The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-16
POOR MARKETS ABROAD
CAUSE WEAKNESS IN THE GRAIN
PITS AT CHICAGO.
Corn Shows the Only Firmness, Wheat
and Oats Closing -
sions Also Are Down.

NEW YORK. Dec. 15.-Except for the consid-
cradle volume OF dealings in one or two stocks
to-day's market was dull and at times practically
idle. The occasional periods OF activity were
buying movements for the first part OF the day,
but prices slipped back to below last nights
level before the close. and the close itself was
barely steady,
During the early periods of dizziness holders
Of stocks seemed content TO await the demand,
and there was no pressure Of offerings when buy
ers paused in their operations. Amalgamated
Copper led the market in point Of activity. and
was lifted rs at the top level. The strength and
activity of the London market for copper seemed
to be the inspiring cause Of the buying, and
Copper securities in other markets sympathized
with the movement. Even United States Steel
preferred held some share in the early strength
OF the market, and the urgent borrowing demand
for the stock for delivery pointed to the neces-
stiles of a short interest. The announcement Of
the extensive economies contemplated by the COM
pany were accepted as promising well for the
net earnings of the corporation. The late reac-
tion in the smarket. however. centered in this
stock. and its drop TO over a point below last
nights price upset the whole list and wiped out
the days gains. The report of the passing Of
the dividend on Crucible Steel preferred was an
influence on the stock. although that company
Is recognized as the victim of troubles peculiar
to itself. The pending meetings of the members
VI "A llO clCCl lOOiS NtIt suDJcClS VI III
terested surmise, and ormat of their prob
able action on the subject of maintaining pres
ent prices was hard to get. Rumors were heard
or an intended cut in the price of steel rails,
and Of the difficulty in holding the pool together:
which may have helped the weakness of United
states Steel preferred. The considerable de-
crease in net earnings reported by the Baltimore
q ONO for November was an influence on the
side OF reaction, which was supplemented by
reports OF an intended reduction in the prices Of
soft coal. The speculative element seemed to
nave put aside any misgivings over the Northern
Securities case. 1t was argued that the text Of
the decision might serve 10 define the legal lin
itations under which the purposes of the merger
could be accomplished, and so clear up the
present unstable condition on the matter.
Sterling exchange developed a very strong tone
on a strong demand for bills. which was partly
attributable to the need to cover engagements
OF gold in London for import. Several hundred
thousand dollars additional were engaged to-day,
and the first arrival OF Japanese gold at San
Francisco was made available to the New York
banks by Geographic transfer. The extraordinary
showing of the country's foreign trade for No
vember was studied with satisfaction in the
financial district. With an increase in value of
exports over last year of $S5, 000. 900, and a de-
crease In value OF imports of $40. 900, 900, the pow
erful control of the international exchanges in
favor Of New York is made clear.
Bonds were dull and steady. Total sales, at
par value, were 81, $50, 600. United States bonds
were unchanged on call.
Following are the days share sales and the
recorded price changes: