The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-24
WEEK in WALL STREET
LAST DAY OPENED WITH CoNTINUA-
TIoN OF RECENT RISE.
Material Decline on Liquidation After
the Bank Observation-Disclosures
Conditions Are Good.

NEW YORK. Nov. 22.-Further improve
ment was shown by the stock market at
the opening. a number OF active issues ris-
ing TO higher level The latest news re-
garding the coal strike situation was doubt
less a contributing factor Business was
active and fairly well distributed, with
more covering by the short interest. Com
mission houses were prominent throughout
the session. Moderate buying was reported
for out-of-town accounts. ST. Paul, the
feature Of yesterdays market. made an
advance on heavy trading, and the Goule
stocks were fractionally higher, with
1-point advance in Denver g. Rio Grande.
Reading was active and strong. while
better tone was shown by New York Cen
trail, Illinois Central. Southern Pacific and
Pennsylvania. Gains of and 3as points
were registered by Delaware & Hudson and
Illinois Central. Rock Island was firm on
Western buying orders. Sugar and the
Steel stocks were the conspicuous indus
trials Realizing in large volume wiped out
so-1e Of the early gains. st. Paul and ILL
nois Central making material declines, as
did also Amalgamated Copper and several
other Issues. The list as a whole was
fairly strong. especially the hard coal group
and the Gould stocks. There was also
smart advance i'm Minneapolis. st. Paul and
Eault Ste. Marie preferred Comparatively
little was done in Manhattan and the other
local fractions. For no apparent reason
the market went off on the publication of
what was regarded as a fairly good bank
statement. and The closing was generally
below YESTERDAYS final prices.
Developments of the week, aside from the
Lott in In
clude a relaxation Of the rate for time
money, a sharp upward movement in Man
haitian and almost total cessation of liqui-
Dalton, which was begun six weeks ago,
since which time there has been an average
decline Of over Is points in a great number
of active issues. The greater ease Of time
money Is tho result of liberal lending by
the prominent banking interests with for
eign connections. II is to be noted. how
ever. that Europe is still very bearish in
its attitude toward this market, as was
shown by steady sales for various CONT
mental accounts Much of the Improvement
shown in the latter part of the week was
due TO high-class buying of certain stocks.
notably st. Paul, some of the Pacifics.
Gould stocks and Amalgamated Copper, but
there was heavy covering by the short in
terest, and many room traders took the
long side. Manhattan was the sensational
feature, making maximum advance Of 70
points on very large operations. Its early
course was shrouded in much mystery, but
towards the end OF the week reports were
current that control of the system had been
acquired by the Interborough Rapid Tran
sit Company. or subway interests. This
story was generally believed, although as
yet unconfirmed There was considerable
pool selling OF Manhattan at the top prices.
The other local fractions shared only in
part in the strength and activity of Man.
haitian.
The movement in ST. Paul was at times
very irregular and that stock made its
greatest gain on Friday, selling up to $50.
an advance of over 10 points, and opening
strong on the final day. Some weak ac-
counts appeared to have been shaken out,
and rumorS that the capital stock is soon
to be increased with rights to present hold
ers were again revived. The better tone
displayed by certain other railway shares
was partly accounted for by traffic returns
many of which showed increases for the
first two weeks of this month. The pools
which so thoroughly dominated the market
short time ago were passive and rumor
credits some of them with heavy losses.
There were no movements of real impor-
tance in the industrial group. Sugar was
stronger and materially higher on the adj
vance in the refined products, this being
brought about by the virtual surrender OF
the beet sugar interests. There was no fur
Their announcement of cuts in the steel and
iron trade, but the heaviness of certain of
these stocks, including United States Steel
was one of the disappointing features of
these stocks have been very widely dis
tributed and now receive little support from
their sponsors. The advance in Amalga-
mated Copper was accompanied by uncon-
firmed reports of q settlement of existing
differences. legal and otherwise.
Foreign exchange exercised little influence
during the week, although the price held
pretty close around AS7. Indications of early
gold exports are still lacking. The counter
movements of currency by telegraph be-
tween this center and San Francisco at
tracted considerable attention. The sum OF
S1500,Oo0 was transferred to the Pacific
coast and 81. 100000 was received from that
point. Experts agree that money sent tc
San Francisco went to pay crop move
ments and tax assessments. The greater
part of the money received here represented
Australian and Klondike gold deposited a,
San Francisco. In other respects the loca
financial outlook was quite favorable
The bond market followed closely the
movements OF stocks. but fluctuations were
not so pronounced either way. Most of the
business was concentrated I'm the semi.
speculative issues, and the rise In the clos
ing days impaired a stronger tone to the
market. United States old and new four.
declined n per cent. as compared with las
weeks closing call
Following are Saturdays share sales anC
the recorded price changes: