The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-11-29
SHORTS DRIVEN TO COVER
THE RESULT Is A VERY GENERAL
RISE IN STOCK PRICES.
Few Points of Individual Strength
Help the Upward MOvement-POor
Bank Statement Is Expected.

NEW YORK, Nov. 2S-Prices of stocks
closed to-day considerably higher than on
Wednesday, in spite Of some rather I'M
favorable developments and the continu-
ance of some apprehension over money
conditions. The advances were ATTRIBUTED
TO some extent to the demand from the
short interest to cover. Inducements TO DO
this were offered by the bidding up OF
prices by the element among the traders
which set out to make a campaign against
the bears. The shJ rt interest was known TO
have been accommodating contracts for some
time. and their commitments were ex-
tended ON Wednesday on the eve of the
holiday.
To-day's trading. nevertheless. was dull,
as shown by the total transactions, whicn
did not exceed half million shares The
attendance at the board was small, many
brokers having left the city on Wednes-
day evening to stay over the end of the
week. II was regarded as favorable Incl
dent that the day passed without any adj
ditional pronouncement of hostility on the
part of either side to the controversy for
control of Colorado Fuel. The most no.
table demonstration Of the day was in
nearly seven points, carrying with 1t
Southern Railway and Illinois Central in
| sympathy. The movement was unexplained
except on the ground of comparisons con-
| tanned in a recent circular of the invest
| ment Of Louisville, as compared with other
| dividend-paying stocks. The movement
| in Sugar contained all the earmarks of a
campaign against the shorts. and the urg-
ent demand at the last carried the price
| up over five points. Vague rumors of a
| deal accompanied the rise in Hooking Val
ley.
| Another center of activity was in the
| local fractions. Brooklyn Transit led the
| advance. Manhattan was very active. but
| fuctuated narrowly and showed the effect
OF realizing. Rumors were again circula-
| ted of combination of all the local transit
| facilities, and share in their control in
| the interest Of Pennsylvania and New York
| Central. The strength of st. Paul was due
to the expectation, that the directors would
| to-day's meeting. The stock ran off on
the adjournment of the meeting without
| action. The various centers of strength
| helped the general advance I'm the market,
which reached a point or more in a long
| list of stocks. The market receded when
| the call money rate advanced to per cent.
in the late dealings. but rallied again and
| closed steady under the influence of a
/ squirt in Sugar.
| The preliminary estimates foreshadowed
poor bank return tomorrow. These esti-
| mates extend only to Wednesday evening
| owing to the holiday. Up to that time
| the banks had lost to the subtreasury 49,
$4,000. including deposits for transfer to
the interior. To-day there was deposited
| in addition, $500, 600 for transfer to Sar
| Francisco, and 500 900 for transfer to Chi
| cago. The subtreasury also had credi,
| balance at the clearing house this morn
| ing as the result of accumulated collections
| over the holiday. The interior movement
| or currency by express was small both
| ways, and the receipts here on balance
| amounted to less than 100000. New York
exchange at Chicago also recovered to-
day to 70 cents discount Sterling exchange
| continued firm, but the retention of the
| England had a favorable effect
| Bonds were dull and irregular. Tota
| sales, at par value, were S1,4l5,OOO. United
States threes, registered, declined u pei
| cent. on the last call
Following are the days share sales anC
| the recorded price changes: