The Indianapolis journal., 1903-05-05
AN ADVANCE in STOCKS
RISE IN PRICES BASED ON CONvIC-
TION THAT SCARCITY EXISTS.
Professional Bull Party Operates with
Conference.-The Bond Market
Dull and IrreRuIar.

NEW YORK, May 4.-Prices advanced
quite decisively in to-day's stock market
and closed firm at the top level. In fact,
there was no appreciable reaction at any
time during the day and the advancing
tendency gained somewhat in force as the
day progressed. The market was still al
most wholly professional and decidedly
lacking of animation, but the days busi-
ness was considerably greater than on last
Friday, which was the lowest thus far this
year. The rise in prices was not due to any
specific news development, but was based
rather on the conviction in the minds or
the professional traders that stocks for
sale had become scarce and holders were
little disposed to sell, as shown by the re-
cent power of resistance of the market TO
bad news. With these favorable technical
conditions. and considering the extensive
decline which has occurred from last years
high level. the professional bull party op-
Grated with confidence to-day. The coal
ers were made the immediate subject OF the
demonstration. especially the high-priced
members of the group. Owing to the small
floating supply in the market of these and
the closeness with which they are held by
investors or for purpose of control, 1t Is
comparatively easy matter to bid up their
prices without bringing out large offerings
of stook
The rise Of points in Delaware & Hud-
son. of nearly in New Jersey Central. of
31a in Lackawanna, as well as 7-point ad-
vance in American Express and 2h In Chi
cago & Northwestern, offer fair examples
Of this. Such striking advances are calcu-
N effect
upon speculative opinion. The spread of
the movement to the other quarters found
the readiest response among the grangers
and Southwesterns, owing to the passing
away or last weeks crop scare, due TO the
wintry weather in the winter wheat belt.
The strength of Sugar was based on its
winning a suit for the refund of large
group shared only moderately in the ad-
vance. as the dismissal of the libel suit
against the president of the Metropolitan
Street-railway already had been discount
ed. Saturdays unfavorable view Of the
bank statement seemed to have been modi-
fed, owing to the perception that the large
loan expansion represented simple trans
fer Of obligations from foreign TO domestic
lenders. The continued frmness of the
foreign exchange market left the probable
ity unaltered that further gold will go out
this week. But this solicitude on this point
also seemed to be quieted. No unfavorable
effect seemed evident from the indications
furnished by weekly freight traffic reports
that the volume of traffic on Western lines
is appreciably diminishing. This tendency
is said to be due to a hesitancy on the part
of manufacturers towards further expan-
sion until there is change in the labor
situation. Only favorable factors were con-
sidered in the prevailing mood of the spec
ulation and unfavorable factors were ig-
nored.
Bonds were dull and irregular. Total
sales, par value, $2,1O5 Ill. United States
twos, registered, declined Y on the last
call.
Following are the days share sales and
the recorded price changes: