The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-09
Fluctuations I'm Industria1s Not
Looked Upon with Any Degree of
Alarm by Financiers.
GENERAL L0OSENING
UNITED STATES STEEL PRESCRIBED
HAD TOUGHEST ROAD TO TRAVEL.
Bank Statement Lends Confidence to
Business Interests-MOney Available
from Abroad If Necessary.

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
pressure on this stock relieved the market
to some extent and prizes inclined to harden.
The railroad list. In fact, but little affected
by the opening dip in Steel preferred. The up
ward movement was extremely sluggish and
dull. and the market showed little breadth or
animation. Reports in persistent circu-
lation that the United States Steel Corporation
planned a cut in all grades Of steel products on
the basis of the lower price for billets. but all
attempts TO secure official information on the
subject were repealed. The bank statement vas
regarded favorable 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 more
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
the tone of sterling rather weak and de-
mand bills were quoted at $i.si fiat. which is
within the margin Of profit on gold imports.
None were announced. but there were various
rumors Of further engagements. Reports from
London show a hardening money for discounts
and an increased control of the open market
aration TO make effective an advance in the
Bank of Engiand's rate OF discount to oppose
market community has been largely devoted to
the conditions and prospects in the iron and
break of heavy liquidation in the United States
Steel securities has disturbed the whole market.
| The course OF the money market has been a con-
securities. The interruption of the election day
| ing speculative activity, except for some pro-
| fessional operations in the New York corpora
the political contest in the city.
The engagement of million dollars In gold
| in London for shipment to New York was made
the occasion for some buying of stocks on Mon
| day and early on Wednesday after the holiday
| interval on the assumption that automatic re-
| lief from other demands upon New York cash
supplies ,S WAS thus eS9 the 5a ,b
overwhelming prePonderanee In the dealings ,
SownwarS the The Seavv ouidation In these
| stocks commonly attributed to trade condi-
Sns from shs nancIa stde Of the selling For
instance large selling OF the preferred stock Tor
a brokerage firm there which had tided ever
| the last London settlement and was presumably
rumor in the street also that some Of the sell
| ing was due to changes in the executive depart
ment of the corporation at different times stree
| it's formation. As a result of these suggestions
there was crop Of rumors also OF further
| changes TO come in the executive department and
| of resulting friction and antagonism.
LEFT TO SURMIsE.
| Authoritative information on these points was
| not to be had and the market operations in the
| securities were left to surmse whether these
| runlors were not set afoat to confuse the public
. to the in the industrial situation to
| tinung 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
SIS. OO5. 900 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
| erably extended. and this difference measures
the profit to the syndicate Of the process Of
| sion insured TO them under the contract with the
Sa R Iar was as most 81 aesT in
turbing sentiment over the iron and steel trade
9s hs ss Of IGs Of sa sese ss
| products for foreign account We're considered
corroborative Of the snrinkage OF the domestic
Il
| foreign market.
FEARS OF REDUCTION
Fears were felt of a general reduction Of prices
| in all lines of steel products and process of
contraction throughout the State. Plans for
| further restriction OF output. decrease In the
scale Of wages and rumors OF large reduction
IN the force of Iaborers employed helped to feed
the apprehension Of the speculative public over
the future OF the industrias of this class Stocks
of INDEPENDENT iron and steel companies Were
United States Steel securities.
TIL continued heavy outgo OF currency to in
Sentative attitude Of bankers and money eye ieDd
ers. which had begun to be somewhat relaxed
.n This deand though beate hss
risen this week to rather above the normal OF
that their preparations for such a contingency
were not mistaken. The heavy movement in
selling has increased the needed volume of cur
renoy to move IL. But tho volume of exchange
large and the offerings of cotton bills in the
exchange market have kept sterling near the
made some show of opposition to the New York
| pressure for gold the Bank Of England's SELL
confidence is felt that any approach to string.
ency in the New York money market would lead
ternational gold movement has given New York
| an evident control OF the situation.
The weeks events on the Isthmus of Panama
have passed without apparent notice in the
| stock market In spite OF the Importance an.
bearing on transcontinental freight trafic. Re-
| ports Of adjustment In the relations between
| Japan and Russia in the far East have had
| Some reflected effect from the London market
| The tightness of the money market has reduced
the demand for bonds. and the recent average
OF business in that department has been consid
erably diminished. Prices have been inclined I,
| yield with the falling of In demand. United
States ,twos declined y per cent below the clos
| ing call OF last week.
SALES AND QUOTATIONS.
Following are the days share sales and tn,
! recorded price changes:
High Low Clos