The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-01-26
WEEK IN WALL STREET
PRICES AND INTEREST IN THE MAR
KET DECLINED TOGETHER.
Saturday, Good Bank Statement Only
a Small Check to the Movement
Future Monetary Demands.


ducing prices to move still confronted the
traders in stocks to-day. as 1t has In in
creasing degree all through the week. The
Venezuelan difficulty still has a repressive
influence on trading, and there was some
disposition to couple the prompt signing
of the Panama canal treaty with that ques-
ton. Prices hardened, however. after the
opening. because of the announced decision
of the Washington authorities that the
German act in Venezuela did not present
a subject for representations by this gov
eminent. The weakness of Pennsylvania
was the unsettling influence. and led to an
active selling movement. which was only
momentariy checked by the bank state
ment. The close was easy. and with some
quotations at the lowest. The selling OF
Pennsylvania seemed to be due to the news
of the borrowing of $4O.0O0,00O by the COM
pany. The moderate loan expansion by the
banks, in view of the Pennsylvania loan
operation. was an agreeable surprise to the
traders, and prompted a recovery, which
gave away again at the last
The stock market fell into rue this
week in which the narrow and sluggish
fluctuations or prices were due TO the vary
ing operations OF the room traders, whose
day-to-day operations have constituted the
whole market. Current comment on the
IIdIkcl 10 Stly uldQc up VI Tic COI-
lectures made by this class of operators or
the opinions they advance, which represent
their hopes of an influence that will cause
prices to move, as much as any actual in
formation of events. The volume of deal
ingS has progressively declined to the low
level of the year. Win the general public
Indifferent TO the stock market, and with
no opportunity therefore to distribute Sc
curities to investors. and with holders
equally disinclined to sell at the present
level OF prices or at the concessions which
the aftamnt sell would require this ir-
regular fiuctuation from day to day is the
normal condition OF the market The d.
rectiop 10 be finally taken by prices when
the market energies from its lethargy is
still matter of doubt and conflicting opin-
ions.
The apprehension that the country has
reached the high tide of prosperity still
exists in Wall street. The extraordinary
business activity, causing actual blockade
of freight movements in some directions,
does not altogether dispel this feeling. 1t
is offered as evidence that the limit or ca
pacity has been reached by the railroads,
while the tide of operating expenses and
wages continues to rise. Many expressed
hopes of dividend increase have been dis
appointed. and 1t is feared that railroad
companies will feel constrained 10 preserve
their surplus earnings hereafter against
future contingencies instead OF disbursing
them as dividends to shareholders. Opin-
ions over the foreign trade outlook are
also mixed. The heavy exports or grain
are a source of qualification and give prom
| Use of restoring last years deficiency In the
export movement, but the rise OF prices
| here is a growing incentive TO imports, as
shown by the monthly statistics in foreign
| trade by the treasury bureau, and the
| possibility of foreign competition with lines
OF domestic industry Is thus brought into
view.
| On the other hand, the powerful current
| of the homeward movement of our securi-
| ties from the hands of foreign holders is
| apparently checked. and 1T Is believed, in
fact, that the supply has approached ex-
haustion. The action OF the foreign ex-
| change market shows, however. that the
supply of credits making by merchandise
| exports is not fully sufficient to pay off the
maturing Indebtedness to foreigners on ac-
| count of bankers borrowings for the great
projects or the past year or two. The sign
| ing of the Panama canal treaty also de-
| fines requirement for transfer of 10000,
| coo in payment of the French canal COM
| pany'S claims. The outcome of the foreign
exchange situation, the prospect OF the COM
/ ing years crops and the working out OF the
money and banking situation for the COM
| ing year are felt TO be of vital Importance
| for the future. The foreign exchange situa-
ton is for immediate consideration and has
| been repressive factor during the past
| week. Some consideration has been given
| TO the Venezuelan situation. The request
| of the secretary OF the treasury for the re-
| substitution of government bonds for others
| as security for government deposits has
| awakened some professions of uneasinesS
| by bankers, but money has continued to
| pour into the New York banking reserves.
| and immediate pressure for credits has
| been entirely relieved.
| The dealings in bonds have not been i'm
| portant and prices have fiuctuated narrow
| ly in sympathy with stocks. United States
threes, registered, the old tours and the
| fives have advanced u call during the
| .yeek.
| Following are Saturdays share sales and
| the recorded price changes: