The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-13
BUSY WEEK in STOCKS
DEALINGS ROSE TO NEARLY A MIL
LION SHARES DAILY.
Movements Have Been Erratic and
Net Changes Are SmalI-COnditions
i'm the Money Market.

NEW YORK, Dec. 1.-THE stock market was
Irregular and rather dull to-day, but the reac-
tionary tendency prevailed There per-
ceptible response TO new causes In the movement
which represented the working out of specula-
tive contracts. Some support was accorded to
United States Steel preferred, and this had a
sentimental effect the general market The
advance in that stock, however encountered
fresh selling and the bears did not show great
uneasiness Profit taking in Brooklyn Transit
was conspicuous and cost that stock nearly .
points at time. There was pressure against
Pennsylvania. and the bears resorted to the de-
vice Offering the dividend on a limited number
OF shares Of the stock for the coming year at
So in the curb market The money and ex-
change markets were normal, as usual on Sat-
urday. but cable reports were Of expected
arrival in London, next week. of 81, 500 600 in
gold which Is likely to be taken from New
York. Bank .clearings for the week throughout
the country show a slight increase last
year for the first time in many weeks. New
York cearings having risen over last year
on the averages.
The daily averages Of dealings in stocks have
market has been irregular, advancing at times
and meeting with reactions and backsets, which
leave the net results of the movement of prices
presumably been effected at profit and the new
holders have shown little disposition to throw
of the market warrants an Interpretation of an
improved sentiment regarding present conditions
regarded as normal after SO considerabIe an n
advance. The approach of the end of the year
period begst a conservative spirit about finan-
cial commitments. owing to the likelihood of
furries In the money market through the large
temporary requirements upon resources.
The hearing Of arguments in the Northern
Securltles case, set Tor next Monday, and the
belief in early decision in that case are the
occasions for some forebodings. It Is true that
court against the company foreshadows the de-
cision OF the Supreme Court points to the prob
ability that an unfavorable decision has been
| discounted. But precedent shows that Supreme
Court DEGREES on cases of this wide-reaching
effect on the stock market. The effect of the
decisions In the Transmissouri freight case and
! the Joint Traffic Association case are examples
These precedents reinforced in their influence
| by the prevalent dread in financial circles that
| an agitation against the great industrial and
! financial combinations may play large part in
| the approaching national political campaign
| But these influences have merely modified the
| conviction OF Improvement in conditions war
ranting the hope OF better things in the future
indications OF the enormous contraction that
has taken place are mingled with some signs
| that affairs are in train for an improvement
Trade statistics of Dec. l show the process Of
reduction in production still heavily in progress
without yet having reached the reduction in re
| quirements. as unsold stocks have still further
accumulated. But somewhat better inquiry
both in the iron and structural steel depart
ments. Next weeks meeting oil the steel billie
| pool is awaited with great interest to disclos,
whether sufficient confidence in the demand a.
! current prices is felt to avoid a further conces
| sion.
Appreciation is growing of the importanc.
| upon the domestic financial situation of tn,
| extraordinary course of our foreign trade TIL.
| November return Of domestic exports show.
the greatest value for cotton exports for am
| month in the history of the country. The de
| Ginning value OF the country's imports is no les
| significant in the explanation of the course o.
| the foreign exchange market and the persistent
| inward movement of gold Notwithstanding tn,
| employment of devices by foreign banks to pro
4 tect their gold holdings. The decline in prices
| that the decline in imports will continue an,
| puts our manufactured products on basis I,
| compete better in foreign markets, thus prom
| ising a growth in manufactured exports. Or
ganized efforts are being made to extend tn
| foreign markets for iron and steel products es
| pecially. The effect OF the turn in the In
| ternational trade situation must receive impor
| tant consideration. The movement Of the securi
ties market in the last two weeks must be at
| tributed partly to this development The in
| fiuence on foreign money markets is a matte
for careful observation, as II is clear that an
considerable withdrawal Of balances iron
| abroad at this time would result In advanc
| of interest rates which would attract fund
| from here and might lead to renewal of Ameri
| can commitments In foreign government securi
/ ties.
| The bond market has been moderately activ
| and irregular. United States threes advance
| one-quarter OF per cent. and the new four
declined one-Quarter from the closing call o
| last week
Following are Saturdays share sales and tn
| recorded price changes: