The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-12
STOCKS SHOW MORE LIFE
STEEL ISSUES WEAK AND COMMON
SELLS UNDER 10 AGAIN.
Reports of Declining Demand for Iron
and steel Caused Weakness Of
Steel-Copper Strong.

NEW YORK. May u.-There were
periods OF to-day's trading that were con-
siderably more active than the recent aver
age, bat at intervals the market showed
the same profound condition OF lethargy
that has characterized it for some time.
News Developments were not lacking, but
the response to them was very slight. The
government crop report was regarded as
decidedly unfavorable in the amount of .the
probable yield of winter wheat But the
showing had been discounted apparently.
both in the stock market and in the grain
market, neither of which was greatly
affected.
Another new development to which gen
eral Importance is attached. although it has
been long expected. is the proposed issue
OF debenture bonds by the New York Cen
trai, reports of which were generally
credited, although not officially confirmed
before the market closed.
The issue of bonds for a moderate term
and at a rate of interest above that recent
ly paid by that company was varlously IN
terpreted. With both stock and bonds
authorized and not issued. il is evidently
admission, in effect, of the possibility
OF issuing these on favorable terms III the
present market.
on the other hand the placing of the
deDenture issue with syndicate Is evil
dence of some Improvement in the absorb
tive power OF the bond market. The con-
spicuOus feature of the days stock market
the selling of the United States Steel
stocks. which carried the common stock
to "a, level never before touched. Inc
selling was attributed to feeling on the
general outlook in the trade.
Reports from the trade were OF declining
demand for iron and expanding facllltleS
for output by the United States Steel cor
poratlons iron department, with resulting
discomfort by independent producers ana
suggestions of plans for steel WORKS TO
provide consumption for their product
But by far the most notable development
of the day was the enormous gold move
ment. Total engagements for shipment by
tO-morrows steamer reached Sy,W0,VU
This concentrated movement is so little IN
accord with the intimations of those nav
| ing the Panama payment in charge that
the transfer would be made gradually and
/ in comparatively small amounts that there
was room to question whether the move
ment was not III large part due to other
| causes than the Panama payment.
While the Subtreasury paid out yesterday
| $15,UOO,UOO on the Panama canal payment
! to Morgan & Co, the depositary banks
were called upon at the same time TO pay
| over about Sl2500,000 OF government de-
posts. that there was little net increase
| in the available supply to provide for to-
| days heavy exports OF gold.
Call money responded 10 the heavy in
/ roads upon cash reserves, the rate rising 10
/ 2 per cent The time money market is not
/ yet affected. Railroads made further poor
returns of earnings. Consolidated Gas
/ infatuated under the operations directed
/ against the shorts in the stock.
The market closed steady, but not Tar
| from the lowest, a rise of 112 in Amalga-
| mated Copper helping 10 steady the close
The bond market became irregular In
| sympathy with the late weakness in stocks
Total SAFES, at par value, $l,Si5,OU. United
States bonds were unchanged on call.
Sales and the range: