The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-23
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 contributing factor. Business was
active and fairly we'll 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 Gould
stocks were fractionally higher. with
1-point advance in Denver g. Rio Grande
Reading was active and strong while a
better tone was shown by New York Cen
trail, Illinois Central, Southern Pacific and
Pennsylvania. Gains of and 32s 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
some 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
a
| smart advance in Minneapolis. St. Paul and
Sault Ste. Marie preferred. Comparatively
little was done I'm Manhattan and the other
local fractions. For no apparent reason
the market went OF on the publication of
what was regarded as fairly good bank
| statement. and the closing was generally
| below YESTERDAYS final prices.
Developments of the week, aside from the
latest turn in the coal strike situation in
clude a relaxation of the rate for time
| money, a sharp upward movement in Man
haitian and almost total cessation of liqui-
| dation, which was begun six weeks ago,
| since which time there has been an average
/ decline OF over Is points in great number
| Of active issues. The greater ease of time
mo money is the result OF liberal lending di by
| 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 conti-
| 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
1 there was heavy covering by the short in
| terest, and many room traders took the
| long side. Manhattan was the sensational
| feature, making a maximum advance of 20
points on very large operations. It's early
| course was shrouded in much mystery. but
| current that control of the system had been
acquired by the marlborough 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,
/ advance points. OD6nlnR
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
| a short time ago were passive and rumor
| credits some OF them with heavy losses.
| There were no movements of real impor-
| lance 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 neavlneSS or certain or
these stocks, including United States Steel,
| was one of the disappointing features of
the week, and gave color to the belief that
| 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 a 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 stili lacking. The counter
| movements of currency by telegraph be-
| tween this center and San Francisco at
| tracted considerable attention. The sum of
| s15O0OO0 was transferred 10 the Pacific
| coast and 81, 100000 was received from that
| point. Experts agree that money sent TO
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 at
San Francisco. In other respects the local
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 in the semi
| speculative issues. and the rise in the clos
ing days impaired stronger tone to the
| market United States old and new fours
declined y per cent. as compared with last
| weeks closing call.
| Following are Saturdays share sales and
| the recorded Drice changes.