The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-30
CLOSED FIRM, BUT VERY DULL
SATURDAYS MARKET MOSTLY IN
PROFESSIONAL HANDS.
Plentiful supply of Exchange Bills
Monetary Conditions Are Gener-
ally Much More Hopeful.

NEW YORK, Nov. s.-Ther was nothing rep
resentative Of influential financial sentiment in
to-day's dull stock market. the dealings being
confined to small operations by room traders.
The minor industrials were relieved from the
severe pressure to which they have been sub
1ected recently. and were inclined to rebound,
gains of a point or upward being the result in
a number Of cases. The general list failed to
respond to this influence, and there was a dispo-
sition to sell following the appearance of the
bank statement, which was favorable. This
movement was trivial, as were the others, and
the market closed firm at a recovery and not fr
from last nights level in any case. The gain
in cash by the banks was only about half what
was estimated. but the decline in deposit liabil-
tiles was effected by the loan contraction Of
Sc. 3s4. 600. The resulting decrease OF s1,A5,S5o In
the reserve requirement helped out the surplus
to that extent. bringing the increase in that item
to 81, 213, $50, establishing the excess over the legal
reserve at IS. 125. 200. compared with SIS, 7SS, 800 a
year ago and So. 414.5 in 1901. Additional gold
was received by to-day's steamship and reports
from London indicate that part of 5000. 900 to
arrive there next week will be engaged in New
York. The weekly bank clearings indicate that
the shrinkage from last years level Is still con-
fined to the four large speculative centers in the
East, while the three largest cities in the West
and the South and the other cities of the whole
country OntlHuc W SHOW iihSS III y -
last year.
The weeks stock market has been chiefly re-
markable for a series Of savage onslaughts on
various Industrial stocks OF minor corporations.
The railroad list and the Industrial stocks which
have already gone through a drastic process OF
contraction stood comparatively firm in face Of
this attack, and even made some slight Roadway
against the current. But the violent declines
going on in the minor industrials erectualIy dis
courage any great activity for a rise, and this,
coupled with the interruption OF the Thanksgiv-
ing holiday. resulted In a rather dull and unin-
teresting market. outside OF the special move
ments mentioned. The successive breaks in in
dustrial stocks were evidently the result of a
systematic weeding-out process. primarily on the
part Of the banks and money lenders. in respect
TO collateral loans, but TO an important extent
to have knowledge of the Intention of those
throwing the stocks out Of collateral, and who
resorted to fierce raiding tactics on the Stock
Exchange. The neglect into which a long list
OF securities has fallen In the daily trading in
stocks itself makes them undesirable as collateral
for loans by banks. which II is important should
be instantly convertible into cash by selling OF
of prices this week under this process is an eff
fective demonstration of the unsuitableness of
much of the collateral for the purposes for which
There was little specific news to account for
there the WAS a notable Tendency for the vioien;
breaks to occur On what could be regarded as
SOOu news, SuCn dS ulNlutuu ucCidfdtlOHS u III pre-
ferred stocks. concerning which vague rumors
of doubt may have been current. Distrust OF
the whole industrial outlook, induced by a con-
viction that reaction and contraction, such as
have been demonstrated in the iron and steel
trade, must be faced in all lines of industry,
was at work in causing this movement. The
whole fabric of the organization of the industrial
corporations is under suspicion, and every new
evidence of insufhciency of working capital
where liberal dividends have been distributed,
|, and of threatened new capital issues ahead OF
stocks to supply this deficiency, serve to inten-
sify this suspicion and aggravate the pressure OF
securities on the narrow market.
Beyond the present situation doomed up q
prospect of new competition when industry shall
revive. Many Of the consultations on which
present inflated capital issues have been made
are seen to have been effected at extravaganI
valuations, so that room Is left for duplication
Of facilities at a smaller outlay of capital or
which returns must be secured.
In the general market the movement has beer
a sort of marking time in waiting for the fal
Their gold has started from London, but on q
limited scale, and the Bank of England has USED
the customary means to protect the Londor
stock Of gold. Liberal supplies OF exchange have
come into the New York market. There is som,
question raised whether the currency refiux from
the West may be delayed by the desire of West
ern bankers to protect themselves against money
emergencies. But 1t Is not likely that anything
short of actual runs on banks would prevent tn,
usual remittances to New York. under the Law
central reserve cities as a part of their own re
serve.
Bonds have been dull and rather irregular. Il
harmony with the tightness of the money mar
ket. United States new fours declined Il, an(
the twos, threes and old fours ~ per cent. below
the closing bid Of last week.
Following are Saturdays share sales and tn,
recorded price changes: