The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-14
ERRATlC PRICE CHANGES
EARLY ADVANCE IN STOCKS FOL-
LOWED BY SHARP DECLINE.
Subsequent Bulge Followed by a
Trend of Speculative Sentiment.

NEW YORK, Nov. 13.-Quite violent ad-
vances at the opening of to-day's stock
market, which were somewhat exceeded by
a rally from a subsequent reaction, entire
ly melted away before the close, which
was weak and at net losses, reaching
point for some of the leading speculative
stocks.
After the heavy declines of the last two
days reassuring reports this morning as
to the adjustment of the troubles affecting
some speculative accounts and an absence
of pressure in the money market, the re-
fusal of the market TO stay up was some
thing of a surprise. After so considerable
a reaction, involving the creation, as a
matter of course, of large short interest,
a rally is to be expected, If only from tech
nical causes. Ii was the short interest
which caused the opening squirt. The de-
velopment Of a growing demand TO borrow
stocks in the loan crowd last night re-
vealed the growth of the short interest
and this mornings report of large trans
fers of certain stocks at private sale, which
served to relieve overextended long inter
ests, caused a fear among shorts that they
were becoming overextended. The high
level of prices at the opening proved in
viting to the traders who have bought at
the declines. 1t became evident also that
the substantial buying which was a fea-
ture yesterday was lost to the market at
the higher range of prices. For the rest
of the day, in consequence, there was a
crumbling process, which ended at the last
with quite q sharp break.
1t is a notable fact that the heavy trans
fers or various stocks which are going on
give rise to no further rumors of possible
change of control, such as affected nearly
every prominent stock few months ago.
nevertheless, as is obvious for all the
selling OF stocks that is going on there are
purchasers. This condition is in strong
contrast with that which set the financial
powers to work to devise methods to avoid
the danger of leaving a railroad out over
night, as was picturesquely said by the
most prominent financier in the country. At
that time competitive buying. or the fear
or II, pushed prices up to unheard of fig
ures Where there was no such actual
buying insiders bid up the prices TO dis
courage such buying. No more striking
eVidence could be found than the present
indifference on this account of the over
extended condition of holdings and obliga-
tons. Capitalists embarked in new fota-
tons have all they can do to care for
these without making encroachments on
the control of other properties. AS a con-
sequence insiders have watched with equa-
hlmlty the decline In the prices of their
properties. In fact, it is strongly suspected
that In more than one case the insiders
connive at such declines, as their would be
rivals Tor control are believed TO be trying
TO sell out their holdings. A falling mar
ket Is calculated to precipitate such a
process, affording the controlling interests
the opportunity to consolidate their con-
troll. The fear OF such measures of retalia-
ton and of discipline between capitalists
as the outgrowth of former encroa chments
on their property in an effort to wrest con-
troll, has not little to do with the timidity
or operators about coming into the market
again and taking on new long lines
There was no actual news DEVELOPMENT
OF Importance TO account for the move
ments in the days market. beyond the
shifting of speculative sentiment
Bonds were better sustained than stocks
and retained a part OF their gains Total
sales at par value were 81. $50 600 United
States twos and new tours declined u. and
the threes and old tours and fives u per
cent on the last call.
Following are the days share sales and
the recorded price changes: