The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-08
ST0CKSGOFURTHERD DOWN
LIQUIDATION ON NEW YORk's EX-
CHANGE AFFECTS WIDE RANGE.
Day Begins with n Natural Reaction
Against the Previous FAN, but This
Advance Proves UnsubstantiaI.

NEW YORK, May 7.-To-day's stock
market reflected an unavailing effort to
contest the downward tendency. After
yesterdays revulsion from the semi-de-
moralization on Monday some reactionary
tendency was natural 10 restore the normal
balance of things. but this tendency was
reinforced by the decidedly skeptical senti-
ment over the ~prophesies of the anthracite
labor settlement. These prophesies con-
tinued very confident from sources with
every means of authoritative information,
but the fat contradiction Of the rumors re-
ceived from Scranton. where the miners
delegates were in convention, caused con-
fusion and uncertainty and suspicion that
the Wall-street outgivings were in the ma
ture of tips" designed TO influence the
stock market. AS a matter of fact Read
Ing, which was accepted as the index Of the
anthracite situation, was lifted a shade
above last night.
The reports OF the condition Of the crops
and the weakness Of the grain market were
a help TO the grain-carrying railroads, and
they made a good advance in the course
Of the days session. The continued ag-
gressive strength of Louisville & Nashville
and Chicago, indianapolis & Louisville and
various smaller subsidiary lines gained adj
ditional influence from the response in
Southern Railway. which was considered
significant of closer relations in the whole
Southern group. Nashville. Chattanooga &
st. Louis, Chicago & Eastern Illinois and
Evansville q Terre Haute all shared In
the movement Illinois Central was a con-
spicuOuS exception and was heavy through
out. falling at one time ~. The advance
in Kansas City Southern was attributed to
the formation of a pool in the stock. All
Of the strong points, however, yielded to
the liquidation during the last hour. caused
by the relapse in Reading to Pa under last
night. Practically all OF the gains were
wiped out and the level of prices carried
below last night. Realizing sales were
much in evidence in Chicago Great West
ern. which lost Pa Of yesterdays 4A-point
gain. Tennessee Coal lost over 3 points
on account OF the annual report, which was
considered discouraging. United States
Steel stocks did not escape the depression,
Notwithstanding the extraordinary exhibit
ton of the last years transactions by the
company.
The money market was called easier to-
day, the maximum loantng rate reaching 10
per cent, with a subsequent recession TO
. per cent, but the decline in the foreign
exchange rate ceased in response to easier
money and discussion was renewed OF gold
exports. Current receipts Of Louisville q
Nashville stock from foreign holders are
very large and represent requirements Tor
foreign payments. There are reports OF
large loans during the week made i'm the
stock market for account of outside insti-
tutiOns, but il is worthy of notice that
10000 in currency has gone to New Or
leans this week and New York exchange
at Chicago ruled to-day at zoe discount.
Notwithstanding the relief afforded by
the purging of unhealthy spots in the mar
ket there is still some tendency to a vague
feeling that there may be some imitation
still beyond the curbstOne bubbles, which
collapsed last week. A symptom of this
feeling Is found in a revival OF a discussion
of some restriction on the lOaning powers
of the trust companies and additional re-
q%uirenents upon them for maintenance of
cash reserve. The market closed heavy.
The tone of the bond market weakened in
sympathy with stocks. Total sales at par
value were $4,035 200 United States bonds
were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: