The Indianapolis journal., 1903-05-02
NO LIFE in THE TRADING
SMALLEST BUSINESS OF THE YEAR
ON THE STOCK EXCHANGE.
Business Much Congested i'm q Few
Leading Lines-Money Movement
In Favor Of New York.

NEW YORK, May LESS than quar-
ter of million shares of stock were dealt
In on the Stock Exchange to-day, making
the low level thus far for the year. The
market was intensely dull and narrow.
There was considerable congestion even of
the total dealings in few stocks. notably
Pennsylvania, Missouri Pacific and stocks
of corporations in the city of New York
having franchise privileges. The rise in
the last-named group was general and was
unaccompanied by any news announcement.
unless it might be the effect Of peremp-
tory official denial of rumors that the Inter-
borough Transit Company had secured con-
troll or the Brooklyn Rapid Transit Com
pany. The declaration by the Pennsylvania
Railway directors of the regular semi
annual dividend of per cent. was
the occasion for buying of Pennsylvania
at level one-quarter above last night by
the traders who had sold yesterday on an
irresponsible rumor that the dividend rate
was to be reduced. Delaware & Hudson
was marked up rapidly 81 in the late deal
ings, without any special news to account
for It, The concentrated buying and bidding
UP OF Missouri Pacific was attributed to the
pool which has so long been interested in
the stock. Some Of the other Gould stocks
sympathized in the movement. The traders
took profits on small scale during the
last hour and thus reduced the price level
slightly. but the market closed steady.
There was nothing in general conditions
to account for the veering around of senti-
ment from that of yesterday. The move
ment 70 arbitrate the present strike of en-
gineers of harbor craft i'm New York bay
was cited as an encouraging incident and
is 1air example OF the kind of news on
which current business in stocks was trans
acted. The quiet tone of the wheat market
detracted somewhat from the anxiety lest
the western frosts should have damaged
rne me- crops: r The severity of the weather
Louisville & Nashville reported an in
crease In net earnings for March of $229, 1872
out or an increase in gross of $47S.4 .49s. The
showing made by forty-four railways which
nave reported for the month of March is
Oh an increase of nearly rs per cent. in their
net earnings compared with March of last
year.
The weeks movement of currency has
again been largely in favor of New York,
even allowing for the $4,000 In gold shipped
something near million dollars to Canada.
Receipts from the interior have overbal-
anced these losses, apparently, to the extent
or over $3,OOO.O00 The notable strength of
sterling exchange was taken more account
of than the currency movement. 1t is agreed
among bankers that the lack of immediate
shipping facilities was all that precluded ex-
| ports of gold to-day. There was slight
hardening in the call loan market to 3
per cent: due to the arrangements for the
regular May / payments of dividends and
/ to the payments of subscriptions on the
| $4,000 600 of new Erie convertible bonds.
| which called for between $S,0O0.OO0 and &c.
| 100000. The closing of the London Stock
exchange was factor in the dullnesS Of
| the trading
Bonds were irregular. Total sales at par
value, were $1,3S0,O00 United States bonds
q "a M a6 nm hn Lost
Following are the days share sales and
the recorded price changes: