The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-21
URGENT STOCK SELLING
DAYS FEATURE IN WALL STREET
WAS DRASTIC LIQUIDATION.
Furious Activity Prevailed Until the
Close, Which Was at the Lowest
Gold still Going Out.

NEW YORK, May 2o-Liqudation be-
came urgent and preeipitate in the stock
market to-day, and gathered force pro-
gressively up TO the very close, which was
furiously active and weak at about the
lowest. No such scale of activity has been
witnessed in the stock market since the
trading following the Northern Securities
decision. Wide inroads were made on
values and the very general effect of the
selling forbids the supposition that 1t was
due entirely to attack by the bear party.
1t was not clear, in fact, what was the
cause of the markets weakness. The very
meager demand developed yesterday, when
prices were decisively turned upwards.
caused a very bad impression on specula-
tive sentiment. The decline has been so
long sustained without notable pause at
any time that conviction has gained force
with the professional element that very
large short interest had accumulated in
the market. 1t was believed also that
prices had got down to a level that would
prove attractive to a large waiting invest
ment demand when once some assurance
could be had that the decline had run it's
course Yesterdays market was accepted
as proof that the point had not been
reached when these sustaining forces could
be relied upon. Very respondent views
were taken OF the future of the market this
morning in consequence of this.
The announcement OF an engagement of
S1,3OO,000 of gold for export and the news
that E. III. Hartman had undergone a
surgical operation met the market at the
opening and initiated the declining tend
ency. The enormous liquidation which soon
developed In Atchison had a marked infiu-
| ence on sentiment, and continued to dom
mate the market for the rest of the day,
the influence spreading to an increasing
degree up to the close. Rumors were cir
culated of a coming bond issue by the
Atchison, but no official confirmation could
be had on this subject. The opinion gained
| ground that large speculative interest
in the market was in a vulnerable position
and was being made a target for attack.
The extreme decline in the stock reached
| 3A, which was equaled by st. Paul.
Losses of to points were fairly general
among active stocks and considerably ex-
coed that In cases where dormant stocks
were forced to sale, A notable example
| Of this was 2S-point drop in Michigan
Central This stock was subsequently bid
| up again 10 points before an offering was
| encounted and a sale made.
Bear tactics were perceptible In the pre-
| cipitate decline at the last, notably in the
circulation of rumors that s5.000,000 to ST.
| 100000 gold would go out on Saturday to
EUROPE. Inc only OASIS Tor this rufnOr was
| found to be the making of tentative ar
| rangements for the shipment Of $4,000 to
South America next week. The situation
| In the exchange market, however, was a
| strong factor In the weakness of stocks.
Exchange holds firms in face of the ship
ments, and there is knowledge of the early
maturity of some large German loans in
| this market, which gives ground for the
expectation that considerable gold exports
| to Berlin may have to be made.
A speculative upset in Boston precipitated
some selling In this market, and shorts
| in the cotton market were said to be selling
stocks TO cover losses in cotton. Some
stress was laid on the buying of stocks for
London account as indicating the growth
| of an investment demand from that source,
| but arbitrage brokers explain that much of
| this buying, is due to a transfer of holdings
| from London to New York to secure the
benefit Of the present cheap money market
here.
United States Steel SIS continued con-
| spicuous in the bond market. Prices were
weak, in sympathy with stocks. Total
| sales at par value were So, 40I 600. United
| States bonds were all unchanged on the
| last call
! Following are the days share sales and
4 ed rhan