The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-08
STOCK MARKET IS Dull
OPERATIONS STILL PROFESSIONAL
AND PRICES ARE LOWER.
Fear of Poor Bank Statement a
Cause of Depression-Smalle Rail-
road Earnings influential.

NEW YORK. Nov. THE irregular tone
of the market continued to-day. The level
of prices was above last night for the
greater part of the day, but the advances
were exceedingly spotty and were not well
maintained. In the late dealings, as was
the case yesterday. the efforts of profess
sional operators to realize profits on the
early advance wiped out the advance and
the market closed weak, with net losses
sprinkled all through the list. No i'm
portant gains were left at the close. The
dealings were smaller than yesterday and
were even more strictly professional. The
operations could not be said to represent
any conviction on the speculative outlook.
but simply the result OF the efforts of
professional traders to find current of
prices for the purpose of making a turn.
There were evidences of a resumption of
activity by one or two of the pools which
have made periodical efforts recently to
advance prices, but the stocks in which
they operated suffered in common with the
rest of the list at the last moment. Sugar
was drag. on the market throughout, and
It's final dip of 2Asc was an influence in
the general weakness.
The stifening OF the call money rate at
the last and the promise OF poor bank
statement were contributory factors TO
the reaction. A decline in bank reserves
Gated. Most Of this was transferred to
the interior by express and through the
subtreasury, for purposes of circulation.
Payments on account of gold at the SUBJ
treasury largely offset the heavy receipts
for customs. The collections for this ac-
count during the week have reached about
S3,CO.OOO. The announcement from WASH
ington that no further deposits of govern
ment funds would be made with the nation
al banks, therefore, had some effect
sentiment, although the deposit of bonds
with the Treasury Department for this
purpose has been slight for some time.
The strength of sterling exchange was an
additional factor in the money market, al
though q further advance in sterling
change at Paris lifted somewhat the point
of profit for gold exports. On the other
hand, there were reports that Chicago was
receiving some returns of currency from
points further west, and New York eX
change at Chicago rose 10 cents to 20 cents
discount.
dency in the net earnings of railroads had
to be faced. Among the early points of
strength the soft coalers were conspicuous.
To-days meeting of Norfolk & Western
directors was expected to advance the
dividend rate, and when they adjourned
without action prices of the group ran off.
The weakness of Hooking Valley was due
to reports of competing line from Column
bus to Toledo, TO be operated in the Penn
sylvania interest. The anthracite coalers
were in some demand on account of the
agreement of the independent operators TO
abide by the strike arbitration. The ad-
vance among the corn and cotton roads
may have been due to crop prospects, but
they were generally attributed to pool
manipulation, and did not hold.
The bond market was steady on small
volume of business. Total sales, at par
value. were S1,5O0,O00. United States fours
declined II on the last call.
Following are the days share sales and
the recorded price changes: