The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-27
DULL AND PROFESSIONAL
STOCKS DORMANT, EXCEPT AS RE-
CARDS MANHATTAN ISSUES.
H~eaviness the Rule Throughout the
List-Further Drop I'm the Price Of
Silver-Foreign Exchange Easier.

NEW YORK, Nov. 26.-With few excep-
tons to-day's stock market was virtually
a repetition OF the first days of the week.
There was the same irregular tone, with
many issues under increased pressure. The
only important development was the OIL
cial announcement Of the Manhattan-lnter-
borough lease. Manhattan was again very
extensively traded in, and made an early
rise of 1z per cent. later advancing to
157A and closing at 1865, a net gain OF "a
points on transactions considerably in ex-
cess of one-fourth of the entire days busi-
ness. There was much liquidation of Man.
haitian on the old theory that a stock is a
sale when the good news is out. The only
stocks that opened with a show Of strength
were Colorado Fuel, which continues 10
be the center of a fierce controversy, and
Rock Island preferred, which. after a brief
period of h~eaviness. advanced Ia per cent.
and closed with a net gain of / point. The
international list was generally lower, and
the material decline in Reading was as
cribed to disappointment over the outcome
of the more recent coal settlement nego-
tiations. Early dealings also reflected much
pressure against Union Pacific, Southern
Pacific. st. Paul and Baltimore & Ohio,
WHllc the iHuustfldlS WtIt IldCtiNc, Will
pronounced heaviness in the United States
Steel stocks.
AS on the previous day the move in Man
haitian brought slight Improvement else
where in the list, but the rally barely COW
cred initial losses. save in st. Paul and
Reading. The market became duller and
more irregular, with operations altogether
professional. Colorado Fuel. after a fur
ther gain OF a point, reacted IL and closed
unchanged. Amalgamated Copper seemed
to ave som support and Sugar was about
steady. There was practically no news to
explain the course of other leading stocks,
except in the railroad group, where some
unsatisfactory traffic returns were report
ed. On the other hand, certain other stand
ard railway issues showed good increases.
Several sales of Manhattan in 5000 share
blocks came out before noon and scores
of 1,O0 share lots were traded in. Man.
hattan's price crossed Pennsylvania for the
first time in some years. st. Paul. South
ern Pacific, Union Pacific and Atchison
were bid up fractionally at times, but it
was observed that these stocks sold off at
the first exhibition of weakness elsewhere.
AS the day wore on the professional ele-
ment showed less inclination to make COM
mitments over the holiday. Commission
buying was nominal throughout, and much
of that was Western liquidation of the
Steel stocks. Little change in these con-
ditions resulted from the Manhattan-In-
leTDOTOuSH announcement. Inc weakness
of Texas & Pacific was supposed to re-
suit from the Idea that that road might
be most affected by any aggressive opera
of the market at the close was weak.
Trading for London account amounted to
about 1900 shares, evenly divided and of
an arbitrage character. Sterling exchange
relaxed slightly, demand sterling being
quoted at 1920 to 1875.
To-day'S further decline in the price of
silver fixed another new record in the his
tory of the world. 1t was much comment
ed on in banking circles, causing consid-
cradle uneasiness among exporters and
merchants of this city doing business with
China and other points in the far East. Tx
bankers. however, the most significant
news of the day was the cable advices to
the effect that the Siamese government had
instructed the mint to cease Immediately
the free coinage of silver. Coincident also
with this development was the decline to-
day of silver at Bombay to a level several
points below London. An interesting fea-
ture OF the drop in silver was the adj
vantage reaped by laundrymen and small
merchants of the Mott-street district,
at so low a rate. They fiocked down town
to-day, cash in hand, sending heavy re-
mittances to friends at home. Most of
them were surprised at the large sums al
lowed for the amount turned in.
Some OF the active bonds declined to-day.
but there were also issues which advanced
slightly. Total sales, par value, 81. OS5 600.
United States bonds were all unchanged on
the last call.
Following are the days share sales and
the recorded prices changes: