The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-11
Sharp eboun Toward the Close
Gave Impression that Professional
Deals Were Being Manipulated.
RUMORS OF GOLD IMPORTS
NEW YORK CORPORATION STOCKS
MADE MARKED EARLY ADVANCE.
Ama1gamated Copper Led In the Up
ward Movement That Set i'm Mt the
CIose-Bonds Dull and Heavy.

NEW YORK. Nov. 1o.-RaiIroad stocks were
more affected to-day IN sympathy with the re-
cent weakness OF United States Steel than at
any time during the heavy liquidation OF that
stock. The sharp rebound in prices at the end of
the day gave room for the supposition that much
OF the selling Of railroad stock was for snort
account. and room traders found the supply
scanty when they attempted to cover their shorts.
The demonstrative way in which the break in
railroad stocks was heralded and tipped from
professional quarters furthered the suspicion Of
the professional character of the selling. United
States Steel preferred ended to-day unchanged
from last night, although Ii sold at one time at
4s&. The relaxation of the severe pressure
against this stock seemed to deprive the bears of
some Of their war material and furthered their
disposition to cover. 1t was generally expected
that some further cuts In steel prices would be
announced to-day as a result Of meetings of au-
thorities In the trade. and the failure of this
announcement was a relief to the United States
Steel securities. The number OF shares Of Penn
sylvania dealt in rose considerably over the num-
Der OF United States Steel preferred, but Penn
sylvania stock Is in $50, or half shares. The
acute weakness of this stock, which sold down
to II 1-3, had much to do with the general weak
ness developed In the other railroad stocks. 1t
was reported that a large loan by a trust COM
pany. in which Pennsylvania stock figured to an
hpOLldh C. a y COlldleTdlp was closed out.
The argument was used with effect that the de-
preston in the iron and coal trades would be
bound TO affect the traffic Of the trunk lines un-
favorably. and most of all Pennsylvania. The
heavy bond and stock issues by subsidiary COM
panies recently made. which have reached an
aggregate of considerably over $50, 900, 900, was a
factor in the depression of the stock. and was
aggravated by rumors OF still further issues.
The fact that these issues are pushed at this
time has caused an impression that the authori-
ties making them hold an unhopeful view for the
future of the money market. being so ready to
issue them under the present by no means very
favorable condition Of the money market. But
in this connection IL is to be considered that nu-
merous other requirements for railroad bond
Issues still o~verhang the market. which may be
good policy to forestall.
Transfers Of currency 20 the interior to-day
again rose to half a million dollars, and call
money was again loaned in some abundance at
5 per cent. Sterling exchange, however, made
another downward plunge to a point where for
eign bankers estimated that 1t would be prohta-
mors current OF impending imports of several
million dollars. worth. but no definite announce
JUNIORS helped the late recovery in the market.
The New York corporation stocks made an early
advance in face Of the general downward ten
dency.. In the late dealings Amalgamated Copper
took the lead in the advance and closed with a
gain OF 2%. Rumors of strikes in the Rio Tintos
p mtasit " prompf asPr the ADVANCE vas STOCK fS Am n L1naona
here in the same way that the decline in Anal
gamated on the closing down of the Montana
The market closed dull and barely steady.
The bond market was dull and heavy. Total
sales. at par value. were -. 345, 600. United States
bonds were unchanged on the last call.
SALES AND QUOTATIONS..
Following are the DAYS share sales and the