The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-29
STOCK MARKET Is WEAK
PROFESSIONAL BEARS ENCOURAGED
TO BECOME BOLD.
AmaIgamated Copper a Center Of Dis
turbance-UniOn Pacific Sold Heavy
The Bond Market.

NEW YORK May 2s-The stock market
developed acute weakness again to-day
This was not surprise in view or the
halting and doubtful movements which
greeted yesterdays attempt to put up
prices. There was evidence this morning
also of pressure to sell stock, which en-
couraged the professional bears to make
bold attack on the market Presuming on
the urgent necessities of sundry holders of
securities, the bears offered down prices
briskly and succeeded in wiping out mar
gins and dislodging stop-loss ORDERS which
had evidently been freely placed all
through the market slightly below the ex-
listing price level. The stream of offer
ings on this account gained notably in
volume when prices broke through the pre-
vious low level on the movement as they
did at many points. This served to reveal
the fact. that many doubtful holders of
securities had INDUCED the hope that the
previous low level would not be exceeded
again. They were apparently willing TO
risk holding their stocks above that price.
but had insured the prompt sale of their
holdings if the market should decline again
below that point The large selling, which
spread pretty generally through the list,
velopment as that of last week. 1t was
evident that the fall in prices was itself
the motive for large part of the selling,
and the maneuvers of the bears conduced
materially TO the fall in prices.
notable center of disturbance for the
Whole VIII market was Amaigamated Copper.
tiles all over the world and a violent
slump in the price of the metal in London
gave color to the suspicion which has re-
1y Accfn hot hn toll mo
kct was under manipulation for rise to
assist in a speculation in copper securities.
| Rio Tintos were sold in Paris and London
on an enormous scale. The extreme de-
| cline in Amalgamated reached AS and its
| rally on short covering left Ii still 3ls lower
on the day. 1t was believed that long
unload. When the concentrated selling
| was detected the bears joined freely and
| attacked the stock fercely.
Rock Island was under severe pressure
all day, and the professional bears were
| confident in the suposition that large ac-
| counts in the stock were in a vulnerable
position. The heavy selling of Union
PACING and its task of support caused bad
| impression. The same was true of the
abandonment of st. Paul and Pennsylvania
to the vicisstudes of the market. National
Railroad OF Mexico preferred was among
the market features on realizing following
| the announcement of concessions granted
| by the Mexican government.
Rumors of a freight handlers strike on
| western railroads were given as reason
for some of the afternoon selling Other
depressing factors were authoritative de-
| malls of reported conferences looking to adj
| tustment of the Pennsylvania Railroad and
| Gould dispute obstacles in the way of or
| ganization of the anthracite coal conciia-
| ton board; the reduction in the amount
| of Bessemer pig iron said to have been
purchased by the United States Steel Cor
| poration from yesterdays reports and the
| bad effect produced by the United States
| shirbuilding organization.
The very strong tone of foreign exchange
| gave intimation that further exports of
| gold are likely. Call money remained very
| easy and the banks are apparently gaining
| on the interior movement to offset the ex-
| port of gold. But rates for time money
| were appreciably firmer TO-DAY.
Rather favorable reports of net earnings
were entirely ignored. st. Paul's April
| statement showed about one quarter of
| the Increase in gross for the net. Rock
| Island bonds were heavily sold.
The bond market otherwise was irregular
Total sales, par value, 81, $4,000. United
States bonds were all unchanged on the
| last call.
| Following are the days share sales and
the recorded price changes: