The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-27
STOCK MARKET STRONGER
PROFESSIONALS BID Up PRICES
WITH LITTLE DIFFICULTY.
Little Outside Following Attracted by
the Spasmodic Adyance-MOney
Takes on a Ffrmer Tone.

NEW YORK, Oct. 26-Professional OPP
orators did not find much difficulty in bid
ding prices up to-day, and their operations
made up the large part of the rather limit
ed stock market. They met light offerings
of stock as prices advanced, but they at
tracted no outside following to speak of.
Some buying by uncovered bear operators
was induced and this helped somewhat in
the advance. In the occasional pauses IN
the professional operations on the advance,
the market fell into an almost stagnant
condition, but yielded little. The close was
strong and not much below the best.
The days news was not especially en-
couraging, and in fact offered several
doubtful factors. But the traders are in
clined to argue that the resistance offered
by last weeks market to the effect of the
failures in Baltimore and Pittsburg is evil
denoe of an underlying condition Of
strength. Those failures not only exer-
cised an influence of their own, but they
aroused a spirit of suspicious inquiry into
banking and trust company conditions as
whole. This makes 1t improbable that these
conditions have any surprises in store in
the banking world, and the operators In
stocks are encouraged from this to feel
confidence that other failures would be
with as little effect in Wall street as those
which have already occurred Specific re-
ports of improved conditions at Pittsburg
and Baltimore also conduced to the feeling
of encouragement. The advance in prices
was not affected by the admissions in the
weekly reviews of railroad traffic, now first
made, that the general traffic situation does
not look so strong as it did a month ago.
This is in strong contrast to the great con-
fidence expressed by traffic officials over the
future of business up to this time. This
weeks report admits that everything is
moving in much smaller volume than at
time in long while some of the roads have
their freight solicitors actively at work
again. Those reports come from sources
that have complained hitherto that Wall
try Now that the evidence of depression
is appearing at other points. Wall street
experiences the relief from having already
gone through this process of contraction.
There was also an apparently firmer mar
ket for time money to-day and call loans
suppled their R needs VIM New e' York excHange
at Chicago fell to so cents discount, and
attention Is awake for the long expected
I Ii.',, o, currency MeSs . Sinee nee
transferred only 100000 to Chicago. while
for the same period of last year there was
transferred to that point through the gov
eminent institutions s5250.O00. A con-
jectural explanation of the Unexpectedly
light decrease in cash reserves last week
is that funds finding investment in bonds
are withdrawn from trust companies de-
posits while the bond sellers are deposting
in the banks
To-days specializing conferred i'm Anal
gamated Copper, which rose an extreme
| ga. The advance was based on much the
same kind of argument as that in other
stocks, namely, that the harm from the
| Montana litigation was discounted by the
| previous decline in the market. Reported
| efforts to compromise the copper quarrel
were also an element in the trading and it
| was argued also that the jump in the
| price of raw copper which has resulted
| directly from the closing down of opera
| tons by the Amalgamated properties,
might yield a handsome profit on that COM
pany's accumulated stocks.
The bond market continued broad and
| strong. Total sales, at par value, were
81. S04, 900. United States threes and old
| tours advanced II per cent. on the last call.
Following are the days share sales and
| the recorded price changes: