The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-20
FAIR ADVANCE in STOCKS
SHORTS TURN TO COVER AND PRICES
SEEK HIGHER LEVEL.
Relapse I'm l.. & n. Causes a Partial
Break Near the ClOse-Fears of
More Gold Exports.

NEW YORK, May 19.-To-day's recovery
in the stock market was in accordance with
the expectation of the majority of profess
SIGNAL traders This expectation conduced
materially to the recovery by restraining
the professional bear element from further
attack on prices. Yesterdays rather violent
declines and the increased volume of trad
ing over the recent average of the market
gave the impression of a elimination of
the decline. There was some further de-
cided liquidations in the market this morn
ing, but the professional bear element
availed itself Of this to cover their out
standing short contracts. There was evil
dence of support also. presumably by those
interested in sustaining values, especially
in st. Paul and New York Central. The
recent unsupported condition Of these
standard issues has had dominant influ-
ence on the whole speculative tone. and this
mornings indications that the further de-
cline was to be contested helped to decide
the bears to cover. The long-continued de-
cline offers attractive profits from the
shorts. regardless of opinions on the further
speculative outlook. The professionals.
therefore, generally turned to the buying
side. covering their short contracts, going
long In the market and then working for
further delay.
There was very little news to account for
this change in sentiment, the general condi-
tons of a doubtful labor outlook prospects
Of further gold exports and other consid-
erations which have caused the recent de-
preston being unchanged. The market
proved 10 be sufficiently oversold to make
the turn for a rise effectual. But the mar
ket pulled hard in the Stock Exchange
phrase, and ran off quite easily at the last,
leaving only fractions of the days gains
where they were not entirely wiped out.
On the labor subject there were reports
or disputes in the works of the General
| Allis- Chalmers works. But the rumors
| prevalent of a settlement of the Union Pa
cine labor dispute had prevailing effect
| In the market over the other reports. The
rumors in connection with the report Of
the decided Improvement in the condition
| or p. II: Harriman's health were made
much OF in the buying movement. So was
the weekly crop bulletin of the Weather
Bureau, without much attention being paid
| 10 the varying showing I'm the territories
| OF different railroad systems. The generally
| encouraging reports as to the winter wheat
| crop in the Western States were given more
| attention than the continued delay in the
unfavorable view expressed of the cotton
| prospect. The sudden relapse in Louisville
q Nashville at the last, which more than
wiped out ITS gain. may have had to do
Another rumor which got a1oat on the
| tide of the days advance was an alleged
| purpose on the part of the secretary of the
treasury to anticipate the redemption of
| the per cent. bonds which mature next
| year. No color of authority was obtain
able for this rumor. Sterling exchange
ruled strong and the supply Of bills was
1 very scarce. leading to the expectation
/ that further gold would go abroad with
the first available shipping facilities. sterl-
| ing at Paris rose a fraction, but did not
more than keep pace with the rise here.
Money here continued easy, and there were
cent, which rate has not applied hitherto
this season for longer periods than six
| months.
United States Steel new SIS were actively
traded In and fiuctuated over a range of a
| point, closing with a net gain of q. Other
| wise the bond market was irregular. Total
| sales at par value were $3,S25,OO0. United
states bonds all unchanged on the last
| call.
Following are the days share sales and
the recorded price changes: