600 also serves to benefit the surplus
by decreasing the deposit total the surplus thus
fa'orably with the corresponding period In re-
cent years
REVIEW OF THE WEEK.
There has been a notable decrease in the vol
ume of dealings in stocks this week. and bust
ness has been largely congested in a few Of the
specialties in which there evidence Of the
activity of the organized speculative parties
The advances In these stocks has served to hold
the general market. despite the apathy and in
difference of the trading. The dizziness Is nor
NAL 90 the approach of the holiday period and
the speculative tone IS waiting one. large
share of attention has been given to develop
ments In the iron and steel trade account of
members of the pools in various branches Of the
trade to decide upon the question of maintaining
price. There much public doubt early in
the week as to the maintenance of rates. and
reports were freely circulated of selling by in
dependents below the schedule, and especially
of steel billets and of urgent pressure for
foaS Gn Of b Ss II The ne
regarding the net earnings of the United States
also very discouraging AS the meeting of the
different steel pools were successfully held with
pT er any ws an qt for h
better in the sentiment on the outlook for the
steel was reported as a result of adjustment of
some of the troublesome labor controversies
firmer tone for pig iron developed as a result of
the heavy cutting down or production and the
The progress of retrenchment and wage reduc-
ton I'm the trade also gave promise of important
the copper trades were inclined to react upon
each other. and the important growth of foreign
the improved sentiment over the steel outlook.
Detailed reports OF the arguments in the
attention in the financial world. and the bearing
of the points at issue in that case upon a great
mass OF corporate securities and upon the or
ganization of corporations was appreciated with
renewed force. This influence was only miti-.
the case being still deferred for several months.
PLENTY OF MONEY.
The approach OF the end of the year brings
with it a of security in the ability Of the
money market to meet all year-end requirements
without disturbance. The free return of cur
rency from the interior and the large inflow Of
imported gold have fortified the banking re-
serves as to afford apparently ample margin for
the dividend and interest and the meeting Of
maturing obligations Provision for such of
as due the to sefn has
market and has lifted 1t definitely away from
the gold import point. This result has also been
bills in the exchanee arket n with the reneWed
advance In the price Of cotton.
Interest Is thus awakened in the important
for October and November is to give place 10
a &C corresponding lapse in later months. To cot
and the exchanges of exports for November
any month in the history Of the country name ne.
~. in October of 1900. when great wheat crop
in this country conceded with a disastrous
shortage In European crops. IL Is pointed out
as a possible analogy between that season and
this that gold went out in large volume from
New York in January of 1901. Notwithstanding
the unprecedented trade balance piled up in our
FAVOR. In View OF a disposition to draw this
analogy IL is proper to consider the special
factors which were in force in January of 1901.
MONEY SITUATION IN 1901
1t will be remembered that the foreign money
markets became so dependent upon American
resources during the following months that one
half of total issue of ECO o0O 600 of British
consols were placed with American bankers in
the following April and there was an impor-
tant American participation during that spring
In an imperial German loan and in other Ger
man and Russian loans. The expense of the
Boer war and the interruption OF the Transvaal
gold supply the principal disturbing fac
tors in the foreign money markets OF that time,
for which there is no present analogy
The future OF our cotton exports and the ex-
tent TO which will attend the efforts
making to expand foreign trade in
features or iron and steel are nevertheless Of
prime interest in estimating the financial fu-
ture.
Returns of railroad gross earnings for the first
week In December show growth In the ratio Of
increase over last year compared with those of
the fourth week in November thus contributing
to the undertone of firmness in the stock market
The bond market has failed to reflect any in
vestment demand in anticipation of the Janu-
airy disbursements Of funds and has been dull
and irregular.
United States bonds were unchanged on call