The Indianapolis journal., 1903-11-18
Brisk Advance i'm N Number of Less
Important Railway Stocks and Con-
siderable Buying Was Done.
CONDITION OF MONEY EASIER
HEAVY IMPORTS OF GOLD CHECKED
REDUCING INTEREST RATES.
PennsyIvania Stock Showed Marked
Improvement-Banke Buying
Sterling for Investments.

NEW YORK. Nov r.-Trading in stocks dwin-
died to a low ebb to-day and the dullness was
progressive. This regarded as signineant
development following the cessation OF bear
pressure against stocks and was accepted as
Indication that there little inclination to
embark in speculative ventures in the stock
market as yet The awakening from long
dormant state OF stocks of number of less
important railway companies. and their brisk
advance. far from having an encouraging
erect on the buying of stocks. seemed 10 AWAKEN
suspicion. The notoriety Of the existence or
speculative pools in many of these stocks. which
have a connecting common interest. caused many
rumors OF Developments in their affairs to be
skeptIcally regarded. The small volume of the
capital issues OF corporations OF this class and
the narrow limits OF the circle within which
they are held makes them especially available
for manipulation. The rise in the call money
rate to 6 per cent. late in the day. which was
attributed to this light incursion into stock
speculation by the minor pools. completed the
disfavor with which the movement was re-
garded and turned the course OF prices down.
ward. The result to wipe out the earlier
gains. which had reached point or over in
many representative stocks. Pennsylvania, es-
peciaIly. was in demand. presumably from the
short interest left uncovered in the stock after
its extended decline.
The upward movement of the morning was due
to the renewed feeling OF confidence over he
money outlook. Announcements were made of
number Of engagements Of gold In London
for import. confirming reports which were cur
rent yesterday. Half million dollars was
transferred to New Orleans, but New York ex-
change at Chicago to par. Sterling mad,
sharp recovery. Part OF the demand was due
to purchases OF bills against the gold engaged
for import There was said to be large buying
Of sterling for investment by bankers. the pro-
cess being to purchase sixty and ninety-day
sterling bills to hold until maturity for the
higher prices likely to prevail at that time.
This is. in effect. a lending OF New York
sources abroad for that period and operates to
check the Inward movement of gold. or to light
en- the present gold requirements to pay for
foreign debts in New York. This is in itself an
evidence Of the easier money conditions in New
York. Rates for time loans, oven for the sixty
day period. quotably easier to-day. and
the demand for longer periods was wholly NOM
inal. United Stats Steel was held back by the
London view that further cuts in steel products
are likely. Missouri Pacifc's net increase for
September OF 500. 900 was favorably re-
garded, but its effect on the general list was
Offset by the cutting in two OF the Lake Shore
surplus for September
The market closed dull and easy.
The bond market fairly steady. but dull
Total sales at par value were 81, ,32l, 0o0 United
States twos declined " per cent. on the last call
Following the days share sales and the
recorded price changes: