The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-31
FURRY In STOCK MARKET
CONSIDERABLE SELLING YEsTER-
DAY, But STOCKS HELD WELL.
Influential Interests Supported the
Market on the Declines and Pre-
vented Important Losses.

NEW YORK. Dec. s0-There was considerable
profit taking in the stock market to-day, but on
the declines the market well taken care OF
by the big interests. and the losses for the day
small. From the character OF the support a
somewhat general opinion was developed to-day
that. while the large interests behind the market
disinclined. perhaps to continue the advance
in the face OF the stiff call money rate they are.
at the same time unwilling 10 let prices sag and
relinquish their advantageous position secured
for the year-end situation. These interests. it
is thought, the insurance and other COM
panies which want TO make a good showing in
their January reports with their securities
II IL is true. generally supposed. that the
great banking groups. with their allied and COM
pick interests in the great trust companies. the
insurance companies and other financial insti-
tutions, have given a friendly countenance to
the advance in prices to correct the discrepancies
from last years showings in balance sheets. in
those purposes TO have the advances lost on the
very eve OF the new year
The pinch in the money market was effective
In dislodging some speculative holdings In to-day
market but the watchful guardianship was evil
were bid up to hold prices The Pacific and the
United States Steel stocks were conspicuous ex-
which have enjoyed violent advances in the last
few days were forced back with proportional
stocks and the high-priced coalers were in this
list. The New York public utilities were also
The Reading statement Of November net earn
ings, showing decrease Of $4,000 for all the
companies compared with last year. hurt the
coalers The comparison is with The period OF
greatest activity last year. succeeding the set
Element OF the strike. while this falls trade has
been curtailed by the large anticipatory buying
last spring at the low-price schedule.
The speculation in United States Steel pre-
feTred was very active throughout the day and
was accompanied by many runors as to the COM
ing dividends to be decided early next month
The price OF the stocks has been accepted as
dlscounting a probable suspension OF dividends
on the common and a reduction the preferred
The rumors current to-day that the preferred
dividend would be maintained and common
dividend possibly retained sufficient TO
alarm short interest In the stock.
The opening money rate, at per cent. was
the highest OF the day, and comment on the
Stock Exchange caused by the fact that one
Of the great banks freely calling loans, while
another freely offering funds, resulting
to nominal figures the two institutions being
generally accepted representative of the two
great groups of capitalists in the street.
The inference was drawn that there was a DIFF
ference Of opinion between the two to the
stock market policy. The feverish and excited
cotton market had some disturbing effect in the
stock market. The closing dull and heavy,
but at considerable recovery from the lowest.
Bonds active and easy. Total sales at
par value were s., 40, 600. United States bonds
were weak owing TO the expiration OF the re-
funding privileges. The threes were down Ia,
the old fours, registered. 2 and the old tours,
coupon. "a on call
Sales and the range: