The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-14
WEEK in WALL STREET
DULLNEss THE DOMINANT FEATURE
OF RECENT BUSINESS.
Operations Are Professional and Price
Movements Are UnimpOrtant-The
Monetary Situation.


days brief session of the stock market was
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 Pacifics and grangers. the features over
there being Union Pacific and st. Paui.
Even the steel stocks were easier ABROAD.
The attendance of brokers on the exchange
was very small, and from the outset mere
the market was narrow and irregular. early
quotations showing advances and declines
in about equal proportions. st. Paul alone
exhibited 1rmness at the opening, although
an easier tone was shown by such issues
as Pennsylvania and Reading. The first
transaction in Steel common was at slisht
advance, which was soon lost, while Tile
preferred was altogether neglected. Atchl-
son, the feature Of the week as to activity
and strength, opened down and sustained
a material net loss Before the end OF the
first hour the market became so hstless
that it could scarcely be said TO have either
tendency or tone. The bank statement, with
a loss of cash almost three times as large as
had been predicted, together with a 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 a mod
crate increase OF net income over the pre-
X.
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 $l5,OO0OOO, as
compared with about 500, 600 this time last
year.
The weeks business was probably the
lightest of the year. total transactions bare
ly aggregating as much single day s
operations in the bull campaign of 1902. In
fact, dulness was the chief characteristic
of the markets. which from Tuesdays open
ing till to-days closing bore frequent evil
dence of fragrant manipulation by the pro-
feSsionai 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 or southern pig
iron naturally served to initiate against
the steel and iron stocks generally, added
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
ments own experts the crop reports show
an increase of something like $4,000 600
in the market value of six important items.
notwithstanding a decrease in other crops
of lesser importance. In keeping with this
exhibit is the latest government report,
country's foreign trade for this year and
more than ten years past. The figures show
an increase on the export side for the pc
rod named of 1913, 900 900, as against an In
crease of imports for the same period of
S159, 100000 Despite this marvellous growth,
foreign critics continue to remind us that
our accounts still on the debit side,
to which they were transferred when our
speculative fever was at its height.
At home the financial situation is appar-
emily viewed with calmness. There is an
oA,, nf fnr YrlaT an
similar purposes, but the banks continue
to show extreme conservatism where money
is wanted for stock market purposes. Re-
ports that Secretary Shaw VIII d1Scrlml-
nate against banks retiring their currency
find new believers. In this connection 1t
is to be noted, however, that tho applica-
tions 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 OF
formulation, and President Rooseveits 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 maintenance 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
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 it 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 fluc-
tuations followed closely the course of the
stock market. These were at low ebb, and
but little demand prevailed for the gilt.
edse mortgages. United States new tours
advanced Il per cent. and the twos q pei
cent, as compared with the closing call OF
last week.
Following are Saturdays share sales and