The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-24
STOCKS CONTINUE ACTIVE
BETTER FEELING OVER CONTRAC-
TION OF LOANS BULL FACTOR.
RumOrs from Paris that Russia Is to
Float Another Enormous Loan
The Bearish Factors

NEW YORK. May 2s.-wan street start
ed the new week with a continuation Of
the brisk upward movement which start
ed on Saturday, as a result of a sense OF
relief over the turn in the tide of the SEEM
ingly endless extension of the already huge
loan expansion.
Others entered joyously into the move
ment in which thew saw a promise of re-
lief from the prolonged deadlock in the
market and the paralysis of their usual
means of livelihood. But by the end of
the first hour there was an abrupt halt in
the rising movement of prices and sud-
den relapse into the recent semi-stagnant
market
During the first hour 10000 shares
changed hands. During the second hour
the aggregate dealings reached only 90,
coo shares The dashed speculative spirit
due to the realization Of some heavy
requirements still ahead of the money mar
ket, which might have necessitated last
weeks loan contraction going on in the
country and was newly confirmed by the
usual weekly summaries of conditions.
1t was generally accepted that the heavy
loan contraction was due to some actual
liquidation as we'll as TO transfer of obli-
cations to foreign lenders through the
medium OF the exchange market. The rate
or large amounts of the New York city
bond issue, which had been hypothecated
by the subscribers, was pointed out as
one obvious field for liquidation.
The time money market was reported
slightly easier in tone, but actual rates
were not quotably changed. The call loan
rate relapsed TO l per cent. While the
money market enjoyed the benefit of the
100000 disbursement to the credit of the
Panama republic, made by the subtreas-
ury last week. ii was recollected that the
caI OF the treasury for government depos-
its falling due on May Is will call for
the surrender OF rather more than that
amount by the banks.
The Offering of the Cuban loan in this
market is also to be taken account of in
the money market outlook. From Paris
came rumors of a project for a further
Russian loan of $500 900, 0O0 which, however
had no confirmation
The usual Monday discussion of business
affairs by the traffic officials of railroads
contained the now familiar admissions
OF poor prospects for any improvement in
the deteriorated earnings, with the note Of
hopefulness shifted to the chances for
pruning the expense account to make up the
Impairment in earnings. Business on the
down grade was the substance of the can
vass. of which the results make their week
ly appearance in Wall street summaries.
Reports Of an intention on the part of the
attorney general to begin proceedings
against the coal combination was an add-
tional item.
The threatened spread of labor trouble
beyond the Long Island sound carrying
trains was a depressing influence. The edge
was taken off the deal in this way and
prices made practically no progress after
the first hour, during which more than
half the days total business was done.
In the final dealings prices sagged off on
offerings by disappointed holders and the
closing was easy and dull. Bonds were
steady. Total sales, par value, 81 $40, 900.
United States threes registered and new
fours declined Is per cent. on call.
Sales and the range: