The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-20
WEEK in WALL Street
STEADY DECLINE IN PRICES OF
STOCKS, LED BY STEEL COMMON.
Rails in Fairly Good Demand on Sat
urday, Led by Atchison-Bank
Statement Not as Bad.

NEW YORK. Sept. 19.-The opening of
business on the Stock Exchange to-day was
the signal for another aggressive drive
against United States Steel common and
the industrial list generally. So fierce was
the attack that the decline in prices en-
braced practically the entire list and many
stocks found new low levels, Steel common
going off a full point. Some of the So
called gilt-edged industrials registered Sc
we're losses, a case in point being Westng
house Electric, which sold off over 20 points,
with a loss Of almost half as much in the
preferred stock. Other isues that bore the
brunt of the opening onslaught included Re-
public Steel preferred, Sloss-Sheffield,
United States Rubber preferred and Anal
gamated Copper The railroad list also de-
clined, St Paul, Rock Island, New York
Central, Canadian Pacific Chesapeake &
Ohio, Norfolk & Western and Erie second
preferred all making material recessions.
The break in the rails, however, probably
resulted from the heavy selling of Atchison
stock for a Western firm which was re-
Gently prominent on the buying side. The
demonstration against Steel common was
begun by a specialist, who offered the stock
at 17% and then down another fraction.
Bear traders then took hand and sue
cessfully hammered it down TO IL The
market steadied before the end of the first
hour. support being given to Steel and
other industrials The amount of the short
covering was also very extensive. After a
brief reaction prices again steadied, and
following the publication of the bank state
ment gradually improved TO the close,
which was steady and moderately strong
The one favorable feature of the statement
was the contraction of more than $i,5O0,O0O
in loans.
A survey of the week on the Stock Ex-
change shows that in most essentials it
was repetition of the previous one. The
movement was again irregular and narrow,
and always under professional control, the
outside demand for stocks being too small
TO merit serious consideration. In a few
Isolated instances some traders VINO
thought the market had been overSold
made feeble efforts to turn the tide but
| attempts to bid up prices met with such
heavy offerings that these attempts were
! speedily abandoned. The result was a
steady sagging OF prices. One of the re-
deeming features of the week, yet I'M
explained, was the steady buyingj of GER
| tain high grade railway shares. chiefly
Atchison, the Pacifics, and few others
of this group at almost every recession.
| The absorption Of AtchSon stock revived
| the old story of a change of control. The
| coal stocks were not in much demand at
| any time, although reports of a restriction
| OF the anthracite output were probably ex-
| aggerated. Rumors of crop damages came
| thick and fast, and helped largely to de-
press prices during the early week, but
| these, too, proved false in large part In
| fact, much more hopeful view regarding
| crop conditions prevailed at the weeks end,
and resulted in considerable short covering.
Conditions in the iron and steel trade
| came in for much discussion and were
| largely responsible for the decline of the
| steel stocks and those of affiliated COM
| panies to new low levels. Steel common
| was conspicuous throughout for its alb
solute weakness and was by long odds the
| most depressing feature of the list. 1t
was heavily sold, both for home and for
| eign accounts. Thousands OF shares were
poured out and at times the stock was
really the football of the market The
new low level of II was reached on Satur-
day, the further decline affecting practical
| ly all stocks in the same classes. In the
past month Steel common and preferred
have lost over seven points each, making
a shrinkage in the market value of the
total issue of these stocks of over S63, 600, =
90. Some OF the other issues named have
lost from five to fifteen points in the same
period, the latter figure representing the
decline in Tennessee Coal.
The condition of the local national banks,
as disclosed by the recent report of the
controller of the currency, is regarded as
favorable, though loans and discounts are
greater by $21,OvO,OV0 than they were at this
time last year 1t is argued that this in
crease is offset by the increase of capital
and surplus, which show gain of So, 900 600,
while circulation has increased over 5000
w. Last year demand Tor crop money
was three weeks in advance of this years.
The weeks currency movement to the
South went chiefly to Georgia, Alabama and
louisiana. where the cotton movement be-
gins earlier than in Texas. There is a
possibility that some local financial insti-
buttons may be Inconvenience by a con-
current demand for crop moneys from the
West and South, but thus far transfers of
funds to these points have been under ST.
100000, compared with $ll, 10000 for the same
period of last year. Foreign exchange grew
gradually stronger during the week, and
the tendency was towards a further rise.
The bond market displayed a good deal
of irregularity, but there was little of in
terest to the dealings outside of the large
transactions in United States Steel second
fves. The general market followed the
course of this security closely after it
achieved its leadership. United States twoS
advanced l per cent, the old tours, regis
tered, ~ per cent, and the new tours is.
The old tours, coupon, declined IL, COM
pared with the closing call of last week.
Following are Saturdays share sales and
the recorded price changes: