The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-06
STOCK PRICES NOT HELD
NEWS DEVELOPMENTS RATHER FA-
FORABLE, BUT OF LITTLE EFFECT.
Early Movement Was Upward, but
Liquidation Caused Small LOSSES
Gold Exports Are Deferred.

NEW YORK, May 5.-The days develop
ments bearing on values of securities were
rather favorable than otherwise, but this
did not enable the professional traders in
stocks, who were the buyers of yesterday
to partly realize their profits without turn
ing prices downward once more. There
was a fair degree of activity in the mar
ket up to noon. In that time some 100000
shares were dealt in, which is rather more
than the total days dealings in the dull
business of last Friday. During the lat
ter part of the day the trading fell into
semi-stagnation again.
Some part of the early activity was un-
doubteoly due to manipulation to facilitate
the taking of profits. Delaware & Hud-
son continued yesterdays advance to the
extent of Ia, and st. Paul, Northwestern,
Canadian Pacific and Louisville were lifted
at one time to IA over last night. There
was continued large trading in National
Railroad Of Mexico. and in Reading, the
last named rising at one time q over last
night. Pennsylvania was lifted as much.
This stock sold ex-dividend of per cent,
and there was an element among traders
who bought it and Atchison yesterday on
the superstition that the taking of semi
annual dividends from the price would
make them look cheap and attract buying
but the buying thus attracted was not
sufficient to Offset the selling to realize by
yesterdays buyers. A recovery in the
price of Copper gave firmneSs to Amalga-
mated. Some of the obscure industrial
stocks were pushed up sharply in an effort
to sustain the market after the realizing
sales began to have some effect, but this
maneuver proved unavailing and there was
practically nothing left of the days rise
at the close, which was heavy and showed
small fractional net losses generally. The
Bureau was calculated to quiet the fears of
crop damage, which were prevalent last
week.
The recent rise in Sterling Exchange
came to a halt to-day, although the late
market was firm and discounts in London
were also easier. AT the same time there
was sharp advance in Sterling Exchange
at Paris, which was sufficient to wipe out
the profit on the so-called triangular gold
export operation 1t is not expected, there
FORE that gold will go out to Europe this
week. although a small shipment to South
America is indicated. The strength of
| sterling at Paris is believed to be due to
remittanees to participate in the Transvaal
loan. These two favorable influences did
not suffice to hold the stock market
| A number of favorable reports of rail-
road gross earnings for the month and the
fourth week of April were equally without
| effect. Kew York Central, Missouri Pa
| cific. Louisville & Nashville, Southern Rail-
way, Chicago Great Western. Norfolk &
Western and Chesapeake & Ohio all made
handsome increases in gross earnings and
| the net earnings Of the Norfolk & Western
| for March showed an increase over those
Of last year of % per cent.
The bond market was quite broad, but
| dealings were unevenly distributed and
price movements irregular. Total sales, at
| par value, were $2,020O00 United States
bonds were all unchanged on the last call.
Following are the days share sales and
| the recorded price changes: