The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-20
STOCK TRADING is DULL
MARKET GREW WEAK YESTERDAY
WHEN ACTIVITY DEVELOPED.
Rally in United States Steel Late in
Day Helped Whole List Regain
Loss of the Early Trading.

NEW YORK, May 19.-The stock market
continued inert and almost lifeless to-day.
Whenever any activity developed the tone
of the market became soft, showing the
predominance OF selling over buying orders
in the very narrow market.
When prices ceased their slow downward
tendency the market fell into profound dull
ness and neglect, thus rejecting the un-
willingness of any buyers to take stocks on
an upward scale of prices. So argued the
room traders, whose operations are de-
voted to following the movements of larger
operators.
As the meager dealings were almost
wholly made up. of the room traders trans
tions they were drawing deductions from
their own operations. In fact, the trading
offered no grounds for serious differences
of any kind, beyond the obvious lesson that
there is nothing in present conditions that
has any power to arouse interest in stocks.
The trading started with some light gains,
due to the sympathetic influence of the
London market, in which rumors were re-
ported to be in circulation of prospects for
the coming of peace in the far East. The
resumption of selling of United States Steel
preferred on the continuing effect of pessi-
mistic reports from the iron trade was the
first drag upon the market, but the heavy
tone spread to other quarters.
The subtreasury statement showing gains
of 81 10000, promised another formidable
inroad upon the surplus reserve OF the
banks, the more so as the S2,500,000 in gold
exported to-day does not figure in the state
ment.
A definite statement by the negotiator of
the New York subscription to the japanese
loan that the whole OF the s25oOo'oDo sub
helped to explain the demand for gold, but
did not define its limits. Sterling exchange
showed a slightly yielding tendency, and
this was said TO be due to sterling loan bills
in the market.
The Bank of England maintained its dis
count rate but the open market rate In
Paris receded, and the Bank of France
statement showed the growing plethora OF
resources of that institution.
The weather map was pronounced Ideal
for the crops, but the contradictory
the effect of this. The severe reduction in
New York Central's net earnings for the
quarter emphasized the effect OF unfavor-
able returns by other systems.
A disposition to dispute over the main
tenance of rates on business as given 10
the railroads by the interruption of lake
! transportation by the strike was regarded
secure traffic, and attention was attracted
by the reports of drastic retrenchment
| projected by the railroads to cut down ex-
| pense accounts.
Notice late in the day of an offer for sub
| scription next week to a $50, 100000 Cuban
| bond issue is another factor promising to
| prolong the demand for gold for export.
But this did not prevent prices from re-
| tracing their previous course in sympathy
with rally in United States Steel pre-
| ferred leaving the days net changes wholly
| insignificant.
| Bonds were dull and heavy Total sales
par value, ST. 5000. United States bonds
| unchanged on call.
Sales anu the range: