The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-26
STOCKS ARE IRREGULAR
SENTIMENT MUCH MIXED UNDER
CONFLICTING INFLUENCES.
Many Traders Hold on for the Presi-
dents Message-Rise i'm Foreign
Exchange Causes Disquiet.

NEW YORK, Nov. 2~5.-Sentiment was
rather mixed to-day. the irregular course
of the market rejecting the many con-
fiicting reports industriously circulated
Trading. while not especially light. was
chiefly professional. outsiders holding on
in view of the further advance of foreign
exchange and the reported conflict between
certain large railroad interests. Many
traders showed a disposition to keep out
of the market, pending the publication or
President Roosevelt's annual message. in
which important recommendations regard
ing trust and tariff legislation are looked
for.
Foreign exchange advanced to the high
est point yet reached in the present upward
movement. Demand bills sold up to s4S7.4o.
The price soon declined ten points. how
ever, at which level most of the days
business was done. Much of the demand
was due to arrangements to meet obliga-
tions maturing in connection with the
London settlement on Thursday, as well
as some syndicate payments which fall
due abroad this week. While gold exports
are now within easy range of negotiations.
efforts are being made to forestall a move
ment providing the offerings OF financial
bills will sufficiently depress the rate 10
make paper remittances the cheapest medi-
UNI of exchange.
and Iron is a puzzle to most veterans of
the financial district. but II Is not believed
that the apparent di1ersnces between the
railroad properties In which they are IN
terested. Nevertheless. heaviness was
SHOWN during the day by missouri Pacific
and Union Pacific, as well as by other
Gould and Hartman stocks. Rumor was
again busy with Manhattan and that stock
was most irregular, opening with a frac-
tional decline. advancing over two. then
points to 1854 and closing with a net gain
of less than a point on heavy trading.
closed, but no Verihcation was obtaina6ie.
Declines were general at the opening, New
York. Central. ST.. Paul. Union Pacific.
ing off more or less extensively. The move
ment in Manhattan soon brought a better
tone, with moderate rallies in the standard
issues. Colorado Fuel was in early de-
mand at a better price, and the later course
of that stock was little short Of sensational.
with an advance of over 6 per cent. and a
net gain of two points. A sharp selling
clines of a point or more in nearly all the
leading issues. Manhattan's erratic course
continued and the other fractions were
mated Copper. Premature reports concern
ing the coal strike settlement exerted a
brief favorable influence, but some uneasi-
LiOoo was OWh at lnio khihC a. AN eotC
of a block of 5000 shares Of Union Pacific
preferred by Gould brokers.
There was considerable liquidation. chief
ly In the stocks in which Colorado Fuel
interests are identified. Heavy purchases
of Reading around sixty-one attracted at
%tention, but that stock was among the prin-
cipal sufferers in the selling movement at
the close. with important losses in New
York Central, Baltimore & Ohio, st. Paul,
Missouri Pacific and Union Pacific. There
were unimportant recoveries and the tone
Of the market at the close was steady.
Rumors Of a probable advance in the dis
count rate of the Bank of England on
Thursday were among the disquieting
features. London traded in about 1900
shares, half purchases and half sales.
Bonds showed heaviness in sympathy
with stocks, and Wabash debenture fours
developed exceptional weakness. Total
sales at par value were 81, 600. United
States threes coupon advanced u per cent.
on the last call.
Following are the days share sales and
the recorded price changes: