The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-14
STOCKS ARE STRONGER
FIRMNEsS WAS HELPED BY SOME
GOOD LONDON BUYING.
United states Steel Continued Weak
and the Common Made IN New Low
Record, Going Down to 3-S.

NEW YORK. May 13.-The stock market
made some stand against depression to-day.
and early in the day some recovery was ef-
fected from yesterdays sharp declines The
firmness was helped by some light buying
for foreign buying. London continuing to
show g wholesome tone with declining
money market.
The news over night of the fixing of the
amount of the New York Central debenture
bond issue at Sc Ooo 900. instead of SS0.0ooOOo.
DIS was understood yesterday, was not
stmula ting to the general market, owing
to the inroads upon money resources indi-
Gated. But New York Central stock itself
was little affected until the late break in
prices.
The decision to issue debenture bonds
puts claim OH earnings ahead OF the stock
But the fact that the bonds are underwrlt-
ten and the sale of treasury stock thus
avoided seemed to be fav orably regarded by
stockholders as preventing an increase In
the market supply of the stock.
The trunk line stocks generally were PROP
ably affected to some extent by the threat
ened tie-up OF lake traffic, owing TO the
dispute between the Masters and Pilots AS
sociation and the Lake Carriers Associa-
ton. A considerable division of summer
traffic to the railroads is thus promised.
The episode as a whole is not, OF course,
stimulating to values in general.
Some encoura cement seemed TO be caused
by the probable postponement of part of the
gold shipments contemplated for tomorrow,
although that action seemed to be due en-
tirely TO the scarcity of gold bars in the SUBJ
treasury here, by reason of the recent heaVy
demand. The arrival from San Francisco
OF consignment of s2,250,000, which may be
Immediately available to New York banks
| by telegraphic transfer, promised further
alienation from the gold drain.
The closing of subscriptions to the Japan
csc loan and the prospect OF early allot-
ments will probably put stop to the Jap
anese gold imports. The two-point rise in
Amalgama ted Copper had some sentimental
effect in sustaining the early market, al
though ii had no explanation beyond the
| usual vague rumors of settlement or nti-
| cation of Copper interests.
! United States Steel preferred also got
| nearly a point over last nights level But
! the pressure was renewed upon the United
| States Steel stocks. the day progressed.
! The volume and the mystery of the source
| of this selling have a very unsettling infiu-
| ence and seem to be regarded as portent
| by the usual operators in the market.
The common stock made successive new
low records down to Sssc, without the slight
est apparent effect at support.
! The weeks currency movement made
| less formidable showing than was feared
| in view of the enormous gold movement OF
the week. Large receipts from the interior
| have been a partial offset and the gold to GO
/ by to-morrow's steamer does not figure IN
| the estimate and will not in the weekly
| bank statement
1t is thought probable therefore that the
cash decrease may be within $5.0O0.000. An
| extensive loan expansion is confidently
looked for. Call money loaned at 21a pei
cent. but ran off again to below per cent
| The weakness of the United States Steel
stocks carried the whole market off in the
later trading and made net losses Of the
DAY. Bonds were dull and about steady
| Total sales, par value, $1,S00,000. United
States bonds were unchanged on call.
| Sales and the range: