The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-13
STOCKS WELL SUPPORTED
POWERFUL FINANCIAL INTERESTS
ARE HOLDING UP THE MARKET.
Lowest Prices I'm the First Hour, Fol-
lowed by Fairly Regular Adj
vance-Monetary Conditions.

NEW YORK, Nov. 12-Transactions in
stocks ran we'll over a million shares again
to-day in a remarkably feverish and ir-
regular market. The action Of the market
gave warrant for the presumption that
powerful financial interests had set them
selves the task of supporting it and estab-
fishing condition of equilibrium. 1t was
asserted in Wall street that the selling of
stocks had taken on an indiscriminate
character that threatened serious results
to substantial interests. There was a fur
Their threatening break this morning, which
was not unnatural in view of the rapid
decline In progress at the close of yester-
days Uarket. The impairment thus caused
in margins and the anxiety aroused among
outside holders of stocks who were not
within immediate reach of their brokers
yesterday afternoon, brought in heavy sell
ing orders to commission houses this morn
ing, as the result of which opening prices
were from l to 3 points lower for practi-
cally all the leading active stocks. These
prices were the lowest of the day, al
though the level was approached again on
one or two subsequent dips. 1t became
quickly manifest that buyer of unlimited
heaviest offerings were quickly absorbed
and prices were vigorously bid up through
floods Of selling orders.
The supporters of the market had a
stormy time during the first hour, and
prices kept running up and down consid-
cradle scale la lively and confusing man
ner, but by the end of the first hour the
selling had been brought almost to a
standstill, and substantial recoveries were
established all through the list. Support
centered In ST. Paul, Amalgamated Copper
and the United States Steel stocks. The
buying of these stocks had notable effect
In reassuring speculative sentiment just
as their unsupported condition on earlier
DAYS OF this week was a notable influence
in the depression
There were several special influences
winch helped to encourage the sentiment
Chicago Northwestern after a drop of 3
points, recovered to 6 over last night on the
action of the directors IN favor of issuing
new stocks with rights to stockholders to
subscribe at par. The issue of a circular to
|, the Colorado Fuel stockholders. asking for
proxies on behalf of the interest controlling
the principal railroad systems, disclosed a
new contest for control of that property
which resulted I'm sharp advance in its
price Manhattan was benefited by the pub
ncauon OF very favorable annual report.
Aside from these developments in regard
10 individual properties there was very lit
tie news to account for the movement OF
prices. On the first recovery, after tempo
rary pause, attempts were made to renew
the advance, but the selling increased at
the higher level and prices fell back again.
Throughout the day, whenever prices de-
clined, effective support was forthcoming,
and, on the other hand, any considerable
advance invited renewed selling. The close
was firm, however, and at about the top
level. Missouri Pacific offered effective re-
sistance to reaction throughout the day.
Money showed a rather easier tone, ow-
ing partly, no doubt, to the extensive liqui-
dation, and New York exchange at Chicago
was again at par. while sterling exchange
held firm, and ii was held that IL was pos
sible that gold might go out tomorrow for
France. The market closed firm without
any announcement being made of gold
engagement.
Bonds were not as well supported as
stocks and were rather weak throughout.
Total sales. at par value, were 81. $50 900.
United States bonds were all unchanged on
the last call.
Following are the days share sales and
the recorded price changes: