The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-09
STOCKS STILL STA6NANT
VIOLENT DECLINES IN A FEW DOR
MANT ISSUES ARE THE FEATURE.
A Few Also show Good Gains ut the
Close, Slightly Helping the Whole
List-The Monetary Outlook.

NEW YORK, May S.-The stock market
continued the desultory decline which de-
veloped yesterday and which was without
special explanation beyond the disposition
of the professional traders to sell stocks.
The sharp rally at the close in some stocks
indicated that the selling had been partly
for short account. Another professional
element, when 1t perceived that shorts
were attempting to cover, endeavored to
mark I'D prices on them. This seemed to
be the motive for the rapid advance OF
3ss in National Railroad of Mexico pre-
ferred. which was without other explana-
ton. Amalgamated Copper and United
States Rubber stocks moved upward at the
last and there was sudden recovery in
Delaware Hudson. The late harden
ing in the market brought some prices
slightly above last night and reduced the
net changes In all cases to small proper
tons.
The heavy tone of the market in the
early part of the day was partly due to the
sympathetic effect Of the relapse of 23s In
ST. louis G. San Francisco and the weak
ness of Rock Island in face of reiterated
assertions that the amalgamation of the
companies had been completed. The weak
ness of the stocks might be variously at
tributed to the failure of the expected
official announcement of the deal, to dis
appointment over its alleged terms, to pro-
fit-ttking on the completion of the deal or
to surviving doubt whether the project
would be completed at call. The Wall
street public has been much bewildered
over all the successive developments in this
matter. Some of the Independent iron and
steel stocks were weak, supposedly on the
soft tone In the pig iron market. American
yesterdays price, to IL. before finding a
purchaser, owing to the reports Of the con-
fused state of the companys accounts.
at 10. This stock has never been
deals in actively and recent sales
of small lots have been made
at fo-day's price, but the last previous
Exchange, which is the basis of official
quotation, was at go. There was also a
sale of United States Shipbuilding at 2,
at bid and 10 asked. The indication in
these violent declines among dormant
stocks and the unmarketable condition of
some Of the securities in the market had
bah effect on sentiment. There was some
ground for supposing that the transactions
were forced for this purpose.
The foreign exchange market con-
tinucd very strong, owing to the continued
demand for money in London In connec-
ton with the Transvaal loan subscription,
and 1T is believed that some gold may go
fron3 here to London direct next week.
The movement of cash in favor of New
York on balance during the week seems to
have been nearly 100000, which is rather
less than the recent average, as was indi-
Gated by the weakness of New York ex-
change during the week at some of the
interior points The large remittances
abroad are believed TO foreshadow another
large loan increase by the banks 1t is
possible that some syndicate transactions
may also figure in this item. The market
closed firm at the rally, but very dull
Bonds were irregular. Total sales, at
par value, were 81. $4,000. United States
| threes, coupon, declined Is in the last call.
Following are the days share sales and
| the recorded price changes: