The Indianapolis journal., 1903-10-10
MARKET IS STILL HEAVY
CONTINUED DEPRESSION APPAR-
ENT IN NEW YORK STOCK SALES.
Fros4 Reports from Corn Belt Assist
i'm Causing Declfne-Bond Mar
ket Also Heavy.

NEW YORK, Oct 9-The stock market
this morning continued to show depression
and encouragement. The professional trad
ers sought to take advantage of this move
ment to force liquidation by Offering prices
down. Their operations of this character
became so overextended as to result in a,
rather urgent borrowing demand for stock
Taking warning from this condition, the
shorts covered their contracts, causing the
late recovery in the market This was
quite apprehensive and lifted the average
level of prices we'll above last night. The
closing was about steady and near the top.
The predominating influence on the mar
ket was still the testimony concerning the
promotion, underwriting and fiotation OF
the United States Shipbuilding Company
elected in the receivership proceedings. The
disclosures brought out by these proceed
ings have caused state of irritation and
distrust among shareholders difficult to de-
scribe, and the character of the discussion
of the episode in Wall street is of a kind re-
garding trusts and trust promoting not
often heard in the financial district itself.
London felt the reflex of this influence this
morning and it's sales in this market were
element in the early depression. When
the London selling had been completed the
recovery set in. The Industrial department
naturally was most affected by the prevail
ing sentiment and the United States Steel
stocks and Amalgamated Copper bore the
brunt of the pressure. United States Steel
common and Amalgamated Copper both
touched lower prices than ever before. The
London depression had some cause in the
fears prevailing there that next weeks
Stock Exchange settlement would reveal
some embarrassment.
The persistent downward course of United
States Steel bonds are especially disturbing
TO sentiment since the reduction of the
dividend on the common stock was ex-
planned as due to the unwieldy bulk of that
issue rather than to the forthcoming bad
news. Now that the bad news is seen to
have been a factor, feeling is more sensi-
tive over the continued decline in the pre-
ferred stock and the bonds
The annual report of the earnings of the
Metropolitan Street Railway, showing a
| deficit after payment of the per cent. divi-
| dend guaranteed without allowance for the
franchise tax. pending the apepal to the
| courts, was not worse than had been ex-
| pected, and was followed by some recovery
| In the stock. Reports of frost in the corn
belt probably had some influence on the
| early decline, but did not interfere with the
| recovery, indicating the passing of uneasi-
| ness over the present corn crop.
| falling off in wheat exports of ], ,103, ,959
| bushels, compared with last week, dis
| appointing and helped to explain the ar
rest of the downward tendency in the ex-
| change market. The shipments of currency
! to the interior on balance have been some
| what larger than last week, the outward
| movement being near S2,0O0.000 This move
| ment is still we'll below the normal for this
| period of the year and seems to have been
| more than Offset by redemption of govern
| ment bonds and other subtreasury opera
| tions, so that gain of several hundred
| thousand dollars in cash reserve is prom
| usual obscurity.
The bond market was heavy, in sympathy
| with stocks, but made some recovery. To-
tai sales, par value, $1,S75000. United States
| threes declined Il per cent. on the last call
Following are Fridays share sales and
| the recorded price changes: