The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-05
HEAVY EXPORTS OF GOLD
CAUSE MUCH UNEASINESS IN STOCK
EXCHANGE CIRCLES.
Market, Nevertheless, Is "A Little
Broader Than HeretOfOre-MOst of
Mondays Gains Wiped Out.

NEW YORK, March 4-To-day's stock
market for the greater part of the day
represented the retracing of yesterdays
upward course in the regular process of
taking profits on a small turn, which is a
characteristic of the narrow professional
market Late in the day, however. the sell
ing movement gained appreciable force and
carried prices downward by rapid stages
TO the lowest of the day. making the clos
ing active and weak. The market also
broadened out considerably in the late
selling movement, and the dealings were
much better distributed than at any other
time during the day. The standard stocks
were as greatly affected as some of the
minor specialties. which lately have been
so conspicuous in the market. The grow
ing dimensions of the demands on New
York cash reserves seemed to be the cause
of the rather acute uneasiness manifested.
The engagement of gold for export an
nounced to-day for Thursdays and Satur-
days steamers, and estimates of others
likely to be made, indicate the probability
of Out-go of S5,OOO,OOO or over this week
10 foreign shorts The underwriting syn
dicate of the San Francisco traction reOr-
ganization called on its subscribers to-day
Tor 20 per cent. payment on Thursday.
This means the remittance to San Fran
cisco at that time of about s4,OoO,OOO. 1t is
true that this operation will mean no en-
croachment on the countrys available
money supply, the treasury authorities
will pay out in San Francisco Immediately
the amount deposited in the subtreasury in
New York, but the operation involves a
depletion of New York bank reserves, new
ertheless. The subtreasury already has
taken from the New York money market
/ since Friday, on routine operations. SILL
600. With the surplus reserves of the banks
last week below $4,000, 900 these figures in
dictate sufficient requirements to wipe out
systems or computation ii also is expected
that part OF last weeks decrease in
cash reserves will be felt in this week ;
bank statement. The confidence which has
been felt in the continued ease Of the
money market in face or these developing
factors was partly based on the belief in
government bond circles that government
bonds would be offered to the Treasury De-
partment for redemption in case OF any
real need in the money market. AS mat
ter OF fact bonds to the par value of 81, 000-
900 were offered TO the subtreasury late
to-day, for which $1122, 401 was paid in
cash But this did not seem to relieve
! the apprehension of Il possible money
! squeeze. 1t was noticeable also that the
! sterling exchange market was affected by
! the offering of bills against the gold en-
| gagged for export, so that rates yielded a
| fraction, which was not the case when
| gold was engaged last week. The state
| ment Of the Missouri Pacific for January,
showing decrease in net earnings of $52l-
/ 900, caused an early sharp decline in that
! stock and affected the list by sympathy,
! offsetting the influence of various other
| favorable railroad reports, notably the ex-
! traordinary showing made by the annual
/ report of the Pennsylvania Railroad. The
! early market was largely one of special
\ ties, in which Chicago * Northwestern was
! prominent with a rise of 81 Lackawanna
\ became equally conspicuous in the late
/ dealings with drop of 81.
! The bond market was inclined to dull
ness, but held comparatively steady. To-
| tai sales at par value were s.. $3.50, 600 United
! States old tours advanced Is on the last
! call.
/ Following are the days share sales and
! the recorded price changes: