The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-19
PERSISTENT LIQUIDATION
SELLING OF STOCKS SCATTERED,
THOUGH STEADY, But NOT FORCED.
No Real support to the Market-Man-
haitian the strong Point I'm the Trad
ing-The Monetary Outlook.

NEW YORK, Nov. 1s.-The most note
worthy feature Of to-day's market was the
steady and persistent. though moderate.
liquidation. Operations were again compar-
atively small and professional throughout,
such Improvement was shown at times
being due chiefly to covering by the short
interest. Aside from the scarcity OF time
money, which is loaning at rates pracu-
cally equal to and per cent. for sixty
and ninety days. there was no very UNI
favorable news. Call money was easy and
in very moderate demand, and gold ex-
ports seemed no nearer than they have
been for weeks past. II is clear. however,
that pressure is still being directed against
certain of the pool stocks and that the sub
stantlal interests are Offering no real sup
port.
Opening prices were irregular and rather
under the London level. Manhattan was
the conspicuous feature of the entire day,
opening with gain and selling to the ex-
tent of $4,000 shares, with net gain
OF 2ss points. The movement In this stock
still lacks explanation. Other features or
the early trading were Erie. United states
Steel issues and Colorado Fuel, all OF
which showed Improvement. On the 9TH
er hand. Reading. Union Pacific, Canadian
Pacific and st. Paul were heavy, though
element took the short side all through the
early session in spite OF the steadiness OF
Sugar and Manhattan. The demand for
Sugar shares appeared to come from IN
siders. Louisville q Nashville was steady,
presumably as result of the ratification
OF the Atlantic coast deal. Prices held
barely steady in the early afternoon, though
renewed pressure was brought to bear
against ST. Paul, and Louisville & Nash
Vile lost all OF its early gain. Rock Island
also fell off, and Reading, which was free
ly offered, sold point lower than the pre-
vious days closing quotation. The steadi-
ness of Sugar was partly attributed to the
advance In the refined products, but that
stock closed without change. A reaction
airy tendency was manifested by Colorado
Fuel and Tennessee Coal and Iron, while
the Steel stocks, American Smelling and
Amalgamated Copper, appeared to have
some support. Later st. Paul rallied a
trihe, as did also Reading. while Manhat-
tan sold at the highest point Of the day
and the top figure reached In long time.
The coming dividend In Sugar was offered
at ia per cent. which suggested the posi-
bility of a reduction in the dividend from
to per cent. In the final hour the list
reflected renewed selling. which. though
tering This movement carried prices down
practically all through the list with the
exception of Manhattan, which retained the
greater part OF its advance. There was an
utter absence of commission business. Lon
don bought and sold equally TO the ex-
ten OF 10000 shares, all of an arbitrage
character, and the closing was decidedly
weak.
In the local financial situation the only
feature OF interest was the payment by the
subtreasury of 100000 on telegraph trans
fer from San Francisco. This is believed
TO represent Australian and Klondike gold
| received at that center. The subtreasury
transferred 100000 TO New Orleans.
Railroad bonds showed heaviness
throughout the entire day, but declines
in the active issues were small. Total
sales. at par value, were 81. 100000. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: