The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-09-23
STEEL Is UP And DOWN
FAILS TO TOUCH LOW RECORD
FOR THE FIRST TINE IN DAYS.
Bonds of the Corporation Are Forced
Down, However, and Traders
Throw Over stock Taken Earlier.

NEW YORK. Sept. 22-There was no
change to-day in the narrow and profess
sional character of the stock market. The
duIlness and lassitude were accumulated by
the occurrence of the Jewish New Year,
which caused the absence of a part of the
membership of the exchange. The price
movement was an inversion of that of
yesterday, the advance coming early and
the reaction later, with final prices show
ing insignificant changes from last night.
For the first time in a number OF days
United States Steel did not touch low
record, and this was taken by the traders
to indicate that the liquidation in that Sc
curity was over. They marked up the price
accordingly, and the advance in the gen.
eral market was little more than sympa-
thetic response to this movement. Late
in the day urgent selling pressure developed
in the United States Steel second mortgage
bonds. They were forced down to 49, which
is e lower than their previous lowest price,
and they closed only Il better. This
prompted the traders to throw over the
stocks they had taken earlier in the day
and wiped out the days advance with the
result that small net losses are inter-
spersed with small net gains.
The buying movement OF the morning
was largely concentrated, a single house
being credited with the purchase of no less
than $1,000 shares around the room. There
was little in the news of the day to ac-
count for the movement of prices. The
collapse of the efforts to save the Con-
solidated Lake Superior Company from
bankruptcy seemed to have been discounted
and may even have been a factor in the
recovery of United States Steel. The re-
moval of the prospect of the immediate
demands upon capital to keep this COM
pany afioat seemed to afford grim sort
of relief in the spirit of corporation credit
requirements which Wall street has come
TO. The same spirit was responsible for
revived reports that the company was
negotiating large loan to provide for its
immediate requirements in connection with
terminal improvements in this city.
The news from the crops continued favor
able, the Weather Bureaus weekly report
receiving beariSn Interpretation both as
to corn and cotton. The grangers were
We'll supported IN consequence throughout.
| A round million dollars was deposited at
| the subtreasury for Geographic transfer to
New Orleans, showing the approach TO the
| maximum flow of the season of cotton
| crop funds. Offerings of cotton bills in
the exchange market continue scarce, and
! the advance in discount rates in London
| was reflected in the firmneSS of the ex-
change market here, London fearing an
early advance in the Bank of England dis
! count rate to the per cent. With the
/ freer movement Of the cotton crop evident
| ly imminent, it is hoped that the supply OF
cotton bills in the exchange market will
| soon make its influence manifest. The
| days transfers to New Orleans were suf-
| ficient to about wipe out the gain by the
banks from the subtreasury since last Fri
/ day. The market closed easy.
The late break in United States Stee
second 5s caused a sympathetic weaken
| ing in the formerly irregular bond mar
| ket. Total sales, par value, $l,9S5,00
| United States bonds were all unchanged
| on the last call.
Following are the days share sales and
the recorded price changes: