The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-18
WEEK in WALL STREET
CURRENT PRICES OF STOCKS HAVE
CONSTANTLY LIFTED,
But Uncertain Feeling Prevails and
Restraint on Market COntinues-Ef-
feet Of Labor Troubles Manifest

1
NEW YORK, May 1.-THE sickness of Z.
II. Hartman made its influence felt in to-
days stock market and this was supple
mented by the showing made by the banks
which was interpreted as poor by the trad
ing element. The weakness of Southern
Pacific was directly traceable to the condi-
ton Of the health of the president of the
company. The stock declined an extreme
IA. touching a new level for the year. This
weakness had some sympathetic effect else
where in the market. st. Paul and New York
Central also made low record price for the
year. A light demand from the bears to
cover shorts made an impression just at
the close, which was in consequence steady.
The nominal increase in the cash item OF
the banks was much as was expected.
The fact that to-day's gold export of $780,
600 to South America was withdrawn only
yesterday and so figured for only one day
In the weekly averages. upon which the
bank statements are computed. left the
probability that some effect of the transac-
ton would be thrown over into next week
showing. The increase in loans was general
ly regarded as rejecting the further trans
fer of obligations from foreign to domestic
lenders. During the money stringency Of
last fall the recall for overextended for
eign credits was an important factor in up
setting the money market. The tendency
to cut down these foreign credits now is
viewed with satisfaction in financial cir
Giles. But the professional sentiment on the
Stock Exchange confined itself to the bare
showing of the statement with its conse-
quent inroad upon the reserve To-day
London discount market showed harden
ing tendency resulting from the paying on
of the markets heavy obligation to the
Bank of England and the bank lost over
million dollars in gold withdrawn for ex-
port to South America. This increases the
likelihood Of further gold exports from New
York next week.
The current prices Of stocks have lifted
constantly within a narrow range during
the whole of the week, but the market has
gravitated towards lower level. There is
an occasional spilling out or long stock by
tired holders grown disguised with the long
lethargy of the market. But the professional
traders. who do the bulk Of the business,
show as much hesitation in extending
their commitments on one side as on the
other. The whole attitude Of the speculation
is waiting one, and 1t is not generally clear
what is awaited. One after another of the
cleared up without relieving the market OF
the restraint upon It.
Money continues seasonably easy and
there is no apparent bar to the use Of cred
its In speculation, but speculation Still
halts. 1T is evident, however, that the
nominal ease Of money must be considered
between would-be borrower and lender in
bank parlors. The directors Of banks and
the large financial powers, which are the
In the great railroad systems of the coun-
try, seek to discourage all undue expansion
Of credits for taking on holdings of stocks
for speculative purposes, and they are
themselves conspicuously out Of the mar
ket. Great organized movements in the
stock market, backed by the concentrated
holdings Of capital and based on intimate
and combinations, are entirely lacking at
present.
Besides the dissemination of the banks to
encourage speculative activity, 1t is a no.
ticsable feature of the money market that
abundant funds are offered for short-time
fixed periods. while all of the eagerness
over the end Of the year. for which very
small amounts are offering. Claims are
made in the name Of Western bankers that
the present large loans of Western banks
are In part placed in Eastern money mar
kets and are to mature in the fall periods
when the largest demands for funds to
move the crops are expected. 1t Is ar
| gued that this will leave them in good posi-
| ton to supply needs for moving crops with
out calling on their Eastern correspond
emit banks for funds. But the experience OF
last fall proved that the Withdrawing OF
Eastern loans placed directly by Western
banks threw demands for renewals upon
Eastern
alent to the usual Withdrawals Of deposits
| from Wall-street banks.
The course of foreign money markets fol-
lowing the hotation of the $50, 100000 Trans.
| yaal loan is not yet clearly defined. 1t is
| evident from the weeks enormous loan ex.
| pansion of the Bank Of England that its
credits were largely relied upon by the sub.
| scribers to the Loan With the allotments
of the loan and the return to its sub.
scribers Of oversubscriptions the money
rate in London is relaxing. as expected
England remain to be paid and continental
exchanges are turning against London, sc
| that the bank retains fits per cent. dis
Of sod rO% New YORK is
| low this weeks outgo Is a question awaited
| with interest The reduction In the coun
try's favorable trade balance for April. il
spite OF last years extraordinary shortage
| of corn exports, with which it compares
| goes to explain the current shortage of ex
change and it's insuficiency to meet re
| ouirements as expected for maturing debt.
| to foreigners. The light export demand fol
/ cotton, owing to the high price resultins
/ from the furious cotton speculation, add.
to the perplexity OF the exchange situa
The belated completion Of the Rocl
Island absorption Of the st. Louis & Sar
Rook Tsand stoeR co fsue
bonds, calls attention to the fact that vari
| Gus suspended financial projects overhan,
the situation, which may be announced
The offer on behalf of the Chicago, Bur
| lington g. Quincy to extend for two year,
the maturity of a $50, oO0, 900 bond issue i
| regarded as significant Of the inopportune
! ness of the recent time for large financia
transactions.
Decided influence upon speculative opin
ion has been caused by the labor dispute
upon various railway systems. The out
| look on the labor question has been a sub
! feet of much discussion. The weakness O
the iron market has been depressing fac
tor, in spite Of all expressions of confdenc
| by authorities in the trade Of a continu
| ance Of prosperous conditions. The unpre
| cedented rate Of production, without pro
| ducing a decline in the stocks on hand. an,
| the large requirements uncovered by reasol
of contracts for delivery of finished prod
| ucts fail to reassure sentiment entirely /,
| face of the declining course OF the pig irol
| market.
| News of the wheat crop IS considere,
satisfactory, but the delays In the plantin
of the corn crop add to the causes of dis
satisfaction in the prevailing mood OF de
| preston in the stock market Reports n
falling off in traffic on Western railroads
of accumulation of car supply and of tn
going into effect of reduced rates of freiah
between Chicago and New York are cite
as additional ground for doubt over th
future of values.
There has been an irregular movement q
bond prices, and only moderate yolum
of business but the increased variety i
the dealings has indicated a search for I'm
vestments. United States twos declined