The age-herald., 1902-05-14
STOCK MARKET
 DULL AND MARROW To Large Extent There Was a Recovery From Weakness. SHORTS WENT FOR PROFITS Declines in Condition of Winter Wheat Was Hardly So Great as Expect
 ed, But Abandoned Acre.
 age Surprised Dealers.
SHORTS WENT FOR PROFITS

New York, May 1s.-Today's stock mar ket was dull and narrow affair, between professional traders for the most part, but the stronger tone was unmistakable. To a large extent this was natural recov- cry from yesterdays weakness. The in- fuences which weakened the market then were allevIated or removed today and there was a considerable demand from the professional short interest which sold stocks short yesterday on the unf9vorable dividends. The publication of the gov- ernment's unfavorable report of crop con- ditions on May l induced considerable re- alizing by the short interests.
 The decline in the condition of winter wheat was hardly so great as expected, but the abandoned acreage proved larger than supposed. The professional shorts were disposed on the whole to take their profits and they were urged to this course by the additional argument that the favorable weather since the first of the month must represent a notable improve ment in the crop since the date of the governments report. Pressure against the shorts was also exerted by the circu- lation of rumors of a favorable turn in the anthracite strike situation; but no in- formation on this point was forthcoming. Apparently liquidation forced by the more urgent discrimination by money lenders against collateral was completed yesterday and there were no such for midable breaches in the prices of high grade stocks as on yesterday when that feature was a strong sentimental int1u- ence against the market Some of the wide advances scored today In fact simp- ly represented sudden recoveries or par tial recoveries from yesterdays severe de- clines. The, money situation was some what easier although loans were made against as high as per cent The for eign banking houses were very large lenders in the market and the continued decline in exchange reflected further bor- rowing from foreign money markets, un- der which the money rate weakened. The selling of exchange in this operation is In effect going short in the exchange mar ket and represents requirements for ex- change to be met in the future To some extent it is a speculation on the future volume of our exports, which depends most largely on the situation of the com ing corn crop.
 Buying of stocks for London account was a strengthening factor in the mar ket. The lower rate for money still rul- ing abroad makes it profitable for domeS- tic buyers of American stocks to pur- chase them In London and hold them with money borrowed there. As the floating supply in London is small, the technical effect is to induce purchases in New York by the arbitrage brokers to cover their demand in London, while the shipments of stock from New York are covered by sales of exchange here, thus relieving the demands for credits on the local money market. Yesterdays sharp relapses in some stocks awakened scep- ticism as to many recent rumors of the source of recent den<nd for stocks, said to be for control by large interests. But the Louisville and Nashville episode and the known character of some of the re- cent distribution of Reading among other railroad interests keeps alive the convic- tion that there is a tendency toward the lodgment of stocks in strong hands for control.
 The state of suspension of the Northern Securities case clearly does not prevent the progress of plans for control as the question Involved there is one of method in holding stocks after they have been secured. A rumor circulated today, al- though denied, that the Northern Secur- ities interests intended to abandon their present plan resulted in a drop in the stock on the curb to 99, which is its first fall below parity.
 The stock market closed dull and firm.
 The bond market was dull and irregu- lar Total sales. par value, $2,310,0 900. Uni ter States 2s and 3s declined A per cent on the last call.
 New York Stock Market.