Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-02
FINANCE AND TRADE
Decided Reactionary Tendon
cy in Stock Market.
FEAR OF COAL STRIKE
CROP PROSPECTS ALSO A BEAR
IsH FEATURE.
Added to These Items There Was a
Furry in Call Money
Rates.
FEAR OF COAL STRIKE
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
+ NEW YORK. May 2.-Trading in today's
stock market reflected considerable irregu-
larity as the natural result of the extremely
confused speculative conditions resulting
from the crop situation, the delay in an
nouncing the decision of the anthracite coal
miners and the furry in call money. The
undertone at the opening Of the market
was steady, and there was little pressure
of stock. Later in the day western selling
was a factor, and prices In all the Granger
issues declined from 1 to per cent.
The need of rain in the west Is generally
admitted, and crop scares can scarcely be
avoided unless almost immediate relief is
reported.
st. Paul was bought in round amounts by
the brokers noted among the conspicuous
buyers yesterday, and for a time the selling
made little impression on the stock.
During the afternoon prices generally
yielded, and an actual liquidation Of specu-
latfve long stock was in progress. Union
Pacific sold off easily and there was re-
alizing in Illinois Central and all the high
priced western issues Louisville was
marked up to a new high level during the
morning but the street was not Inclined to
follow the leadership of this property An
almost unlimited buying order in Monon
issues was conspicuous feature of the
new demand in Louisville. Southern is
sues held well also during the active period
in the two issues last named, but the buy
Ing represented no new interest.
The coal stocks sold off under mixed sell
Ing ascrfbed to the continued uncertainty
relative to the strike situation. Some an
nouncement on this subject has been ex
pected for several days, but as yet the re-
suit of the weeks secret deliberations is
still unknown. There is a rather confident
feeling that no strike will result but with
the general market heavy traders were in
clined to take profits over the end Of the
week.
The traction shares declined in sympathy
with the market and the pool in Brooklyn
Rapid Transit was said to be willing to
shake out long account which was ac-
the original plans of the pool. The indus
trial list, with the exception Of sugar and
copper, was inclined to business, the steel
stocks being in good supply at reduced
prices.
Locomotive shares were heavy as the re-
suit Of selling ascribed to International
Power interests, and the last named stock
sold down in the eighties. On the curb
Greene Consolidated Copper stock was a
feature. being bid up to % at one time as
against 231a yesterday.
The estimates on tomorrows bank state
ment vary decidedly. but in the main an
unfavorable exhibit Is predicted
The City Bank loaned over $1,000 900 dur
Ing the day at 9 per cent. and in order to
distribute the accommodations as far as
possible loans Of $4,000 were given the
preference Rates in the open market
varied from to per cent but In no in
stance was the condition regarded as being
more than passing incident.
Some gold from the Pacific coast is ex-
pected to appear as an offset to losses sus-
tanned by the banks on account of the |!
weeks currency movement. Traders con- I
tirued to sell the market during the last
hour. particularly the western contingent,
% oJl <l1
market to take care Of itself The purely
natural condition of the movement was
somewhat reassuring. since the decline was
entirely devoid of scare features. Taken
as a whole, however, the market was more
uniformly reactionary than at any time Of
recent date.