The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-11
MARKET BROADER, But
BUSINESS MOSTLY PROFESSIONAL.
Copper. Pacif1cs, Changers, Trunk
Lines and Prominent Inenstrials
show Small Advances.

the volume OF business, indicating the largely
professional character of the trading and the
large proportion of bushes originating on the
door of the Stock Exchange itself.
Amalgamated Copper continued active and
strong, ard the Pacihcs. 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 a feeling Of restrained hopefulness over
possibly peaceful outcome to negotiations in the
RussO-Japanese affairs.
The bank statement also met expectations In
the cash item. which showed increase Of over
$40. 100000. The continued expansion of loans to
the extent of s7,421,7GO not received with so
much satisfaction and induced some conjecture
to the of the borrowing. 1t was sug-
gested by banking authorities taat the low
rate to which interest in New York has declined
has induced some reduction OF trust company and
out-of-town banking loans which had to be taken
up by the clearing mouse banks
STRENGTH IN STERLING EXCHANGE.
1t is known that the mdweek strength in sterl-
ing exchange was partly caused by remittances
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 advance, but the weekly
statement of the Imperial Bank OF Germany
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 an 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 overweight the market.
and some sharp declines have resulted.
he laft Of no ha
diminution OF the selling pressure and sluggish
recoNeries. The acute state reached In the Iar
Eastern war situation and the passing or the
United States Steel dividend on the common
stock and the poor showing OF earnings mace
by the corporation for the December quarter
have been important contTibutory causes to the
light demand for stocks and to the disposition
The action of the United States Steel directors
stock had been accurately foreseen in speculative
circles, but the great decrease in net earnings
holders Verifying as it did, about the worst init
nations circulated by the bears before the publi-
cation.
Current trade reports were not calculated to
remove entirely the feeling of Encouragement
situation. they pointed to
tinued waiting attitude on the part of consumers
and a confidence that they would be able to fill
their requirements they developed salts
factory terms. 1t is believed that railroads are
reports were current that concessions were 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 III the price of the stock was suf-
the trade, and that better results were to be
expected from economics by wage reductions.
employees 81 and threats of strikes against reduced
wages partly offset this argument
feet of hostilities between Japan and Russia had
reached climax. The influence of these fears
during the week both here and abroad. and the
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 to benefit the market for our food prod
ucts. wheat rising sharply on all war reports.
while cotton ran off sharply on the belief that
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 this
country limited in amount, ii is believed.
to about sl5.0O0,OO0, principally by some of the
insurance companies for the purpose of comply
ing with Russian laws for doing business in that
country. French holdings of Russian govern
ment and industrial securities. however, are
ability that the entry upon war by Russia
would develop money requirements in Paris As
to the London financial paper market, large
Withdrawals of French capital from London
might be apprehended, which would presumably
spread TO other money markets.
Sterling exchange in New York has. in fact
advanced sharply after engagements of
gold in London for import early in the week
But sterling has also risen in Paris in spite
| of decline in the stock of gold in the Bank
| of France for the week. Foreign money mar
kets have grown easier with the of the year
been made
MONEY MARKET EASY
Our own money market has relaxed to a condi-
| ton Of pronounced ease without resulting in the
| investment demand for securities which was
| hoped for Corporation borrowings OF the banks
absorbing part of the available supply of
credits and there is fear that these Dor
| rOwngs will be largely extended.
Official intimations have been given that the
| New York Central does not intend any imme-
date financing to provide for its terminal i'm
/ provements, but Rock Island refunding issue is
officially intimated for early date. The sue
cessful subscription for $40 900 900 of bonds OF one
| of the Pennsylvania subsidiary companies ex-
| plains one field of diversion for capital seeking
4 investment
| 1t is believed that this and other new issues
offering attracting capital which might other
| wise find its way into issues the Stock Ex-
change, the demand for which has failed TO show
the stimulation usual at the period of annual div
| idend and interest disbursements.
| 4 feature Of the week has been an active spec-
/ ulation in a group of minor railroad stocks in
| which there is a large common ownership, with
| accompanying rumorS of proposed combination
| which have received no authentic verihcation
| The movement of bond prices has been sluggish
and Irregular. United States twos. registered have
/ declined "a per cent. call during the week
| Sales and the range