The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-18
FAIL TO HOLD ADVANCE
SLIGHT EARLY DEMAND OvERFED
BY HOLDERS WITH PROFITS.
Review of the Week Shows Many Dis
turbing Factors i'm Wall street.
Money Continues Easy.


NEW YORK, Oct. i7.-Yesterday's sharp
recovery in prices brought in a large num-
Der of buying orders this morning and the
stock market was very active during the
first hour. BY the end of that time it be-
came very evident from the narrow move
ment of prices that the demand was being
freely fed to take the profits on yester-
days rise. The bears became less solicitous |
to cover their short contracts and ceased |
to buy. Sellers allowed prices to slip back |
to about last nights close, at which point |
there was a marked decrease in the vol |
ume of business, with the movement of the |
market brought practically to a standstill. |
The market for the rest of the day was |
somewhat hesitating and irregular. An ad- |
vance of about point in Amalgamated
Copper, United States Steel preferred and |
Union Pacific had reassuring effect and |
steadied the market but failed to lift it to
a materially higher level. A number of the
industrials which had suffered violent losses |
during the week made sharp recovery and
the high priced coalers were marked up
several points at a time the professed
confidence that Accommodations of steam
sizes of anthracite are being worked off. |
The bank statement was regarded as IA
vorable.
The stock market has been unsettled dur
ing the week by a number of disturbing
factors and the continuance of liquidation
in spots. The trouble has centered in the
industrialS, for some time, and the
dividing line between that class and the
railroad stocks has grown distinct This
has led to some efforts on the part of the
professional operators to inaugurate an
upward movement in the railroad list in
face of the continued depression in indus
trials. But the attempt met with meager
success, beyond the comparative steadinesS
of the shares OF railroads. until the sharp
rally on Friday. The disturbing influences
have come from outside sources rather
than from local quarters, and still have to
do largely with security market conditions
rather than general business and indus
trial factors Thus the unsettlement on the
Pittsburg Stock Exchange has been re-
fected on the New York Exchange. The
prospect of the passing of dividends on the
Crucible Steel preferred stock caused by
the falling through of the intended pur-
chase of the Charlton Steel Company by the
United States Steel Corporation has thrown
burden of liquidation Of more readily
marketable stocks the New York mar
ket, especially of United States Steel stocks.
which have figured conspicuously in the
weeks disturbances.
Liquidation has come from Canadian
sources and from Boston, of which the
causes are not clear from any public
knowledge of facts. A group of Canadian
speculative favorites were most affected
by this selling. but the sympathetic effect
on the general list was considerable and
gave rise to persistent rumors of financial
troubles. The London stock market has
| passed through a troublesome settlement
during the week, which proved a severe
strain and reflected some influence on the
outside financial world. At the same time
the market has not been free from depress-
velopments. The reduction in the dividend
| and the formidable decrease in net earn
| ings of the United States Steel Corpora
ton has been a persisting influence Of
fetal admissions of large reductions in
| working force by a number of the great
railroad systems have pointed to gen
| eral policy OF retrenchment in that quar-
ter of the industrial world. The departure
! of an inspection party of United States
| Steel officials with the avOwed purpose of
seeking measures of economy of operation
and reduction of working force, where pos
| sible, pointed to the same conclusion. The
high rates paid for temporary loans by
railroads within a year past show that
many large projects were being carried for
ward of necessity, owing to the stage to
when they haa aireaay reached. sut .s sne
their continuance is to be limited to these
necessities and that curtalment is in view.
This fear has had its clearest reflection in
the weakness of stocks of railroad equip
ment companies. end the close utilization of
these with the iron and steel trade has ag-
| cancellations of orders in various lines of
railroad equipment have played their part
| in the weeks operations in stocks.
These prospects have directed attention TO
the labor outlook, which is viewed with
apprehension in Wall street. The troubles
! in the structural steel trade are attributed
| in large degree to the tying up of building
| operations by strikes in New York and other
large cities. The intended reduction in
| forces of the steel works indicate the re-
| dictionary effect of this important cutting
off of consumption. With the reduction of
working forces on railroads, the economic
problem of reduction of consumption grow
ing out of stoppage of wages, gains increas-
ing weight in the consideration of the out
look The sentimental effect of the United
States shipbuilding proceedings on the stock
market would be difficult to estimate. There
is no difficulty for the well-informed to
make discriminating Judgment among the
many industrial securities in the market,
and there is no disposition in such quarters
to view the shipbuilding instance as other
than an extreme illustration of the abuses
! In the recent trust formations" 1t is rec
ognized that the shipbulding episode has
focused public attention the typical
abuses of recent promotion and underwriting
to degree r never 10 6 @ h ana ne
this public instruction on the demand for
this class of securities. both present and
future
Railroad officials continue to speak in very
sanguine terms of the present business and
prospects of roads under their charge. Sta
tstics Of earnings bear out these claims and
corresponding periods of previous years Re-
ports of freight blockades and of car short
age, owing to enormous demands of traffic,
have been received from various parts of the
middle and far West. Bank clearings the
country over are we'll maintained. The past
week has marked the passing of the period
of danger to the corn crop and the govern
ments statistics point TO large crop safely
made. Money continues easy and fears of
stringency are no longer felt. The foreign
trade statement for September reflects the
late outward movement of corn and cotton
due TO the lateness of the crops, but shows
| general exports well maitained, while de-
cline from the recent high level of i'm
ports bring the excess of export values up
to only about five million dollars less than
in September of last year
The railroad bond market has not been
active but prices have been fairly well
maintained and banks and bond houses re-
port a rather better business over the coun-
ter. with some evidence of a growing in
vestment demand United States bonds on
| call have been unchanged.
Following are Saturdays share sales and
| the recorded price changes: