The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-17
WEEK in WALL STREET
CURRENT PRICES OF STOCKS HAVE
CONSTANTLY LIFTED,
but Uncertain Feeling Prevails and
feet OF Labor Troubles Manifest.

NEW YORK, May 1s.-The sickness of E
II. Hartman made its influence felt in to-
days stock market and this was supple
mented by the showing made by the banks
which was interpreted as poor by the trad
ing element. The weakness of Southern
Pacific was directly traceable to the condi-
ton Of the health Of the president Of the
company. The stock declined an extreme
IA, touching a new level for the year. This
weakness had some sympathetic effect else
where in the market st. Paul and New York
Central also made low record price for the
year. A light demand from the bears to
cover shorts made an impression Just at
the close, which was in consequence steady.
The nominal increase in the cash item OF
the banks was as much as was expected.
The fact that to-day's gold export of $780,
600 to South America was withdrawn only
yesterday and SO figured for only one day
in the weekly averages, upon which the
bank statements are computed. left the
probability that some effect of the transac-
ton would be thrown over into next weeks
showing. The increase in loans was general
ly regarded as rejecting the further trans
fer of obligations from foreign to domestic
lenders. During the money stringency of
last fall the recall for overextended for
sign credits was an important factor in up
setting the money market. The tendency
to cut down these foreign credits now is
viewed with satisfaction in financial cir
cles But the professional sentiment on the
Stock Exchange confined itself to the bare
showing OF the statement with It's conSe-
quent inroad upon the reserve. To-day's
London discount market showed a harden
ing tendency resulting from the paying off
Of the markets heavy obligation to the
m Of Enol land nd fha haf nSf Yer
million dollars in gold withdrawn for ex-
port to South America. This increases the
Likelihood Of further gold exports from New
York next week.
The current prices of stocks have lifted
constantly within narrow range during
the whole Of the week. but the market has
an occasional spilling out Of long stock by
tired holders grown disguised with the long
lethargy OF the market. But the professional
traders, who do the bulk OF the business,
show much hesitation IN extending
their commitments one side on the
other. The whole attitude Of the speculation
| Is a waiting one, and it is not generally clear
what is awaited. One after another Of the
| causes assigned for the hesitation are
cleared up without relieving the market of
| the restraint upon it.
Money continues seasonably easy and
| there is no apparent bar to the use OF cred
| its in speculation, but speculation still
halts. 1t is evident, however. that the
nominal ease of money must be considered
| in connection with the tone Of interviews
between would-be borrower and lender in
bank parlors. The directors Of banks and
the large financial powers, which are the
controlling factors In the banks as well as
| In the great railroad systems Of the coun-
tG for on hoas q
| for speculative purposes, and they are
| themselves conspicuously out OF the mar
ket. Great organized movements in the
stock market backed by the concentrated
holdings of capital and based on intimate
| knowledge OF the working out of the deals
and combinations, are entirely lacking at
| present.
| Besides the disinclination OF the banks to
encourage speculative activity, it is no
ticeable feature Of the money market that
| fixed periods, while all OF the eagerness
| shown by borrowers is for loans carrying
over the end of the year, for which very
| small amounts are Offering. Claims are
| made in the name Of Western bankers that
the present large loans of Western banks
are in part placed in Eastern money mar
when the largest demands for funds to
| move the crops are expected. 1t Is ar
| gued that this will leave them in good posi-
| out calling on their Eastern correspond
ent banks for funds. But the experience Of
last fall proved that the Withdrawing Of
/ banks threw demands for renewals upon
the Eastern banks which were fully equiv
| alent to the usua! Withdrawals Of deposits
| from Wall-street banks.
| The course Of foreign money markets fol-
lowing the fiotation Of the $50 600 600 Trans
vaal loan Is not yet clearly defined. 1t is
oS the Of
| credits were largely relied upon by the sub
| scribers to the loan. With the allotments
| scribers of oversubscriptions the money
rate in London is relaxing, as expected,
but very large payments to the Bank of
| England remain to be paid and continental
exchanges are turning against London, so
| that the bank retains its per cent dis
| count rate. Whether large outward
movement Of gold from New York is to fol-
low this weeks outso is a question awaited
| try's favorable trade balance for April, in
Of corn exports, with which it compares,
goes to explain the current shortage Of ex-
change and its insuficiency to meet re-
to feregners as The light export demand for
cotton. owing to the high price resulting
from the furious cotton speculation, adds
to the perplexity of the exchange situa-
ton.
The belated completion OF the Rock
Island absorption Of the St Leuis & San
| Francisco, with its accompanying Issue OF
new Rock Island stock and collateral
bonds, calls attention to the fact that vari-
Gus suspended financial projects overhane
the situation, which may be announced
upon any relaxation in the money market
The offer on behalf of the Chicago. Bur-
lington & Quincy to extend for two years
the maturity of $O,0OO,O00 bond issue is
regarded as significant of the inopportune-
ness of the recent time for large financial
transactions.
| Decided influence upon speculative opin-
ion has been caused by the labor disputes
| upon various railway systems The out
| lock on the labor question has been a sub
| ject OF much discussion. The weakness OF
the iron market has been a depressing fac.
! tor in spite of all expressions Of confidence
by authorities in the trade of a continu-
| ance of prosperous conditions. The unpre.
cedented rate of production. without pro.
ducing decline I'm the stocks on hand, and
| the large requirements uncovered by reason
of contracts for delivery Of finished prod.
| ucts, fail to reassure sentiment entirely ir
face of the declining course Of the pig iron
market.
News OF the wheat crop is considered
satisfactory, but the delays In the plantins
| of the corn crop add to the causes of dis,
| satisfaction in the prevailing mood of de-
| preston in the stock market. Reports OF
| falling off in traffic on Western railroads
| of accumulation of car supply and Of tn.
going into effect of reduced rates of freight
| between Chicago and New York are citet
as additional ground for doubt over tn,
| future of values.
There has been an irregular movement OF
bond prices, and only a moderate volum,
| of business, but the increased variety il
the dealings has indicated a search for In
yestments. United States twos declined \
| per cent, as compared with the closinS
| call of last week.
| Following are Saturdays share sales ant
the recorded price changes:
High Low Clos