The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-12
Chicago Stocks.
GBy A. r. Thompson & Co s
BROKERS VIEWS ON
THE STOCK MARKET
la. w. Thomson.1

NEW YORK, May 1.-THE government
crop report was net construed to be of
a disturbing character to the present values
of railroads, but ii could hardly be eX-
pected to stimulate any particular move
ments in the stock market to-day, and the
trading continued to be largely confined
to the professionals. The weakness in
United States Steel issues tended largely
to influence bearish sentiment and acted
as check TO any movement that might
have been intended in other stocks. The
sensational movement in Consolidated Gas
merely reflected the sentiment of the
traders as to the disposition that the Gov
ernor. might make of the Remsen gas bill.
Nine millions of gold were engaged for
shipment Thursdays steamers. This is
the largest amount that has been seen in
any of the gold export movements for any
one day for a number OF years past. An
nouncement was made that New York Cen
trail had authorized an issue of S3O,00O.00O
per cent debenture bonds for improve
ments and to pay of 100000 of floating in
debtedness. The steady and persistent sell
ing of United States Steel in the last hour
brought about some general realizing
throughout the list, with the exception of
under buying orders from the Standard Oil
interest. The publication by Iron Age on
the general condition of the iron and steel
trade was looked upon extremely bearish
on steel and iron properties and no doubt
accounts for selling of Steel.
Meyer & Kiser.1
NEW YORK, May u-There was at
least one feature to the stock market to-
day and that was the extreme weakness
of the United States Steel stocks. Both
common and preferred were under pressure.
and both broke badly. The common sold
down to new low record, and the pre-
ferred lost more than two points from
the high figure of the first hour. The pres
sure on the common stock seemed to be pro-
nounced, and its resisting power was prac-
| tically nothing. The selling of the preferred
was variously ascribed TO certain bearish
operators and 10 insiders. There were no
news Developments that might be regarded
as influencing the trend of the stock. The
weakness in the Steel issues was felt
| throughout the market, and the tone in the
! afternoon was weak. Record engagements
| of gold were made to-day, and 100000 in
! gold bars will leave this port tomorrow
| for Paris. This is the largest shipment
for one day ever made. The gold goes
out on account of the Panama payments
| and there is no doubt but that further
heavy exports will be made. Ii the drain
continues it is absolutely certain that call
rates will stiffen. Formal confirmation OF
the report that New York Central is about
to make bond issue was obtained to-day
! 1t will issue coo 4 per cent thirty.
year debenture bonds. all of which has
been underwritten. Morgan & Co. will head
| the syndicate. consolidated Gas was very
| erratic to-day, advancing sharply and ther
! reacting easily, causing all sorts of rumors
as to the possible action of the Governor
to be circulated. Amalgamated Copper was
| one of the strongest stocks throughout the
| day. The Erie issues and Union Pacific
were steady. The total trading during tn.
day was small. and the same dullness pre-
| vailed. There was some selling of ST
| Paul but Ii was not aggressive Money
! remains unchanged
IA r. Thompson & Col
NEW YORK, May Hunted States Stee
was the feature of the market this after
noon, breaking violently. There were man,
reasons rumored as the cause, one of which
received the most credence, the holding.
of Schwab were being iquidated. We ar,
unable to confirm any Of the rumors, bu
II was evident that there was some genuin,
liquidation. And the same caused a weak
ening tendency in the general list LiauiGa
ton is all that is required to break prices
and If IL comes We may look for lowe
prices. Nine million gold goes out on to
morrows steamer and later in the weel
more is expected TO be engaged Wal
street is mixed the crop situation blu
the general feeling is expressed that a full
tonnage can be expected and that the pros
poets for the granger roads are lean an.
on the whole the situation cannot be sal,
10 be in any measure improved, the un
favorable developments far outweighing tn
favorable ones.