The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-10
QUIET AND REACTI0NARY
sTOCK MARKET DULL, WITH PRICES
GENERALLY LOWER.
Few Spots of Strength. Including ID.
a. IL. and AmaIgamated Copper
The Monetary Outlook.

NEW YORK, May 9.-The volume of
dealings to-day fell considerably below
half a million shares for the first time in
a good many weeks. Whether there was
any other reason for this dullness than the
decision of the party of spectators lately
leading the market TO let it lie fallow for
a time was not evident. Perhaps the long
drawn-out controversy over the anthracite
labor settlement may have been effective
in discouraging speculative activity. If
that was the factor which induced the
curtailment of demand and the sagging of
prices in the general list, it did not ap-
pear among the coalers themselves. That
group was affected by the marked strength
of Delaware & Hudson. The demand for
this stock seemed 10 be of a very special
character. The Wall-street public is puz-
zled to know the grounds of the very posi-
tive assurance which has been manifest
among the controlling interests in the an
thracite trade that there would be no
strike. Their determination has evidently
not varied to offer no concessions, while,
on the otker hand the mine workers, in efN
feet, are under contingent orders TO de-
clare a strike unless the concessions are
granted. The outcome was still awaited
when the stock market closed to-day.
There was some show of strength in the
early dealings and an appearance OF re-
newed activity on the part Of the recently
prominent market leaders. Activity was
manifest also on the part of some OF the
smaller speculative pools in minor railroad
stocks. Amalgamated Copper was con-
spicuously active and strong, advancing at
one time 1S. Reports were current that
sales or copper had been effected at
1917 cents by a leading competitor in suf-
hcient amount to take ii out of the market
for some time to come. The announcement
that one of the suspended Stock Exchange
firms would be able TO resume and that
the other two hoped to. was regarded as a
satisfactory development. Trading was re-
sumed in international Power and it was
lined 4 points. There were not lacking
weak points in the market, however, all
through the session. Louisville & Nash
Vile fell back after its recent advance, and
there was a drop of 4 points in Chicago
81 Eastern Illinois. The weakness of Chi
cago * was associated with
the conflicting reports of the admission TO
the directory OF representatives of the
Moore interests, who are reported to have
acquired large holdings of stock lately.
Tennessee Coal continued to show the
unfavorable effect of its annual report.
The reactionary tendency of the market
became more general after the appearance
OF the preliminary estimate of the weeks
currency movement. 1t appears that the
banks have received on balance from the
interior less than $1,000, 900, against the loss
TO the subtreasury during the week OF
81 ,00. The lOan item is, of course, a
matter of surmise. The early heavy liqui-
dalton in the stock market would indi-
cate a reduction of loans. but Ii appears
that some of the calling of loans in large
amounts was simply for the purpose of
relending elsewhere, including possibly the
ship merger underwriting syndicate. The
market closed dull and steady.
Bends were easier in sympathy with
stocks. Total sales at par value were ST.
235, 900. United States bonds were all un-
changed on the last call.
Following are the days share sales and
the recorded price changes.