The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-04
DAYS GAINS WIPED OUT
STOCKS AT THE CLOSE GENERALLY
SHOW SMALL DECLINES.
Tendency Of the Day, to the Last
Hour, Had Been Upward-Engage-
meats of Gold for Export.

NEW YORK June 3-The recovery again
to-day by the stock market from an open
ing depression and the disregard of some OF
the bad news Of the day seemed to give a
fresh demonstration that a stable basis OF
prices had been reached and after midday
the price level was lifted quite substantial
ly. But when the professional operators
began to take profits in the last hour of
the session the days gains melted away in
short order and last prices generally show
net losses.
The opening setback was due to the
threat of a strike by the anthracite coal
miners unless the refusal Of the operators
to accept the miners representatives on
the Cancellation board should be rescinded.
The resulting decline in prices reached a
point or over, not only for several of the
coalers. but for other leading representa-
tive railroad stocks. st. Paul, which con-
tinued to be accepted as the index of the
market, ran off rs. 1t became manifest
at the decline that the short interest was
availing itself of the opportunity to cover
and at the same time support was in the
market as on yesterday. A party of pro-
fessional traders, seeing the direction of
things. began to buy and bid up stocks
In an effort to take the market away from
the shorts. A sharp recovery in the Can
adam group, from yesterdays demoralized
break, helped the movement. st. Paul was
carried 1ss over last night In the course
Of the movement Many other gains of a
point or more were achieved before the
final setback occurred. The comment by
officials Of the coal roads on the labor
situation revealed a rather conciliatory
spirit and an apparent willingness to ne
gotiate the dispute and on this the coal
ers made vigorous recoveries. The i'm
provement in the West weather situation
and the subsistence Of the floods were taken
as encouraging features and had added
force by reason Of the sharp reaction in
the grain markets
The heavy engagements Of gold for outgo
tomorrow seemed TO be ignored as the
call money market continued very easy.
The engagements Of gold for France, Ger
many and Canada for the day amounted to
considerably over 100000. Although the
was hardening tone In time money, rates
for six months rising to per cent. and for
eight months to 51s per cent There was
and this was said TO be due to some offer
ings of loan bills which the advance In time
money made profitable. Exchange bankers
reported that no bills were sold against
the gold shipments. which were clearly in
liquidation Of maturing foreign indebted
ness. The sterling market steadied again
De1Ore the close. There was q decline also
In the sterling rate at Paris, which served
to increase the margin of profits on gold
exports. There was some selling Of stocks
for Boston account on reports that loans
change at Chicago, however. advanced to
80 cents premium.
The outlook In the money markets may
have induced the renewed selling of stocks
in the last hour. which converged on Penn
sylvania, carrying that stock down to
parity with the low level of the movement
at 1854. Prices broke to below last nights
level all around but steadied slightly Just
at the close. Several good reports of rail-
road earnings and sharp recovery in the
London copper market helped the upward
movement.
The bond market was firm and the new
Rock Island fives were lifted two points.
Total sales, at par value, were g. 900.
United States twos. coupon, advanced "
and the new tours, coupon. declined Il.
Following are the days share sales and
the recorded price changes: