The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-17

ly better tone to the market. and a majori-
" OF the active stocks scored gains which
carried some of them above Saturdays
close. The general tone throughout the day
was srratlc and nervous. and the active
stocks exhibited considerable weakness.
me total trading for the day footed up
fairly respectable amount. but the market
was, nevertheless. professional Ii was a
decidedly difficult market TO analyze There
We're conflicting factors evident. and those
who usually sway markets seemed TO be on
both sides. The reaction in Steel I'm the
afternoon was deemed by many TO represent
buying by the interests now domisant in
the company. The preferred stock was
firm and the buying good. but there was a
liberal allowance OF long stock IN the mar
ket. Liquidation was apparent In various
quarters. and it seemed as if the holders
of long stock were distributing their securt-
ties. There was some support noticeable.
but IL was not aggressive enough TO have
any particular influence. The tone at the
close showed some Improvement, and II
might be said that sentiment had changed
go out tomorrow, according TO revised
figures. is sS.25j.0Oo. About S.00,Ooc has
already been arranged for shipment on
Thursday. Because of the fact that the
Thursdays steamer is not particularly de-
srable. the amount TO be shipped on that
day may be somewhat lighter. Total for
the week. however, will be very large. Rail-
road earnings continue TO make poor
showing. and the outlook is not particularly
good. Several banks to-day marked up
loans from per cent. TO pa. and on pro-
were weak again to-day, and Reading
sympathiZed. 1t is again rumored that the
dividend on Erie first preferred will be re-
duced. Atchison developed considerable
weakness, and sold off rather easily. Brook
lyn Rapid Transit seemed TO have been
deserted by its friends, and broke under
comparatively little pressure Consolidated
Gas was TIE spectacular feature of the
market selling up above PIP. and reacting
fully five points. Some brokers thought
they detected Distribution of stock by in
S1derS. showed a
tone. Nearly all these stocks braced up i'm
the later trading. however. Pennsylvania
eased off, but withstood pressure very well.
The bond market was heavy. Trading was
generally dull.
IA. r. Thompson & Col
NEW YORK, May l6-Talk OF a large
short interest in Steel was circulated this
afternoon, together with the bidding up of
the stock in an effort to sustain the gen.
eral list Some short covering was forced.
but the rally was feeble and the market
closed comparatively weak. Further en-
gagements of gold, but definite amounts
are not as yet obtainable There was
more liquidation throughout the list to-
day. most noticeably in Erie and Penn
sylvania. The move in Gas was purely
manipulative, for the purpose OF whip
saving the politicians. who had the tip
and went short on the knowledge that the
Governor would veto the Remsen bill. The
pool in Brooklyn Rapid Transit and
Amagamated found great difficulty to
realize on long stock accumulated last
week. The report Of million-dollar fail
ure at Macon. Ga, had no effect here We
look for lower market upon liquidation
by syndicates and pools. who realize that
they must get out now before a money
furry, which is probable.
&c. +. Braulk & Col
NEW YORK, May 1.-THE bank state
ment and irmer call money were the early
influences in the market and prices gen.
orally showed a disposition TO sell lower
and by noon the records showed declines
of from y to l per cent. The Erie and
Reading issues were the weakest The
Steels showed some support, and finally
closed higher than for several days. The
sensational feature was the movement i'm
Consolidated Gas. This stock made a rapid
upturn 10 2l2A or points above Saturday
then gradually weakened. selling down
about IS a share. and closing weak. Stocks
| like this don't show the trend of the mar
| ket, but act menace to legitimate
trading. Many stocks present themselves
as on the bargain counter. especially South
ern Pacific. Union Pacific, Pennsylvania
and New York Central