The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-23
GOLD EXPORTS RENEWED
THIS CAUSES DECLINING TENDENCY
IN THE STOCK MARKET.
Crop Conditions Also Make for Low
er Prices-Efect. of Litigation
Against Minor Industries.

NEW YORK, June 22-There was a
briefly entertained purpose this morning to
put up prices, but it was soon abandoned,
and the stock market was allowed to drift
for the rest of the day. Scattered hquida-
ton from various quarters and rather
acute weakness of few stocks caused the
drift to be downward and the close was
easy at the lowest of the day and very
dull.
The news of the day was not favorable
TO a rise and the early attempt to put up
prices seemed to be manipulative and de-
signed to contest the effect Of the poor
bank statement of Saturday The an
nouncement of gold exports was the signal
for prices to turn downward. The outgo
of gold also gave renewed effect to Satur-
days bank statement and the weather
map for the day being unfavorable for
the corn and cotton crops as well as for
the harvesting of winter wheat was add
ed to the depressing influences. No plaus-
ible explanation is forthcoming of the
discrepancy of over 100000 between the
cash showing of the banks in the state
ment and the known movements of money
for the week So far can be learned
the suggestion that the trust companies
have been making Withdrawals of their
deposits was without warrant The en-
gagement of s2.5O0,Ooo of gold for export
TO Germany and France tomorrow came
as a disagreeable surprise to the small
speculative element in stocks, which had
counted on a cessation of exports since the
reduction of the Bank of England rate
last. Thursday. But discounts have
hardened in London and the price of gold
fhlra rrl1fIo
decline In sterling at Berlin and Paris
| marks the process of withdrawal of
French and German capital from London.
1t Is evident also that these centers are
calling home resources from New York as
the avowed purpose of the authority of
the Imperial Bank of Germany. The Lon
don Statist OF June IL, while processing
confidence in the soundness Of the Ameri-
can situation in spite of the prolonged
decline In stocks, expresses the opinion
that there will be for while slacken-
| ing of all kinds of business in the United
States, which will make money more abun-
dant and cheap in New York and will en-
able the French and German banks to de-
crease still further the balances they are
| employing here. This weeks steamers
| also are the latest by which remittances
| can be made for interest and dividends
| July 1.
The stock market at present is sensitive
| to the chances of the corn crop, the acre
| age for which is now being finally decided.
II
| the crops, as indicated by the strength in
| both the cereal and the cotton markets
was perhaps of equal influence with the
| gold exports in depressing stocks. Only
one or two of the principal railroad stocks
lost as much as point, Pennsylvania
| and Reading, representing the coalers, and
| Illinois Central the cotton carriers. Inter-
national Mercantile Marine, although not
dealt in on the Stock Exchange, was weak
| on the curb on account of the announced
| determination of the Cunard Company to
| act independently of the combination in
| making rates. Criticism of the status of
the combination is playing an important
| part in causing the current suspicion of
| the financial situation here on the part of
| foreigners. Steps taken i'm various Judi
/ cial proceedings in minor industrial corpo-
| rations was a contributing influence to
| the depression. Special pressure was d.
rected against Colorado Fuel, Metropol-
| itan Street Railway, the Securities Com
| pany, the Union Bag stocks and Leather
preferred. The total transactions fell to
near the low level for the year.
Bonds were dull and weak Total sales
| at par value, were S,405,0O0 United
States new fours registered, declined IL
| per cent. on the last call.
| Following are the days share sales and
| the recorded price changes: