The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-20
Second Elves of the Big Corporation
Benefited by Reports Regarding
Release of Syndicate Holdings.
MINOR RAILS ARE IN DEMAND
CAUSED BY STRATEGIC VALUE In
CONSOLIDATION PROJECTS.
Pressure I'm Europe for Gold Is Some
what Relaxed-Bond Market strong
and Much More Active.

NEW YORK, Nov. 1s.-Prices in the. stock
market showed a tendency to harden slowly
again to-day. The most active was United
States Steel preferred. and the late strength Of
that stock saved the market from any reaction.
caused by profit taking the part of the
traders. and made the close strong at top prices
and quite active.
There was nothing in the news Of the day to
account for the strength in United States Steel
preferred but the identity OF the brokers most
largely concerned in the buying caused the
inference that they were acting the preferred
stock conversion syndicate. Reports circu-
lated during the day seemed to show that this
buying was incident to the closing up of the
syndicate's operations preparatory to its disso-
luton The seconds rose vigorously 2z on this
report, the assumption being that the bond
holdings of the syndicate had been marketed
The strength Of the bonds seemed to be unaf-
fected by an intimation that a syndicate
would be formed take the bond holdings
OF the present and underwrite them at Co.
presumably for the purpose OF disposing of them
at profit to the public. Nothing Official
forthcoming regarding the syndicates opera
tons before the market closed. United States
Steel preferred may have been affected by the
session OF the trunk-line officials to consider the
request Of the steel manufacturers for a reduc-
ton on export steel freight rates 1t was init
mated. however that the railways holding
out for reduction steel rails Very dis
couraging reports in circulation regarding
the rate Of earnings the present output of
United States Steel and rumors very per-
sstent OF the entry of large interests in the old
steel companies into some of the independent
combinations The advance Of 14 in Republic
Steel preferred reflection of these rumors.
Light buying for foreign account was factor
in the strength of the days market
The retention of the present rate of discount
OF the Bank of England helped the foreign
markets. and the advance in exchange rates
here indicated that our pressure for gold. was
relaxed. The outgo to the interior from the
subtreasury was moderate scale again,
and. though New York exchange at Chicago
rose to slight premium, SlOO,O0U of the trans
fers for that point.
Minor railroad stocks maintained their
spcuous position of the last few days in the
market. The contamination of the Seaboard
class lof stocks. pointing to the possibility of
absorption and consolidation growing out of
the recent troubles and losses caused by the
extensive shrinkage in stock market values.
Minor railroad companies which have a strategic
value of position in the making OF rates,
where their earning power is small,
I sidered to be destined for ultimate absorption
by the larger railroad systems.
the pond market was notably firm and be-
came decidedly more active Total sales at
par value We're S4.lS4.000. United States bonds
unchanged the last call.
Following are the days share sales and the
recorded price changes