The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-08
Fluctuations in Industrials Not
Looked Upon with Any Degree of
Alarm by Financiers.
GENERAL L00SENING UP
UNITED STATES STEEL PREFERRED
HAD ROUGHEsT ROAD TO TRAVEL.
Bank Statement Lends Confidence to
Business Intcrests-Money Available
from Abroad If Necessary.

H
| NEW YORK, Oct. limited States Steel pre-
| ferred dipped to yesterdays low record imme-
diately after the opening Of the stock market
| to-day but its easy recovery on dealings almost
light the decline made the drop not
very impressive. The relaxation Of the recent
severe pressure this relieved the ket
to some extent and prizes were inclined to harden.
The railroad list. in fact, but little affected
| by the opening dip in Steel preferred. The
| ward movement was extremely sluggish and
| dull and the market showed little breadth
| animation. Reports were in persistent circu-
| lation that the United States Steel Corporation
| planned in all grades of steel products on
| the basis of the lower price for biets. but all
| attempts to secure official information the
| subject were repeIled The bank statement
regarded as favorable on account Of the heavy
loan contraction disclosed. although the cash de-
| crease about large had been esti-
| mated. The decrease in deposits reduced the
reserve requirement far that rather
| than half of last weeks surplus is conserved.
| The decrease in loans is attributed in part to
the liquidation in the stock market and to the
repayments incident to the completion Of No
| vember first settlements.
| BORROWINGS REPAID.
| Some of the borrowings of last week. incident
| to the crisis at st. Louis, also believed to
have been repaid. The money and exchange
| markets rather nominal Saturday, but
| the tone of sterling rather weak and de-
| mand bills were quoted at 4s4 fiat, which is
| within the margin of profit gold imports.
None were announced, but there were various
rumors of further engagements. Reports from
London show hardening money for discounts
| and an increased control of the open market
| by the Bank of England This may be in prep
| aration TO mako effective an advance in the
| Bank of Englands rate OF discount to oppose
| an cutgo of gold. The attention of the stock
| market community has been largely devoted to
| the conditions and prospects in the iron and
| steel trade this week. aud the renewed out
Steel securities has disturbed the whole market.
| The course OF the money market has been con-
securities. The Interruption of the election day
holiday also had the usual effect of discourage
| fessional operations in the New York corpora
ton stocks. which We're nominaly based upon
| the political contest in the city.
The engagement OF million dollars In gold
in London for shipment to New York was made made
day and early on Wednesday after the holiday
interval on the assumption that automatic re-
| supplies thus insured, but the later weak
ness of the United States Steel stocks and their
| overwhelming preponderance in the dealings
| dominated the whole market and carried prices
sosRs Mas comony arbHed to trade condi
| tions, but suggestions were also heard OF mo-
uves from the financial side OF the selling. For
| london account was said to be for account of
the last London settlement and was presumably
| left in a Vulnerable position II was current
ing was due to changes in the executive depart
| meQt Of the corporation at dlfferent times sirce
there WAS a crop Of rumors also of further
changes to come in the executive department and
of resulting friction and antagonism.
| LEFT TO SURMISE.
Authoritative information these points was
| not to be had and the market operations in the
| securities were left to surmise whether these
| rurlors were not set ahoat to confuse the public
| as to the causes in the industrial situation to
induce the selling. The influence OF the con-
tinulng operations of the bond conversion syn
dictate was also subject for consideration. The
statement to the Stock Exchange in connection
with the listing of the corporations second
mortgage bonIs revealed the fact that some
s6e, 900 goo of preferred stock still available
for conversion into bonds. with the privilege of
exercise Of this privilege would presumably in
volve the purchase of preferred stock by the
ply of the bonds resulting from the conversion.
Yet the pressure TO sell the preferred stock far
gave no sign Of any absorption for syndicate
account. The difference in the prices Of the
| preferred stock and the bonds thus consid-
erably extended and this difference measures
the profit to the syndicate of the process of
| conversion aside from the per cent commits
sion insured them under the contract with the
corporation on the par value Of the stock in
turbing sentiment over the iron and steel trade
conditions was The cut In price OF steel bullets
| products for foreign account were considered
corroborative Of the shrinkage OF the domestic
| demand and the break in prices to secure the
| foreign market
FEARS OF REDUCTION.
| Fears were felt of general reduction Of prices
in all lines OF steel products and process OF
| contraction throughout the State Plans fol
further restriction of output. a decrease in the
| o,d op
in the force of laborers employed helped to feed
; the apprehension of the speculative public over
the future Of the industrials Of this class Stock.
. of Independent iron and steel companies wer,
affected in sympathy. but less acutely than the
United States Steel securities.
Tn continued heavy outgo of currency to in
terror points caused a resumption of the con
: ers. which had begun to- be somewhat relaxed
with the long delay in the crop-moving demand.
for currency. This demand though belated la.
risen this week to rather above the normal o
, preceding years warning the banking communit,
were not mistaken The heavy movement il
cotton and the high price at which the crop il
rency TO move it. But tho volume OF exchang,
: against its export has been corresponding.
) large and the offerings of cotton bills in tn
exchange market have kept sterling near tn
I gold import point. Foreign money markets hav
, pressure for gold, the Bank OF England's sell
ing price of gold having been advanced. Blu
confidence is felt that any approach string
, ency in the New York money market would lea
to prompt relief by gold shipments, the in
[ terratiorial gold movement has given New Yorl
an evident control OF the situation
r The weeks events on the Isthmus of Panam;
have passed without apparent notice in tn
/ stock market. in spite of the Importance at
: | tached 10 the Panama canal project and it
. bearing on transcontinental freight traffic Re
/ ports OF adjustment in the relations between
! japan and Russia in the far East have ha,
5 some reflected effect from the London market
r The tightness of the money market has reduces
the demand for bonds, and the recent aveTag
| of business in that department has been consid
. erably diminished Prices nave been inclined {
| WELD with the falling of in demand Unite
| States twos declined u per cent. below the clos
| ing call of last week.
SALES AND QUOTATIONS.
Following are the days share sales and tn
| recorded price changes