The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-30
HEAVY EXPORTS OF GOLD
HAVE NO EFFECT On SENTIMENT ON
THE STOCK EXCHANGE.
Considerable Activity in shares, with
N Generally Advancing Tendency
4

NEW YORK. May 29.-There was an ad-
ditional activity in the market to-day
and considerable strength and variety, but
the dealings were still evidently in large
part professional. and the points or
strength were somewhat scattered. Ii was
noticeable, also. that proft-taking was 60
ing on in stocks which have recently ad-
Vsnced under cover of the new points or
strength. Thus, while Atchison, Pennsyl-
vania, Southern Pacific and Southern Rail-
way stocks were moving upward, to-day,
the Tobacco stocks. Lackawanna, wabash
stocks, Erie and American Car were held
back, although much less active than dur
ing the time of their recent advance. The
strength shown during the day seemed
TO be largely due TO special causes, but
the favorable progress made in the Lon
don Stock Exchange settlement, and the
hope that its completion will clear the
way for a growth Of confidence, was a
favorable factor. Something was made of
the absence OF Northern Pacific stock from
the list of collateral for the new Union
Pacific convertible bonds, as indicating
a prospect of settlement of the Northern
Pacific dispute. This bond issue is sup
posed to provide means 10 pay Tor the
Northern Pacific stock bought, as we'll as
for the Southern Pacinc, which Is included
in the collateral. y clause or the mort
gage leaves the power unlnDdlTeu 10 use
the proceeds of the mortgage for the
Northern Pacific purchases. Union Pacific
stock did not move decisively, although
IL recovered well from a period or weak
ness without holding the entire recovery.
April net earnings were supplemented by
other explanations, possibly to further d
speculative movement. AtchiSOn state
Ment, published previously. was a continu-
ing influence. The advance in Pennsyl-
vania was made TO appear In sympathy
xrffA AHsrrn IS FL a. mo ~ -
union in retaliation for the project. of a
Wabash trunk-line outlet. The halt in the
upward movement of Wabash ana Lackl-
wanna may have been significant in the
same connection. Southern Pacific present
ed a very strong statement of net earn
ings. and Southern Railway, Union Pacific
and st. Louis x San Francisco also made
good showings for April. There also were
rumors that early announcement would
be made of large Pennsylvania holdings
in Southern Railway, and that the Chi
cago, indianapolis q Louisville had passed
to the control of the Southern Railway.
The unfaVorable features of the govern
ment's weekly crop report and the unex-
pectedly large gold exports were ignored.
Gold engagements ran up at one time 10
81, $50. 900. They were later reduced to 49,
$4,000 to comply with insurance require
ments. In view of the growing ease Of
the London money market and the rise
i 1 sterling exchange at Paris, the amount
OF the shipment Is a surprise, and can
hardly be explained as a triangular oper-
alton, that is. from New York to Paris,
on account of London. There was prac-
tlcally no effect produced by the shipment,
either on the money market. which con-
tinued easy. or the exchange market, which
continued firm. The transaction calls re-
newed attention to the fact recently dis
closed that New York borrowed in Paris
quite extensively at the time preparations
were making by the various banking syn
dicates for the series of great consolida-
lions which i~naugurated the boom in the
stock market. The present movement of
gold may very probably be in liquidation
of obligations incurred at that time.
There was some irregularity in the bond
market on a fair volume of dealings. Total
sales, at par value, were 81, 775. 900. United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the closing bid prices: