The Indianapolis journal., 1904-05-13

NEW YORK, May 2.-There was
further expansion in the volume of deal
ings in the stock market to-day, due TO
the increased pressure to sell stocks, the
weakness being more distributed than was
the case yesterday.
Much influence upon sentiment was pro-
duced by the imposing dimensions of the
gold movement. The May shipments and
engagements for Saturday aggregate more
than $Z5,000.000 The largest amount of gold
ever before exported in full month from
New York was in May. 1894, when S27 $4,000
went out
The sustained level of the foreign ex-
change rate makes il evident that the move
ment has not lost its force and estimates
vary widely as to it's limits, which have
already reached over S40.O0O,000 since it's in
ception in april. A large portion of the
Panama canal payment remains to be pro-
vided for. and the current outgo evidently
is to meet other requirements than the
Panama payment.
For thing it is admitted that to-day's
! engagement is in part against a subscrip-
tion TO the Russian loan. which was taken
yesterday. The steady inflow of Japanese
gold to the Pacific coast has. been an i'm
The point is made, however. that the sub
| scriptions to the japanese loan here will
| check the inflow of gold at San Francisco,
| by providing funds here for Japan to draw
upon, while drafts may be made also upon
| that fund for payments in England. thus
adding to the demand for gold exports.
| Meantime the treasury department has
| sent notice of the withdrawal of the final
/ 10 per cent inStallment of 40 per cent gov
ernment deposits with banks on May %:
| These Withdrawals, when completed, Will
| have taken something like s50,000,0OG from
| the banks. AS is well known these deposits
| had been accomplished in New York in pre-
| paration for the Panama payment and
/ have contributed 20 the plethoric condition OF
the money market, which in turn was an
| incitement TO the enormous expansion or
! the loan item.
Heavy demands for corporation purposes
are still ahead of the money market. 1t is
not strange that the rate at which the cash
| depletion and loan expansion are carrying
| the surplus item towards the vanishing
| point should have disturbed the assurance
which has been manifest over the money
market
The statement of domestic exports for
| April, published to-day, contained gratify-
| ing surprise in the heavy increase In value
! of cotton exports over last April, serving
to offset largely the shrinkage in value of
food stuffs and relieve the scarcity of COM
mercial bills in the exchange market.
| The gold movement shared in influence
with the continuing effect of the crop con-
| dition and declining tendency of the iron
| and steel trade.
United States Steel common established
a new low record to-day, and, the preferred
! stock suffered accutely account of the
| discussion of it's prospects for maintained
| dividends Further reports were received
| of decreased railroad earnings. The feeling
| of general distrust over the stability led
to free throwing over of stocks and the
| sharp break in prices in the day
| Covering by room shorts steadied the
| closing. The rebound in Consolidated Gas
on the veto of the Remsen Gas bill looked
| like n squeeze of shorts.
Bonds irregular. Total sales, par
value, S1,S90.00O United States bonds were
| unchanged on call.
Cnlrr and fla