The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-19
FAIL TO HOLD ADVANCE
SLIGHT EARLY DEMAND ONERFED
BY HOLDERS WITH PROFITS.
Review of the Week shows Many Dis
turbing Factors i'm Wall Street
Money Continues Easy.

Money Continues Easy.
NEW YORK, Oct i7.-Yesterday's sharp
recovery in prices brought in large num-
Der of buying orders this morning and the
stock market was very active during the
first hour. BY the end of that time it be-
came very evident from the narrow move
ment of prices that the demand was being
freely fed To take the profits on yester-
days rise. The bears became less solctous
to cover their short contracts and ceased
to buy. Sellers allowed prices TO slip back
to about last nights close, at which point
there was a marked decrease in the vol
ume of business with the movement of the
market brought practically to "a standstill.
The market for the rest of the day was
somewhat hesitating and irregular An adj
vance of about a point in Amalgamated
Copper, United States Steel preferred and
Union Pacific had q reassuring effect and
steadied the market, but failed to lift it to
a materially higher level. a number of the
industrials which had suffered violent losses
during the week made sharp recovery and
the high-priced coalers were marked up
several points at time OH the professed
confidence that accommodations of steam
sizes of anthracite are being worked off.
The bank statement was regarded as IA
vorable.
The stock market has been unsettled dur
ing the week by number of disturbing
factors and the continuance of liquidation
in spots. The trouble has centered in the
industrials, as for some time, and the
dividing line between that class and the
railroad stocks has grown distinct. This
has led to some efforts on the part of the
professional operators to inaugurate an
upward movement in the railroad list in
face OF the continued depression in indus
trials. But the attempt met with meager
success, beyond the comparative steadiness
or the shares of railroads. until the sharp
rally on Friday. The disturbing influences
have come from outside sources rather
than from local quarters and still have to
do largely with security market conditions
rather than general business and indus
trial factors. Thus the unsettlement on the
Pittsburg Stock Exchange has been re-
fected on the New York Exchange The
prospect of the passing Of dividends on the
Crucible Steel preferred stock caused by
the falling through of the intended pur-
chase of the Charlton Steel Company by the
United States Steel Corporation has thrown
marketable stocks on the New York mar
ket especially of United States Steel stocks.
which have figured conspicuously in the
weeks disturbances
Liquidation has come from Canadian
sources and from Boston, of which the
causes are not clear from any public
knowledge of facts. group of Canadian
speculative favoriteS were most affected
by this selling, but the sympathetic effect
on the general list was considerable and
gave rise to persistent rumors of financial
troubles. The, London stock market has
passed through troublesome settlement
during the week, which proved a severe
strain and reflected some influence on the
outside financial world. At the same time
the market has not been free from depress-
ing influences drawn from industrial de-
velopments. The reduction In the dividend
and the formidable decrease in net earn
ings of the United States Steel Corpora
ton has been persisting influence Of
fciaf admissions of large reductions in
working force by a number of the great
eral policy of retrenchment in that quar-
ter of the industrial world. The departure
of an inspection party of United States
Steel officials with the avowed purpose of
and reduction of working force. where pos
sible, pointed to the same conclusion. The
high rates paid for temporary loans. by
railroads within a year past show that
many large projects were being carried for
ward of necessity, owing to the stage to
which they had already reached. But the
present movement awakens the fear that
their continuance is to be limited to these
necessities and that curtailment H. in view.
This fear has had its clearest reflection in
the weakness of stocks of railroad equip
ment companies. and the close aff1iation of
these with the iron and steel trade has ag-
| gravated their weakness Rumors of heavy
cancellations of orders in various lines OF
railroad equipment have played their part
in the weeks operations in stocks.
These prospects have directed attention to
| the labor outlook, which is viewed with
| apprehension i'm Wall street. The troubles
| i'm the structural steel trade are attributed
in large degree to the tying up of building
operations by strikes in New York and other
| forces of the steel works indicate the re-
dictionary effect of this important cutting
off OF consumption. With the reduction OF
working forces on railroads, the economic
problem of reduction of consumption grow
| ing out of stoppage of wages gains increas-
| ing weight i'm the consideration of the out
| look The sentimental effect of the United
| States shipbuilding proceedings on the stock
market would be difficult to estimate. There
| is no difficulty for the well-informed &c
make discriminating judgment among the
many industrial securities in the market
| and there is no disposition in such quarters
| to view the shipbuilding instance as other
| than an extreme illustration of the abuses
! ognized that the shipbuilding episode has
focused public attention on the typica
| abuses of recent promotion and underwriting
to n degree never before reached, and the
| financial world is in dread of the effect OF
| this public instruction on the demand fol
| this class of securities. both present anc
| future.
Railroad officials continue to speak in very
| sanguine terms of the present business anC
prospects of roads under their charge. Sta
| tistics of earnings bear out these claims anC
| continue to show average increases over thu
| corresponding periods of previous years. Re
| ports of freight blockades and of car short
| age, owing to enormous demands of traffic
| have been received from various parts of tn,
| middle and far West. Bank clearings tn,
country over are well maintained. The pas
| week has marked the passing of the period
| of danger to the corn crop and the govern
ment's statistics point to a large crop safely
made. Money continues easy and fears O
| stringency are no longer felt The foreign
| trade statement for September reflects TIL
| late outward movement of corn and cotton
| due to the lateness of the crops, but show,
| general exports well maitained, while de
| cline from the recent high level of our i'm
| ports bring the excess of export values III
| to only about five million dollars less thar
| in September of last year.
| The railroad bond market has not BEEF
| active, but prices have been fairly wei
| maintained and banks and bond-houses re
port a rather better business over the coun
| ter. with some evidence of growing in
vestment demand. United States bonds ol
| call have been unchanged.
Following are Saturdays share sales an,
| the recorded price changes:
High Low Clos
RAILROADS Sales. est. est. Bid
| Atchison pref ............ $50 50 SIS IS,
| Baltimore & Ohio. ......... 12.l60 1915 75~s 7j'
! Baltimore e. Ohio pref. 80. -. -. SCI
| Canadian Pacific 3.s25 1901 1875 49,
| Central of New jersey. 500 15aIz los I57
Chesapeake & Ohio. 1000 sos 30la 30i
| Chicago & Alton. $3.50 2e4 asa 25i
| Chicago Alton pref -; -. 81
! Chicago G. w pref. -. -. - Is,
| Chicago & Northwestern. 80 15SN 15shs rs:
4 Chicago Terminal K t.. 9