The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-15
STOCK TRADERSCAUTlOU
SLOW BIDDING, LIGHT DEMAND AND
YIELDING MARKET.
U. s. Steel Firm-Adjustment Of Great
Northern Labor TroubIe-Gold Ex-
ports-Foreign Market News.

NEW YORK, May BL-The board room
traders in stocks thought this morning that
they saw brighter outlook and they start
ed to bid up prices in an exceedingly eau
tious manner. They demonstrated to their
own satisfaction that stock was for sale at
the higher level. so they gave UP the at
tempt to lift the market When they at
tempted to sell they found a very light de-
mand and yielding market The profess
sional traders are quite as cautious, how
ever. on the short side on the long side.
as they find 1t difficult to buy back stocks
at the lower levels. During the last hour
to-day there was spilling out OF long
stock by tired holders grown disguised with
the lethargy of the market.
This selling movement was not OF large
volume. but it was still In progress when
the market closed, making 1t weak add
about the lowest. The rather brighter
view Of things taken this morning was due
principally to the tone Of the weekly re-
view Of the iron trade by the leading au-
thority In that trade.
Its statistics show that production is go
ing on at tremendous rate. Aprirs high
record promising to be eclpsed by that
for May. Notwithstanding this, stocks re-
than on April /. It is pointed out also that
the founders have made large commit
ments for which they are still uncovered.
SO that In the opinion of this authority a
rush il bound to come. but it is added. 1T
remains to be seen at which price the dead
lock will be broken" The United States
Steel stocks and those of independent COM
panies were notably Arm in response to
-
sions in pig iron were reported during the
day and the unstable condition in the iron
market had its influence In the late break
In prices. This mornings report of a pos
sible adjustment OF the labor difficulty On
the Great Northern system was a cheering
influence. But railroads in the Northwest
were notably weak afterwards. st. Paul.
in fact. led the late decline with drop to
IL below last night. Northwestern lost
over point and its preferred stock which
SOLO last February at 2s6, was offered down
to 21O before finding purchaser for a
single hundred shares.
The announcement Of an export Of ST.
OOO; goo In gold to Argentina was an unfavor-
able influence taken in connection with
other Developments in the foreign exchange
situation. Although the open market rate
on discount is declining at London the re-
tention OF the Bank of England rate was a
disappointment. The lowering of the price
of gold in the London market to the level
of the recent bid by the Bank Of England.
necessary to prevent the absorption Of the
market supply for other account, shows
that the bank authorities desire to test
their ability TO conserve their gold supply
in normal market before venturing to re-
duce the discount rate. A drop of one CEN
time In the Paris rate for sterling and a
fractional decline at Berlin showed some
renewed pressure upon London, which in
creases the probability of further exports
from New York. The statement of our
foreign trade for April was dsappoint-
ment, the increase in exports over that Of
last year proving to be only nominal, while
the value of the imports has risen nearly
Sl2OOO.OO0 with a resulting reduction OF the
favorable balance Of trade The unremitting
activity in the cotton speculation conduces
to keep alive the solicitude over the foreign
exchange situation.
The bond market was quite broad but ;r-
regular. Total sales. par value, $3.50, 900.
United States twos. coupon, advanced "a per
cent on the last call
Following are the days share sales and
the recorded price changes: