The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-02
Movement Was Hesitating at Times,
Due to the Suspicion of Profess
sionaI Manipulation.
HARD TO FIGURE OUT DEALS
SPECULATIVE SENTIMENT OVER
STOCKS WAS BADLY CONFUSED.
Money Market Continued Firm, but
Call Loans Reached Only Per Cent.
Price of Gold Rose at London.

NEW YORK. Dec. 1-There was considerable
increase of activity in to-day's stock market
and a generally higher range Of price resulted
at the end Of the day. The movement contin-
ued hesitating and somewhat irregular, but some
small net changes resulting in some or the more
active stocks left a suspicion of professional
manipulation. Even the purpose of the supposed
manipulation was subjected to doubt and dis
pEte covering such varying suggestions as
professional movement against the shorts, bid
ding UP OF prices for the purpose Of marketing
long stock and even purpose on the part OK
the bearish professionals to make a market for
putting out fresh short lines. Speculative senti-
ment over stocks equally confused.
There was little IN the actual news OF the day
tc favor an advance in prices, and some of the
distinctly unfavorahle- The repo-t
of net earnings Of the Erie for October showed
a decrease OF ss75.75S compared with the preced-
ing year. This was without effect on the mar
ket, partly because It had been foretoid and
known to have been due to the loss and in
terruption of traffic by floods 1t was partly
Offset also by the Reading statement for the
same period, which showed an increase in net
earnings of all the companies of s67S.57s. The
general tendency disclosed in other statements
of earnings recently has been for increases in
gross earnings to be mostly or wholly wiped
out by enlarged operating expenses. The re-
November thus far published show an increase
on the average of less than per cent, although
the returns from the coalers not included.
and this group will compare with large earn
ings last year. The passing of the dividend on
Republic Steel, although 1t had been feared,
lad not been fully assured. and. considering
this the effect in the industrial list slight.
That stock itself fell extreme 2l2, but re-
covered all but fraction. There was reduc-
ton in the price of Copper in the local market
The money market continues firm, but the
compared with per cent. Of yesterday. The
expected transfer OF $1,000 900 by telegraph TO
San Francisco was made, and in addition 500, O0O
was transferred TO New Orleans, while New
FORK exchange at Chicago fell to a slight dis
count. The price of gold in London and
sterling exchange weakened here, but only $780,
600 was secured in London for New York account.
Japanese gold shipped for San Francisco. The
factors in tho advance in stocks were in the
form rather of surmise, the old of a
Gould Pennsylvania settlement figuring to a
large extent. The strength of Southern roads
attributed to general conditions, such as
the prosperity of the Cotton Belt and the har-
nony OF railroad control assured by the recent
to convey the impression that large bankers
and capitalists had been absorbing stocks in
the midst of the prevailing depression of senti-
ment, looking beyond the probable revival. The
market closed firm.
The bond market broader. but rather ir-
regular Total sales at par value were s. S54 900
United States twos advanced a per cent. on the
last call.
Following the days share sales and thu
/ recorded price changes: