The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-11-17
Some Recovery Later Had an Eject on
Nearly the Whole List and the Net
Changes Are Small.
STEEL WEAK UP TO THE CLOSE
NO RALLYING POWER IN THE STOCKS
OF THE CORPORATION.
Bull Movement in New York fractions
Late RaIIy Helped by Improved
Monetary Conditions.

NEW YORK, Nov. 1s.-Prices traversed con-
siderable distance In the stock market to-day
but the net changes from last weeks close are
small and insignificant outside of few cases
The early tendency downward. followed py
a vigorous recovery which was not fully helo'
but the closing steady.
The professional traders argued that the poor
responses on Saturday to the very favorable bank
statement indicated weak conditions. and they
sold the market with some confidence at the
opening The selling centered on Pennsylvania,
ir which another days business was done.
About a hundred thousand shares of this STOCK
were traded in during the first hour, carrying
it down to Ill. u above last weeks low level.
United States Steel preferred was also under
pressure, and failed to share to extent in the
recovery. The market moved in sympathy with
Pennsylvania. There was an organized bull
movement in the local traction stocks. accom-
panied by vague rumors Of comprehensive
merger. Consolidated Gas moved downward.
away from the group. On account of published
assertions that Its franchises were defective.
The upward movement in Chicago & Alton con-
tinued. and there were unexplained advances in
the Toledo. ST. Louis Western securities.
Sugar enjoyed the benefit Of the improved pros
pect for the Cuban treaty.
The upward movement had for a substantial
basis the prospect of improved conditions In
the money market, which led to some sanguine
estimates OF the coming abundance of funds.
The showing Of last weeks currency was ac-
cepted evidence that the interior requirements
have been practically satisfied. The fact that
the urgent needs which have been met &C
count of the disturbances at st. Louis and Balti-
more, and on account of the high price OF cotton,
have failed to cause any serious disturbance here
is itself an assuring circumstance With the
redux of funds to New York definitely in sight,
the relief TO sentiment is great. But the foreign
trade statement for October shows safer
ground for optimism the money market
The value of the months exports, which rose to
above $l60, CO.., 900. is higher than for any month
since October of 1900, and the excess value of the
exports over the imports OF SIS, 900 is also
greater than for any month since October OF
1900. This strong showing is due to the profitable
market OF the staple products of the soil, the
value of exports OF manufacture being practically
that the value of iron and steel exports will
increase soon Last month imports fell Sc, 500. 900
below those for october of last year, and this
tendency is expected to grow in view of the de-
cline of prices of domestic manufactures.
The explanation of the current inward movement
Of gold is thus made very clear. To-day's en-
gagements for imports reached 81 SOC, 900. and IL
Is believed that the movement has not exhausted
itself. The rise in call money rates to-day was
paying the dividend on the United States Steel
preferred stock.
The bond market was dull and rather rregu-
lar. Total sales at par value S,S12, 900.
United States old fours declined 4 per cent. on
the last call.
Following are the days share sales and the
recorded price changes: