The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-12
STOCKS ARE lNANlMATE
PUBLIC INTEREST IN SPECULATION
is AT A MINIMUM.
Gold Engaged for Europe and An
lean Shipment This Week.

NEW YORK, May 11.-To-day's stock
market showed no signs of revival OF
speculative interest and the sluggish cur
rent on which the professional traders drift
ed was due entirely to their own opera
tions. There was an upward tendency dur
ing the first hour, which was helped by
the buying of a small number of stocks
for London account
The London money market is still tied up
with the subscriptions to the Transvaal
loan, or with the per cent. of the SUBJ
scriptions which was required to accom-
pany the application. AS fast as the allot-
ments can be determined the excess from
oyersubscriptions of this per cent. will be
returned to subscribers and this is expected
to effect marked relaxation IN the London
money market Sterling exchange here,
however, held firm to-day and its decline
In Paris left the way open for an export Of
gold from here to that point. Conse-
quently I,500000 was engaged to go out
tomorrow. 1t was allowed TO be under
stood that $500 900 in gold will go to South
America during the week.
This news was followed by decline in
the price of stocks, although it had been
quite generally expected. That the decline
was due partly to short selling was demon
strated by the recovery late in the day
when the shorts began to cover. They
did this in the apprehension that the month
~ crop report to be given out by the Agri-
cultural Department this afternoon would
not show as large deterioration for winter
wheat from the almost perfect condition on
April as has been feared since the cold
wave in the last week of April. This COW
ering movement was again interrupted by
sharp selling at the last and the market
closed easy.
ing the day. A strong upward movement in
Illinois Central resulted from large buy
ing order from single firm, which was
ostensibly based on rumors that the divi-
dend is to be increased. The strength of
Amalgamated Copper was due to the active
demand for the metal in the London mar
ket. Brooklyn Transit had the benefit of
yesterdays very heavy seaside traffic.
There was continued accumulation of Mis-
souri, Pacific and OF the National Railroad
of Mexico stocks by the same interests
which have been respectively conspicuous
in those properties for some time past.
Southern Pacific suffered from reports of a
strike on the system, but recovered later
when 1t was alleged that the workmen were
in Metropolitan Securities attributed
to an unwillingness on the part of holders
to pay the second subscription of rs per
cent, which has been called. Reports of
labor trouble on the Mobile Ohio and
the Great Northern served to keep alive the
general apprehension which Is felt over
the growth of such troubles There were
some large offerings of United States Steel
coincident with sharp break in the price
of the bonds when issued" on the curb
market The unfavorable view taken on
Saturday of the loan expansion of the banks
seemed to be mitigated this morning when
it was better understood that the increase
was due to a shifting of debts due to for
eigners. The market was narrow and I'M
interesting throughout. An example is
afforded by the fact that there was no
sale of Sugar until the final hour of the
market.
The movement of prices of bonds was ir-
regular and generally very narrow. Trans
actions last week showed decrease of AZ
per cent, compared with those of the cor
responding week of last year. Total sales,
at par value, were ST. 10000. United States
bonds were all unchanged on the last call.
Following are the days share sales and
the recorded price changes: