The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-10
STOCKS SHOW NET GAINS
SECURITIES MARKET BROADER, But
BUSINESS MOSTLY PROFESSIONAL.
Copper, Pacifics, Changers, Trunk
Lines and Prominent Industrials
Show Small Advances.

Corresponding day last year............ 665.Ooo
Sales TO date this 1Oz 'ivO
To corresponding day last year..... O,S3O,Ooo
NEW YORK. Jan. 9.-Prices made small addi-
tional advances in to-day's stock market on a
fair volume Of business. Damage TO the private
wire service and interruption OF the outside quo
tation service by tickers had little effect upon
the volume of business, indicating the largely
professional character of the trading and the
large proportion OF bushes originating on the
floor of the Stocs. Exchange itself
Amalgamated Copper continued active and
strong. and the Pacifcs. grangers. coalers, trunk
lines and prominent industrials made uniform
advances. The closing was steady but slightly
below the best.
The main influence upon the advance in prices
the cheerful tone of foreign markets
and feeling of restrained hopefulness over a
possibly peaceful outcome to negotiations in the
Russo-Ja panese affairs
The bank statement also met expectations in
the cash item. which showed an increase Of over
$40. 100000. The continued expansion of loans to
the extent of 81 421. 100 not received with so
much satisfaction and induced conjecture
as to the source Of the borrowing. 1t was sug-
gested BY some banking authorities that the low
rate to which interest in New York has declined
has induced reduction Of trust company and
out-of-town banking loans which had TO be taken
up by the clearing house banks.
STRENGTH IN STERLING EXCHANGE.
1t is known that the midweek strength in sterl-
ing exchange partly caused by remittances
to take up Lake Shore notes which were placed
abroad year ago. and this may have involved
some borrowing from New York banks. London
discounts continue to advance, but the weekly
statement OF the Imperial Bank Of Germany
made strong showing and sterling exchange
at that center advanced.
The opening week of the year in the stock
market has proved somewhat disappointing TO
those who bought stocks in the last weeks of
December in the hopes of awakened demand
for securities with the turn of the year, and
the resultant easing of the money market At
tempts TO take profits by these previous buyers
have proved an overweight upon the market,
and some sharp declines have resulted.
The latter portion OF the week has seen some
recoveries. The acute state reached In the far
Eastern war situation and the passing or the
United States Steel dividend on the common
stock and the poor showing of earnings made
by the corporation for the December quarter
have been important contributory causes TO the
Of spectators long of stocks to lessen their hold
ings.
in disseminating the dividend the common
stock had been accurately foreseen in speculative
for the quarter proved trying thing for stock
holders verifying. it did. about the worst init
cation.
TRADE CONDITIONS.
Current trade reports were calculated to
remove entirely the feeling of encouragement
the situation, they pointed to a con-
tinued waiting attitude on the part of consumers
and confidence that they would be able to fill
their requirements they developed salts
factory terms 1t is believed that railroads are
still dissatisfied with the price of steel rails and
reports were current that concessions being
made from the official schedule Of prices.
The preferred stock OF the corporation, how
ever, made some resistance to pressure on buying
attributed to supporting orders by the banking
interests associated with the corporation Specu.
lators gave some attention to the argument that
the depression liz the price of the stock was suf-
ficient TO discount the unfavorable condition in
the trade, and that better results to be
expected from economics by wage reductions
Reports OF discomfort on the part OF some OF the
employees and threats or strikes against reduced
wages partly offset this argument
There signs also that the fears of the eff
reached climax. The influence of these fears
was conspicuous in all the speculative markets
New York stock market had TO absorb large
offerings of American securities for foreign ac-
POSSIBLE EFFECTS OF WAR.
The action of prices made clear that war is ex.
pected benefit the market for food prod
ucts. wheat rising sharply on all war reports
while cotton ran off as sharply on the belief thai
war in the far East would affect the Chinese
demand for cotton CLOTH
From the financial standpoint there is little
apprehension of any direct effects upon our mar.
kets Holdings of Russian securities in thi:
country limited in amount, it is believed
TO about sl5,000000 principally by some of the
insurance companies for the purpose of comply
ing with Russian laws for doing business in tina
country. French holdings of Russian govern
ment and Industrial securities, however, arr
ability that the entry upon a war by Russia
would develop money requirements in Paris. A
to the London financial paper market. larg,
Withdrawals Of French capital from Londor
might be apprehended. which would presumabl!
spread to other money markets.
Sterling exchange in New York has. in fact
gold in London for import early in the week
But sterling has also risen in Paris, in spit
of France for the week Foreign m money man man
kets have grown easier with the turn of the year
and the usual large repayments of loans hav
been made.
MONEY MARKET EASY.
Our own money market has relaxed to a condi
ton of pronounced ease, without resulting in tn
investment demand for securities which wa
hoped for. Corporation borrowings Of the bank
| are absorbing part of the available supply o
credits and there is some fear that these Dor
rowngs will be largely extended.
Official limitations have been given that tn
New York Central does not intend any imme
date financing TO provide for its terminal i'm
provements. but Rock Island refundlng issue /
officially intimated for az. an o early r date The sue
! Of the Pennsylvania subsidiary companies ex
| plains one field Of diversion for capital seeking
| investment.
1t is believed that this and other new issue
| offering attracting capital which might other
| wise find its way into issues on the Stock Eek
| change the demand for which has failed to shoy
the stimulation usual al the period of annual div
! idend and interest disbursements.
y feature of the week has been an active spec
| ulation in group Of minor railroad stocks il
! which there is a large common ownership wit
accompanying rumOrs of a proposed combination
| which have received no authentic verihcaton.
The movement of bond prices has been sluggis
and Irregular. United States twos, registered. hav
declined u per cent. on call during the week
Sales and the range:
High Low Clos
| RAILROADS Sales. est. est BID
! Atchison ................... $500 67% 67ls 67l
| Atchison pref ............. $40 S9l. SO sSl
/ Baltimore * Ohio. ........ 5430 1884 1871 7gl
| u. & o. pref................ 49, -. 49,. S9i
Canadian Pacific .......... 800 11TI5 117H III
Central OF New Jersey. 300 16O $50 l5s
| ka &, o0s