The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-07
STOCK MARKET Is INERT
ONLY FEW STOCKS DEALT IN TO
ANY CONSIDERABLE EXTENT.
Price Movements Very Narrow, Except
i'm a Few characterization of
Gold Exports Is Still Open.

NEW YORK, May 6.-The stock market
to-day was so inert that the utmost
deavors of the traders did not affect more
than fractional changes except in handful
of stocks. The prominent stocks. which
started upwards ON Monday and early yes
terday, continued to hold conspicuous
position in the trading in the degree Of their
activity, but their small net changes in
prices for the day are strong indication
that profit-taking was actively going on in
them under the cover of the new points of
strength. st. Paul, the Paciflcs, Louisville
& Nashville, Reading, Erie, Baltimore &
Ohio and other stocks Of this class ended
the day practically unchanged from last
nights prices, though they absorbed
large portion of the days dealings. st.
Louis & San Francisco and Rock Island
were strong and active all day with no
other apparent reason than revival Of old
rumors of the purchase of the former by
the latter. These rumors seemed to meet
with little credence, owing to the suspicion
that the movement In the stock was de-
signed as cover for prof1t-taking at
other points Stocks affiliated with st.
Louis q San Francisco, however, were
quite constantly strong, Pere Marquette and
Kansas City, Fort Scott & Memphis shar
ing In the strength of the parent company.
There was an advance of IL in Illinois Cen
trail which seemed to be supplementary to
yesterdays movement in LOUISVILLE az
Nashville. The strength of Amalgamated
Copper was nominally based upon an ad-
vance In the London price OF copper Brook
lyn Transit enjoyed the benefit of published
estimates of large earnings from the in
creasing summer weather traffic. Marked
weakness was shown by the National Lead
stocks, which was attributed to rumors
that the principal competitors in the trade
were about TO combine. There were no
notable movements outside of those speci-'
fed and there was a sharp falling off in the
volume of dealings, compared with yester-
day.
The course Of the foreign exchange kept
the question of gold experts open all day.
The steady advance here only kept pace
with the, rise of sterling in Paris so that
the expected triangular operation, by which
gold would go to Paris, was kept beyond the
bounds OF profit. But shipments of gold
direct to London began to come into calcu-
lation when the rate for demand sterling
transfers was even more urgent than that
for demand bills. The movement was
clearly due to preparations for participation
dication goes to show that this loan will
be heavily oversubscribed, so that intend
ing subscribers are putting In bids much
in excess of their desired subscriptions in
order that their allotments may equal their
requirements. This processes of oversub-
scription of course emphasized the demand
for exchange. With the opening OF sub,
scriptions to the loan, which is expected
tomorrow, there is likely to be sharp
falling off in the demand for exchange. The
local money market was unaffected, and
offerings on time were rather treer than
heretofore The market closed heavy and
dull.
There was a very good demand for bonds,
especially those paying per cent. or over
on the investment. Total sales at par
vaue, were $215O.0O0. United States twos
advanced Is per cent. on the last call.
Following is the days share sales and the
racordad nrice changes.