The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-18
BETTER TONE in STOCKS
EARLY IRREGULARITY GIVES WAY
TO CONSIDERABLE STRENGTH.
A Few Soft Spots, However,, Persist in
the Market-MOnetary Conditions
Not Altogether Satisfactory.

NEW YORK, Nov. 1.-THE stock market
presented few if any marked Characters
tics to-day. Although London prices
showed Improvement the opening here was
decidedly irregular. This probably was
caused by the liquidation of those who
withstood last weeks depression, as well
as by the profit taking Of spectators who
bought during the same period. These un-
even conditions gave way to a better feel
ing before the end of the first hour, when
1t became evident that certain vague ru-
mors of trouble were unfounded. The
feature Of the early trading, as well as Of
the entire day, was Manhattan. which was
exceptionally strong and active. making a
maximum and net gain Of over 5 points
on transactions that more than exceeded
one-ffth of the days total operations. The
rise in this stock, which was bought openly
In big blocks by brokers who usually rep
resent the Gould interests, revived the old
story that Manhattan is to be taken over
by the New York Central on a guaranteed
dividend. No confirmation Of this was OBJ
tainable, nor did any great amount of ere
dence attach to II. The other fractions
were fairly strong in sympathy. Metro
pOlltdL, On very hSht tIdHSdCtioiicy 6diicd
over a point, with a fractional advance in
Brooklyn Transit. Considerable attention
was drawn to st. Paul by reason of its
rather irregular movements, and the stock
closed witt a slight loss. New York Cen
trail, which made an early gain Of IL, lost
much of its advance, and B. & o. fell over
a point from the top, in spite of its good
showing in earnings for the fiscal year.
Other active railway issues that displayed
heaviness included the Pacific group, the
pressure against Union Pacific at one time
being very marked. In the special class
Colorado Fuel, United States Steel, Amer
lean Smelling. Sugar and a few others were
steady. Sugar made a material gain. For
the most part, however, changes were I'M
important during the early session., and
the market was narrow, traders showing
a disposition to await developments in the
local financial situation.
The chief feature in this quarter was the
transfer Of s750.OO to San Francisco and
100000 to New Orleans, making a total of
81 100000 to the first-named center in the
last four days. The drain on local re-
sources was not regarded with favor. There
was practically no change In foreign ex-
change, demand sterling ruling at s4.S7.
While bankers say they look for nc imme-
diate exports the fact that three fast ships
landing at French ports leave this city
during the week created more uneasiness.
Call money was as nlgn as b per cent. and
as low as 3h, the bulk Of loans being at
AZ.
London bought about 5000 shares in the
early declines, and sold the greater part
on the rise. The increased dividend in Nor
folk e. Western common failed to bring any
material Improvement to that stock. al
though dealings were moderately heavy. The
decline of 31 points in Central Electric re-
suited from reports of labor troubles at
that company's works at Schenectady.
Profit taking at the last hou brought re-
cessfons to a number of active issues, and,
while the market recovered. the close was
irregular. The question Of increased rail-
way wag continues to be a matter of
serious discussion, as well as the conges-
ton of freight traffic on the leading roads,
and II Is becoming clearer daily that the
capacity of practically every trunk road
will be taxed to the utmost.
Bonds were irregular on a small range.
Total sales at par value were s2,945, 600.
United States old fours declined Il per cent.
on the last call.
Following are the days share sales and
the recorded price changes: