The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-19
STOCKS STILL UNCERTAIN
MARKET OPENS ON SLIGHT DECLINE,
FOLLOWED BY RALLY.
Many Stocks Lower Than Last Months
Decline Because of Northern Securi-
ties DecisiOn-GOld Exports.

NEW YORK, May 1S.-There was very
considerable liquidation in the stock mar
ket to-day The selling seemed induced by
a capitalization OF sentiment, which has
been approaching definite formation for
some time, but has been deferring action In
the stock market in the hope of recov-
cry. There was no development to cause
the decline, except the engagement of
s., 325 coo of gold for export to Europe. This
had been quite definitely expected, and the
amount was rather less than some or the
forecasts. There was a slight hardening
in the call loan rate in response to the gold
movement but il could not be said that
any liquidation was forced by with
drawal of credits. The result of the con-
sideration over the general financial out
look seemed to be rather the placing OF
stop-loss orders as precautionary meas
ure below the market than definite orders
TO SELL The opening Of the market was In
fact irregular, and a slight decline was
followed by a considerable rally. This
rally persisted after the first knowledge OF
the engagement of gold for export But
the report that 100000 had been deposited
at the subtreasury for Geographic transfer
TO New Orleans was followed almost imme-
Q12tely Dy a crumDl1nB Oh prices tnTouSHOut
the list. This evidence that the violent
cotton speculation is making demands on
the money market was taken in very Ill
part by the stock market.
1t is probable that the decline in prices
was Immediately due to professional at
lacks by the bears. but the existence or
stop-loss orders below the market made
prices very vulnerable. The usual result
of considerable decline is now seen in the
increased disposition to sell merely be-
cause prices have declined. Stocks which
have now got lower than in last month
decline on account of the Northern Securi-
ties decision are conspicuous sufferers In
the recent selling. This is seen in the case
of ST. Paul, New York Central and South
ern Pacific especially. Quite a number of
additional stocks to-day broke through the
previous low level for the year made last
month. and this fact had strong infiu-
ence on bearish sentiment.
The days exports of gold and the con-
tinued firmneSs of foreign exchange are a
demonstration that the allotment OF the
Transvaal loan in London is not to relieve
the pressure for gold abroad, as was hoped
The London market itself is now taking ac-
count of the future periodical requirement
for the payment Of the monthly INSTALL
ments on the subscriptions to the loan.
The fact that a large portion OF the pro-
ceeds OF the loan is payable to continental
holders of the South African railroads
which are being purchased by the colonies
makes a prospective pressure on London
for remittance to continental points.
between and 3 points and St. Paul, New
York Central, Missouri Pacific, Rock Island
and Reading exceeded that. Among DOR
mant stocks there were even wider declines.
Amalgamated Copper was strong as the
effect of the increase in the dividend rate
on the Calumet e. Hecla stock. The mar
ket closed easy and within a small frac-
ton of the lowest.
United States Steel new sinking fund
bonds were dealt in for the first time on
the Exchange, and rose more than point
over Saturdays price on the curb, without
explanation. Otherwise bonds were weak.
Total sales, at par, We're 100000. United
States new tours declined Il on the last
call.
Following are the days share sales and
the recorded price changes: