The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-07
DULL AND VERY ERRATIc
STOCK MARKET SHOWS FREQUENT
BUT NARROW CHANGES.
Spectators Are Trying to Discover
the Underlying Trend Of Sentiment
Money Market Conditions.

NEW YORK, Nov. 6-The course of
stock prices was exceedingly cratic all
OF to-day and the closing prices were not
rar from last nights level. The constant
ly varying movement was seemingly due
TO the cropping efforts of the professional
operators to discover the current in the
market The result of their experiments
seemed to show that there was no current.
Speculative sentiment has, in fact, come to
a standstill, and is waiting for develop
ments The factors which have induced
the recent downward tendency of prices
are still in force to some extent. but the
well established principle of speculative
markets TO discount the future makes ii
doubtful when a current movement of
prices has run an adequate course to &C
complish this object. Apprehension still
exists that there will be large Withdrawals
or gold with resulting squeeze of money
rates in the local market The advancing
tendency of wages and the high prices of
materials keep alive the uneasiness over
the proportion of the earnings which will
be left for stockholders. But it may be
possible that the considerable decline in
prices which has already occurred may be
sufficient TO discount these possibilities.
AT all events the bear operators who have
gone short of the market took sufficient
account of this possibility to want to buy
stocks to cover their short contracts. The
advances caused by this buying met re-
nswed selling of a rather concentrated
character. The origin of this selling was
a mystery and opinion was divided as to
whether II came from the bears or was
further liquidation of long accounts.
Inc stocks most active in the trading
we've those which have been recent favor
ties in the speculation.
Ihere were gains of l to ~ at one time
IN ABOUT dozen railroad stocks and half
as many specialties. Cotton oil had the
beneht of its dividend declaration. Sugar
broke sharply after early strength be-
cause OF fears of a further cut in prices
and rumorS of a rate war at Missouri river
points. The cOalerS were under some pres
sure over reports of renewed trouble at
the collieries of some of the independe mt
operators and Lackawanna suffered I'm adj
clifton, on the showing of earnings for the
september quarter, which revealed a re-
auction In net earnings, compared with the
100, 0O0
Money rates were rather firm and foreign
exchange was also firmly held. Published
reports OF the renewals of American loans
IN Parls had some effect in relieving ap-
prehension over the foreign exchange out
look, although local international banks
attached little Importance to the report
Inc weekly statements of the Bank of
England and the Bank of France showed
continued decline in their gold reserves,
the former institution losing upward of
$4,000 and the latter about half a mil
non dollars. The closing of the stock mar
ket was easier, with some of the issues at
the lowest of the day.
The movement of bonds was narrow and
irregular Total sales at par value were
SZ,V0,OU. United States bonds were all
unchanged the last call
Following are the days share sales and
the recorded price changes.