The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-11
NET DECLINE in STOCKS
MARKET UNABLE TO OVERCOME THE
TENDENCY TO REACTION.
Liquidation I'm Steel Preferred the
Moving Cause-MOnetary Out
look Not Altogether Good.

NEW YORK, Dec 1o.-The stock market made
another struggle to-day against the tendency
to reaction. but ultimately succumbed and yield
ed to lower level. Ret declines ran to between
l and points for many prominent stocks. An
important influence in discouraging the efforts
to hold the market the heavy and persistent
liquidation in United States Steel preferred.
The fact that this selling attributed
10 Pittsburg account gave 1t sinister import
to the speculative mind, owing to the special
facilities for information trade conditions
at that center. The weekly review by the lead
ing authority in the trade was also regarded as
decidedly unfavorable. owing to the continued
accumulation of stocks Of pig iron. notwithstand-
ing contraction in production in the last
months, unprecedented for suddenness and
amount. The increase In accumulation Is said
to apply Southern furnaces well as to
Northern, Notwithstanding heavy sales reported
in the Southern market The existence of a
better current demand for pig iron fails
set the effect OF this unfavorable showing. as
did the favorable report of the better tone of
the market for structural steel United States
Steel preferred ran off points In the final deal
ings. thus deciding the tone of the market, which
had been wavaring and uncertain up to that
tine.
The furious speculation in Brooklyn Transit
continued, but served rather cause distrust
e..t1 ~ toSeei al du'dHce, oWIlls 10 lack OF
grounds for the buying of iris stock The stock
opened at a decline Of "a and after numerous
fluctuations up to 53ss fell back TO the lowest
and closed there. The publication of the briefs
Med by the defendants in the Northern Secur-
tiles case brings into the near perspective the
pending decision in that case, after the argument
10 be heard on next Monday. There is a general
1eeing that this decision may have an over
shadowing effect on the securities market
lhe danger OF money furries before the end of
me year while preparations making for
the annual settlements also comes up for con-
siueratlon The summary of returns made by
national banks throughout the country as of
increase in individual deposits over last year
or nearly $40, 900, the total cash held by the
banks SHOWS shrinkage of over S14, 600 600. while
me loan item has expanded nearly $122, 900, 900.
compared with the condition at the time OF the
previous call, on Sept y OF this year there il
nearly szo O0c. 900, and in United States deposits
OF over SR,vOOc0 notwithstand a contrac-
ton In loans OF upward of 500. 0oe, COO The cash
holdings OF the banks have declined for the
national and state banks and trust Companies
tnere rs, however. falling off of upwards of
seo,Voo,OOO since the Sept. statement. 1t was
not until near the close of the. market that the
summary was published OF the domestic exports
Ior November. These show an increase over
november OF last year OF 1884, 1877 23s owing to the
unprecedented value of the cotton exports which
reached nearly s6S,00,O00. the largest figure for
any month IN the history OF the country. The
supplemented again to-day, needs no other ex-
PLANTATION. The stock market closed rather irreg-
ular but near the lowest the day
Inc tone OF the bond market was easy. Total
sales at par value We're $2,505C0O United States
Following are the days share sales and the
recorded price changes