The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-13
WEEK in WALL STREET
DULLNESS THE DOMINANT FEATURE
OF RECENT BUSINESS.
Operations Are Professional and Price
Movements Are Unimportant-The
Monetary Situation.

so light and otherwise commonplace as to
call for little comment. Only slight re-
Spouse was made TO London, which raised
better prices for our securities, especially
the Pacifcs and grangers, the features over
there being Union Pacific and st. Paul.
Even the steel stocks were easier abroad.
The attendance of brokers on the exchange
was very small, and from the outset here
the market was narrow and irregular, early
quotations showing advances and declines
in about equal proportions. St. Paul alone
exhibited firmness at the opening, although
an easier tone was shown by such issues
as Pennsylvania and Reading The first
transaction in Steel common was at slight
advance, which was soon lost, while the
preferred was altogether neglected. Atchi-
son, the feature of the week to activity
and strength, opened down and sustained
a material net loss. Before the end of the
first hour the market became SO listless
that it could scarcely be said to have either
tendency or tone. The bank statement, with
loss of cash almost three times as large
had been predicted, together with further
expansion Of the loan account, brought in
creased weakness all around, the chief suf-
ferer being Brooklyn Transit, which made
an extreme decline of 25s in spite of mod
crate increase of net income over the pre-
vious year. The list closed weak.
Some comfort was derived from the fact
that the excess reserves of the associated
banks, in the face of a further drain on
their holdings, is we'll over $4,000 900. as
compared with about 500, 900 this time last
year.
The weeks business was probably the
lightest of the year, total transactions bare
operations in the bull campaign of 1902. In
fact, dullness was the chief characteristic
of the markets, which from Tuesdays OPEN
ing till to-dayS closing bore frequent eyf-
dence of fragrant manipulation by the pro-
fessional element. Events that in more
propitious times would have been followed
by higher prices were either ignored or
turned aside as having no bearing on the
situation. The resumption OF business after
the triple holiday brought no demand for
stocks, although the attitude of London and
the continent generally was friendly. The
most depressing feature of the week was
the weakness of the steel shares in which
liquidation was again very heavy. The re-
cent reduction in the price of Southern pig
iron naturally served to initiate against
to which it is admitted that orders in al
most all branches of the trade show fall
| ing off.
According to estimates Of the govern
ment's own experts the crop reports show
| an increase of something like $50. 900 600
| in the market value of six important items,
of lesser importance. In keeping with this
| exhibit is the latest government report,
contrasting the extent and volume OF this
| countrys foreign trade for this year and
more than ten years past The figures show
| an Increase on the export side for the Pc
riod named of $573. 900 0o0, as against an in
Sis, 100000. Despite this marvellous growth,
| foreign critics continue to remind us that
| our accounts are still on the debit side,
| to which they were transferred when our
fix-A q tQ
| At home the financial situation is appar-
| emily viewed with calmness. There is an
abundance Of money for mercantile das., and
| to show extreme conservatism where money
| is wanted for stock market purposes. Re-
ports that Secretary SHAW , vii Siscriml
| find new believers. In this connection IL
! is to be noted. however, that the appiica-
lions of banks for the retirement OF circu-
| lation still come in large numbers. the
limit for this month having been reached
| last Wednesday. In fact, applications thus
far received already exhaust the limit for
| October. Bankers are not giving very Sc
rious consideration at present to the various
| financial reform measures in process or
! formulation, and President Roosevelt's re-
cent utterance on this subject that moth
| ing revolutionary is advisable under pres
ent conditions" offers little hope for RENE
! dial legislation in the near future.
| Railroad earnings are still regarded as
| satisfactory, though in almost every in
stance showing heavy increase In the OPP
| Grafton and main tenance items. A number
| of important annual returns were issued
| in the course of the week, that of the Le-
| high Valley road being especially excel
4 lent The Norfolk & Western report sug-
gests that the bituminous coal roads are
| getting their share of business, even though
| the Western demand for soft coal Is slower
| than usual Coal trade conditions are ex-
| citing some interest by reason Of the ap-
| parent intention of the coal-carrying roads
| to restrict production. Instead 1t has al
ready been announced that the anthracite
| tonnage in the future is not to exceed the
| demand.
| Trading in bonds during the week dis
played little feature of interest, and fuc-
tuations followed closely the course of the
| stock market These were at low ebb. and
| but little demand prevailed for the gilt
| edge mortgages. United States new fours
| advanced 4 per cent. and the twos q per
| cent, as compared with the closing call of
| last week.
| Following are Saturdays share sales and
| the recorded price changes:
| High Low Clos
/ Ca1a aat