The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-22
IMPROVEMENT In STOCKS
PROBABLY Due TO THE GREATER
EASE OF LONG TINE LOANS.
st. Paul Overshadows Manhattan as
the Leader of the Market-LOndon
a Heavy Seller of Americans.

NEW YORK, Nov. 21.-The marked i'm
provement shown by to-day's stock mar
ket was doubtless due in a great measure
to the greater ease of time money. There
was no apparent reduction in the rate,
but the willingness of certain large bank
ing interests to lend for long periods was
accepted proof that financial conditions
hereabouts have once more been placed on
a substantial foundation. There were In
dications also that the flow of money to
interior points Is at an end. Although an
other transfer was made to San Francisco,
this was more than offset by returns from
Western and Southern points and the pre-
liminary statement of money movements
shows a material loss to the subtreasury,
with resultant gains to local banks.
While much of to-days business was
really In the nature of short covering. there
is little doubt that the solid interests were
heavy buyers. For the first time this week
the movement in Manhattan was over
shadow ed by that of another stock, name
ly, St Paul. That stock. which was dealt
In to-day to the extent of over 100000
shares, advanced to $50. and closed at that
inquire making net gain of 65s points. No
plausible explanation for the rise was ad-
vanced other than that early announce
ment or an extra stock issue may be made.
The opening was again irregular, with
Manhattan in the lead, though the other
fractions were lower. st. Paul made early
Improvement anu L.. & N. was also strong.
The reported deal in Manhattan, while still
lacking official confirmation, but gen.
orally believed, doubtless exerted some in
huence on the buying side. although Man.
haitian moved irregular1y throughout the
day and made net loss of 1t1 points The
movement In the railway shares gathered
greater force before the end of the first
hour, St. Paul, Rock Island, Missouri Pa
cifc, Kansas City Southern, Toledo st.
Louis & Western and more obscure issues
all making substantial Improvement. In
no ind frtn
Copper, Tennessee Coal and Iron and
United States Realty issues were the prin-
cipal features. 1t was clear that the shorts
were running to cover. especially in Cop
per. The heaviness of Manhattan prob
ably was due in part to profit taking by
one or more pools
The Improvement shown during the
morning session was more than sustained
later, and with st. Paul still the leader the
general list continued to move upward IN
til at times the movement was almost
Paul, l.. & N. some Of the Pacifics, b. &
o., Pennsylvania, Reading and Copper was
reported to be of the very best Character
and board-room sentiment was more chesr-
ful than for some days. The closing was
very strong and active, with prices very
generally at the best. London was heavy
seller and bought very little on he rise
Sentiment In London and on the continent
continues rather bearish.
STERLING exchange experienced another
sharp advance, due in part to further sales
Ior european accounts In this market. The
price was fully 10 points above yesterday,
but as sterling at Paris also rose centime
the markets were about in the same posi-
ton so far as the export of gold was con-
cerned.
Bonds sympathized with the rise in
stocks, but only to a slight extent outside
or the wabash debenture BIS. Total sales
at par value were $2,9700O0. United States
new fours declined n and the old tours u
per cent. on the last call
Following are the days share sales and
the recorded price changes: