The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-14
Covering of short Contracts Drives
the Bears from Their Position with
Some Evidence of Confusion.
PENNSYLVANIA IN THE LEAD
TWO FULL POINT ADDED TO THURS
DAY NIGHTS PRICE.
United states Steel Also strOng-Fairly
ed-More Gold for Import.

NEW YORK, Nov. ia movement to cover
shorts among the professional traders developed
in the late stock market to-day and carried
prices to a level substantially over last night.
This was after the failure of an attempt on
the part of the organized bear party 10 drive
prices to a lower level. The activity of this
party has been very apparent all through the
weeks decline. but the bears found themselves
practically alone in selling stocks to-day and
finally gave up their policy. Their plan of oper-
ations seemed to be a kind Of rotation of stocks.
Having sold United States Steel preferred and
Pennsylvania as far down as within their power,
they picked out st. Paul to-day as the next
leading stock ON which TO center operations.
The result wcs an extreme decline in St. Paul
Of rs. The rest of the market was very little
affected in sympathy. AS a result of the late
covering movement st. Paul recovered all of
its loss and the prominent active stocks gained
between 1 and 2 points. Pennsylvania especially
was inclined to rally from its recent severe
depression. The volume of its dealings were
about in proportion to it's recent relative ac-
tivity In the market, but the total sales in that
fell considerably below the recent average. To-
days gain for Pennsylvania is 2 full points.
United States Steel preferred completely lost
its recent p~re-eminence in the trading and fell
\, Wen nbs 1o%n VIII IN Inc I'm his hist OF actfve Stocks rb thP bnyn
ing seemed confined to professional sources. and
there was no evidence Of any large Investment
fully for the advance in prices.
Tire forecast of the weeks currency movement
Demand and Msw York eaehange a at chica aaSs' rer
sSyersd SHARPLY ar ys,aI 1t appears Ia s5s that 'h;er,o the soT direct tSs
week are only a few hundred thousand dollars.
fers Of currency through that institution, have
taken from the banks during the week 50. $50, 900.
s shGp"ns1 Of f sals rs s sas P PsseiSed amounting l@r mt Hr to
about $4,000, but the shipment received to-day,
amounting TO about a million dollars, is not in
Guided. The week in the stock market warrants
AN Inference that the loan account of the banks
has undergone some contraction. The bank
statement is expected therefore TO be not entirely
Reports that the railroads would concede a
reduction on export freight rates for steel prod
ucts may have strengthened the United States
ofse the erG general a proeess OF o9'S co oaMs Il lno iS the
trade. The local fractions were helped by the
ln5se fc asaalnss trade ,na's statement tGr i for t ostob @Gar was
considered gratifying in its showing of an eX-
PRODUCTS of si7. Ss. compared with last year.
which is more than accounted for by the in
lots of gold were engaged in London for import.
and the tone of the foreign exchange market in
The market closed dull. but decidedly strong.
Announcement was made to-day that kidder.
Peabody * Co, of Boston, Barring Bros. & Co..
limited: OF London. and Barring, Magowon &
Co, of New York, are Offering 81, 600 of a
percent. loan. secured BY e2.o 90. 900. or s.. 40. 900.
ST Paul, Minneapolis & Manitoba extension
Bankers Safe Deposit eand Trust Company. of
New York. Certificates of participation of goo.
or ss72, are offered at 9912 and interest. 1t was
announced that the notes had been already dis
posed of, and it is said that they were issued
for the purpose of getting money needed for
improvements" An official circular sets forth
that it was deemed inexpedient to go into the
moeny market and pay over 5 per cent for a
two-year loan. believing that before the ma
turity Of the loan arrangements can be made
to market the bonds at better prices than the
present market offers.
Bonds were rather dull. but firm. Total sales
at par value were Sl,S67. 900. United States bonds
were unchanged or the last call.
Following are the days share sales and the
recorded price changes: