The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-11
AmaIga mated Copper the Most Active
and Seemed to Resist the Gen.
eral Depression.
DECLINING DEMAND FOR IRON AND
STEEL PLAINLY APPARENT.
Railroad Earnings show Decisive In
crease i'm Their Net Return-Prog-
ress of Crops Favorable.

NEW YORK, Oct. 10.-The demand for
stocks was apathetic to-day and made the
market vulnerable to very light selling
Some of this was palpably professional
short selling and there seemed to be a pro-
fessional contest in the late dealings. The
party Of reaction conferred their attack on
United States Steel preferred, forcing it
down 27s to So This stock sold at $50. last
month, but otherwise never sold before as
low as to-days price The party favoring
support in the market seemed most active
in Amalgamated Copper That stock re-
sisted the general depression and was
marked up at one time Ia over last night.
There was some systematic buying also OF
Chicago & Alton
The contest was wholly professional and
not based on any news so far as known.
London helped the depression here some
what and sold stock moderately. Fears are
entertained there that next weeks Stock
Exchange settlement may uncover some
embarrassment. The tone of the weekly
trade reviews was somewhat conservative
and reflected the state of doubt which has
been caused by the reduction in United
States Steel dividends and the decline in
profits in the iron and steel industries. The
reports of weekly bank clearings show
sharp contraction as a whole, compared
with the corresponding week of last year.
But in the analysis it is found that the de-
crease is wholly due to shrinkage in New
York, Boston and Philadelphia, the four
other leading cities showing considerable
increase and the average for all other cities
a small increase. The market seemed en-
couraged by the bank statement and rail-
lied momentarily The increase i'm cash was
considerably larger than expected, but the
statement is so much complicated by the
merger operations by the National Bank
of Commerce and the Western National as
to throw it out of balance. 1t is inferred
from the small loan change that CONNER
cial borrowing has kept pretty steady pace
with the liquidation i'm the stock market
The market closed easy and quite active.
NEW SECURITIES APPEAR.
Developments during the week have re-
suited in new outpouring of securities on
the market and an almost entire paralysis
of demand for stocks most largely for sale
The effect has been renewal of the feeling
of depression and gloom which always
gathers over Wall street in a period of
declining prices. The liquidation has been
of different character from that of the
recent past, which was nanifestly forced
by financial necessities due to the failure to
find market for the many new securities
formed out of recent promotion projects.
This week the selling is attributed to dis
trust on the part of holders over the indus
trial outlook and over the future earning
power OF shares in corporations. There has
been an occasional account iquidated,
which seemed to be caused by the maturing
of a loan on which extension could not be
had, and for which the collateral therefor
| topic in Wall street has been the irritation
and disgust of shareholders over the devel-
opments regarding the properties in which
| they have embarked their money. leading
| them to abandon hope of better conditions
| and to throw over their holdings for what
| they would bring.
REDUCTION OF STEEL DIVIDENDS.
The reduction of the dividend on United
States Steel from per cent. to per
| cent. basis was the first of these develop
ments. The long downward course of this
stock i'm the market seemed sufficient
| intimation of what was to come. But the
| fact remains that the common expectation
| I'm speculative circles was Disappointing as
it was supposed the retention of the divi-
| dend involved a policy connected with the
| formation of the corporation, which would
| not be departed from while funds were
available for the distribution. The wisdom
| of this policy came in for criticism when
| the corporation announced its bond issue
and the necessity for increasing working
! capital which prompted the bond issue.
| In view of the partial failure of the bond
Offering and the marked decline in the rate
| of net earnings and the heavy decrease i'm
| the untitled orders on hand compared with
| last years corresponding quarterly state
ment, the wisdom of the present dividend