The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-05
LITTLE LIFE in STOCKS
PROFESSIONAL OPERATORS MARX
UP PRICES FOR A TINE.
Reaction Carries Them Back to Near
the LOw POint-Money Continues
to Go to the Interior.

NEW YORK. Nov. There was a slight in
crease in the rate of activity in trading in stocks
this morning. with some show Of strength, but
neither lasted the day out. The market had
fallen back into q professional rut By the after
noon. and the level OF prices was quite generally
below Mondays closing. In a few Of the promi-
nent stocks the decline reached a point. but the
whole movement was trivial and the market In
significant.
The Professionals. who had the market to them
selves. bid up prices in the morning in the hope
that some outside demand would be attracted by
the enga gements OF gold for import. Their idea
was that buying had been restrained on Monday
owing to the tendency Of the holiday. The stocks
Of New York corporations also shot up this morn
Ing under operations by professional traders,
who based their transactions on expectations of
possible results of yesterdays election. The
opening advance was in part manipulated, as
was shown by the free selling TO realize. The
movement in these stocks dates back TO last
week. when there was a light accumulation,
based on the coming election. a batch Of fairly
favorable railroad earnings had some effect in
helping the opening advance, but the railroads
were a minor feature in the market all day. The
check to the advance began In. the United States
Steel securities. Both the common and preferred
stocks sagged to within a small fraction of the
previous low record. The bonds also weakened
sharply and lost two points of the early advance.
The cause of the weakness and the source of
the selling were not very clear, but much of the
selling was attributed to London account, and
gave rise TO some rumors of financial troubles in
London. which were not verified. The reported
intention OF iron manufacturers to cut the price
of pig iron still further had a depressing effect
In the iron and steel group. II is feared that
such a cut may be followed by reduction in the
prices OF finished shapes. Current reports. OF
conditions in the trade were very discouraging,
and new orders were said TO be at the minimum.
The downward course of sterling exchange was
halted, and the price Of gold was marked up in
London. Money was reported in good supply
there, however, leaving the question open OF an
advance in the bank rate tomorrow, which
would be otherwise expected. The outgo of cur
rency from here to the interior continued una
bated, the total of 81, 100, 900 being made up of a
$1,000 shipment 10 New Orleans and $500. 900 TO
Chicago This is without allowance for the loss
OF the banks to the subtreasury since Friday of
$2,i66, Ooo. AT this rate OF outgo a further import
OF gold will be looked to as an Offset. The an
nouncement that one of the smaller trust COM
panes in st. Louis has decided to go into liqui-
dation was without effect in the early market,
and the disturbed conditions on the Isthmus of
Panama also seemed to be ignored. The market
closed dull and heavy.
The early evidence of hrmness in the bond
market gave place to a heavy tone. Total sales.
at par value. were s2,535. 900. United States
threes and the old tours declined u on the last
call.
Following are the days share sales and the
reported price changes: