The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-26
STOCKS VERY DULL AGAIN
SHORT SELLING YESTERDAY CAUSED
SOME WEAKNESS.
Strike Causes Drop of Point by New
York, New Haven ~ Hartford stock
-RuSiness Continues Dull.

NEW YORK May 25-Yesterday' clos
ing out of contracts by the Disguised trad
ers who had come into the stock market
under the influence of the Saturday bank
statement left little motive power in the
market to-day.
The reaction invited some short selling
in the effort to extend the downward move
ment so as to yield traders profit on the
short side, bup this was timidly pursued,
and with the subsequent steadying of the
market the trading became virulently stag
nant.
Efforts TO trade seemed TO be abandoned
in despair of achieving any movement OF
prices. Selling for London account had
some influence on the early heaviness, al
though IL was OF no light volume.
The impression was produced by the en-
ployment of houses having connection with
those cities that Chicago and Philadelphia
orders were responsible for the selling Oh
point in New York, New Haven & Hart
ford was the only visible effect of the strike
of freight handlers. But the labor DIM
! Guilty on that road of repressive inhu-
ence on the trading.
The immobility of prices in Wall street
and the stagnation of the trading are evil
| dence of the waiting for developments In
| the general situation. The contracting ten
| dency of general business is no surprise 10
| Wall street, for ii is evident that the long
| liquidation of last year was in expectation
of Just such development. The precedent
| of reaction in business as a sequence or
| the elimination of a boom in securities is
| too unvarying to. leave much room for mis-
| calculating it,
The shrinkage in business unfolded day
| by day proves the foresight that prompted
| selling of securities last year. and advanc-
| ing prices OF securities may be seen, Whlle
| the actual contraction in business is still
| going on in anticipation of the change. But
| what Wall street cannot distinguish Is
| shown how far that reduction in earning
power which is generally prevalent has
| gone.
The extent to which the ability of rail-
roads to meet fixed obligations may be i'm
| paired by the downward course of business
1 must be ascertained before confidence re-
turns to the speculative world.
| The incidents of the day We're few and
were of little influence. The outgo of ST.
| 100000 gold tomorrow is practically offset
! by additional receipts of japanese gold,
! banks 10 the subtreasury to-day was close
| ~ equivalent TO the payment last Saturday
| TO the credit of the Panama republic.
] The grain markets had a quiet day and
| threw little light on the question of the
! crop outlook. The marking down of the
| market quota ton for copper had effect
| on Amalgamated Copper, the security
principally concerned.
| Advances in refined sugars were equally
/ without influence on Sugar stocks. Brook
Ign Rapid Transits advance was at
| tributed to summer passenger traffic. but
| Metropolitan Street Railway made an
| equal or greater decline. Last prices
| were insigniticantly altered from those OF
| last night.
Bonds were steady Total sales at par
value were s1,12500O. United States bonds
| were unchanged on call.
Sales and the ranges: