The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-17
STOCKS CONTINUE WEAK
GENERAL DEPRESSION IN BUSINESS
WORLD BEAR FACTOR.
Tone md Was Carried Up n Large
Fraction-Bonds Easy.

NEW YORK, May l6.-The stock market
was under pressure again to-day and prices
gravitated to a lower level in an irreg-
ular way without much resistance The
depressing causes were the quite general
distrust and hesitation reflected in the
business world and the rapid changes TAX
ing place in the resources of the money
market by reason of the heavy gold outgo
A special aggravating cause was the re-
newal of the liquidation in the Erie stocks.
with acute weakness resulting. The severe
decline in the earnings reported by the
system gives rise to expressed fears for
the maintenance of the dividend the
first preferred stock
Some sympathetic effect was produced
on other stocks in the coal group. Della
ware q Hudson had to contend with
poor quarterly statement of earnings. Per-
sistent rumor of governmental proceedings
against the coal combination, in contem-
plation. are an influence. on the group. III
is probable also that the interruption TO
coal traffic on the lake by the strike OF yes
sci men enters into calculation in the out
look for the anthracite traffic.
This special weakness rather more than
offset the sustaining influence OF the nrmer
tone for United States Steel preferred: The
support of this stock carried il up large
fraction and had cheering effect upon the
general market.
Weakness became fairly general in the
midsession trading, the grain and cotton
selling of these stocks was based apparent
ly on the weather condition in the crop
regions
The Saturday bank statement and the
money outlook were much discussed and
nothing was found in the subject TO stim-
ulate any advance in stock prices. The en-
gagements of gold already made for export
were added to by only S50,Co. OF which
$4,000 was for Thursday. But this llmlta-
ton was due to the exhaustion of the sub
treasury's supply of gold bars and the
postponement of $2.5O00o of the Shipment
intended for Tuesday until Thursday was
due TO the same cause.
The tone of the foreign exchange mar
ket showed no signs of relaxation or the
pressure upon this center for gold. Lon
don, however. reported such plethoric
condition of money that funds were prac-
tically unlendable, with the call loan rate
down very low and two and three months
discount at per cent.
Call loans in this market advanced ana
the time money market was nrmer. L MS
course of events would lead shortly 10 Dor
rowing on sterling bills in New YORK, with
a resulting retirement OF gold remttances;
The foreign trade statement Tor April
shows a check to the fall in our exports OF
merchandise and decrease in the value OF
imports, which tends TO restore somewhat
the trade balance in our FAVOR, tnuS re-
lieving the excessive pressure ior eAPor's
of gold. ar
Railroad earnings, reports of traffic ofll-
Gals and reduction in the price of Cop
per failed to offer any help 10 the STOCK
market, and banking failure IN Maeoh
had a disturbing effect upon sentiment
United States Steel preferred again as
serted its influence on the market py its
late advance of a point with rally IN the
general list. The closing, however, was ir-
regular.
| Bonds were easy. Total sales, par value,
81 $4,000. United States twos, the threeS
coupon and the old fours declined a per
cent. on call.
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