The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-25
LONDON A HEAVY SELLER
FOREIGN EXCHANGE Is STRONG AT
SMALL ADVANCE.
These Facts F>oreshadOw Gold Exports
irregular Movements in Stocks,
Mostly without Known Cause.

NEW YORK, Nov. achievements of
leading stocks in to-day's market were ir-
regular for the most part, this cor.dition
being due in a great measure TO the in
creased strength of foreign exchange. De-
mand sterling was quoted at $4.&fA, the adj
vance resulting largely from further sell
ing Of stocks here for London, together
with heavy purchases of exchange by prom
inent international banking houses. While
the high rate puts this center nearer the
gold export point ii is still the opinion of
experts that pressure will be brought to
bear TO prevent any outflow of gold, even
should exchange reach the level where
transactions of that sort could be profit
ably made. Nevertheless, 1t is doubted that
the exports can be delayed much longer. if
London continues heavy seller of securi-
ties here. inasmuch as the local market
also has to provide for important payments
maturing this month. Time money was
comparatively easy, most loans for ninety
days or longer being made at 51s per cent.
1t Is known that considerable outside
money, not held by local banks. has been
loaned at this figure in the last few days.
Receiving no encouragement from Lon
don, where the market for Americans was
dull and spiritIess, opening prices were gen.
eralIy lower. though a tendency to improve
ment was soon shown. Trading in such
STOCKS as Reading, Manhattan, Metropoli-
tan, 81. Paul, Sugar and Colorado Fuel, and
otner active issues, was at lower level,
puI 'nme of these stocks, notably st. Paul
anu heading, soon recovered. Rock Island
lss1es made early gains of l and 2s per
cent. for the common and preferred shares,
respectively, on heavy transactions. The
Strength of these stocks brought a short
recovery, but the list soon developed an
other reactionary tendency, pressure being
shown again in st. Paul. Missouri Pacific,
| Southern Pacific, Reading and New York
| Central, all declining a point or more. with
| greater losses in Canadian Pacific and
Hooking Valley. Louisville & Nashville
| was decidedly cratic, starting with a
| point decline. rallying IL, and then declin-
ing almost as much. The strength of the
Rock Islands was meanwhile well sus-
| tanned. During the early period there were
| few movements Of Importance in the indus
| trials. Colorado Fuel displaying further
| heaviness on reports of a renewal of the
contest for control, but In the later trans
/ actions recovered, with a net gain or
/ points, on moderate transactions. In the
| special class Pressed Steel Car was higher,
| while single sale of New York Air Brake
| was recorded at decline of 311 points.
Trading continued dull and largely pro-
| fesSional until the afternoon, when a new
| movement in Manhattan advanced that
| stock to 49, from which IL declined points
| large transactions. The great bulk of Man
haitian buying was by Gould brokers. The
| movement I'm Manhattan stimulated buy
| ing in New York Central and Pennsyl-
| vania, but Metropolitan and Brooklyn Rap
i'd Transit were little affected either way
| The bear faction traded cautiously, but
took courage from the absence of any news
| regarding the so-called Manhattan deal
| and made a successful attack on that and
other stocks. New York Central and St
Paul were forced down. while attempts tC
move Amalgamated Copper met with Bos-
ton selling. Short covering in the final deal
ings was hardly of sufficient volume tC
prevent an irregular close. London solo
| fully 10000 shares, total of about 1150O0 in
the last four days, and bought nothing
The lack of London buying was attributed
partly to the approaching fortnightly set
tlement there.
Bonds were irregular and rather dull
| Early losses were largely recovered wheT
| the stock market developed strength. Tota
| sales, at par value, were $2,OO0.O00 United
| States twos and the fives declined "a pei
| cent on the last call.
| Following are the days share sales and
the recorded price changes: