The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-05-09
ARE UNCERTAIN,
THOUGH RECOVERY IS MADE.
HOPE OF AVERTING STRIKE
HAS INFLUENCE.
Money Goes to Nine Per Cent, but
Sterling Exchange Turns
Weak in Course of Day.

New York, May S.-Stocks recovered from
yesterdays weakness to-day, although there
was considerable uncertainty manifest in
the prevailing sentiment. A more cheerful
feeling over the anthracite outlook is re-
sponsible for considerable rebuying by short
sellers of yesterday, who. professed con-
ndence last night that a strike could not
be averted. The hesitation which developed
in the market was due to a considerable
extent to the action taken by the Mine
Workers Convention, which represents an
entirely new phase Of the situation. The ac-
tive coalers reflected no misgiping after the
announcement of the miners officers of q
willingness to arbitrate, but they. fell into
comparative dullness. The h~igh-priced coal
ers offered the anomaly of early weakness.
while the Readings were advancing, and a
Readings had largely died out.
Whole Market Becomes Dull.
The whole market fell into dullness in
the latter part Of the day. while waiting
for the announcement of the reply Of the
anthracite operators to the offer of the
miners The result is that the days trans
actions are not much over half those of
yesterday. Outside the Readings the prin-
opal activity was In st; Paul, Union Pacific,
the local fractions and Southern Railroad.
Union Pacific and St. Paul were bought
heavily for Western account, the attraction
referees decision unfolding the constitu-
tionality of the New York franchise-tax law
induced some active liquidation of the
stocks of New York public utilities. but
they were well supported and rallied. The
advance in Louisville and Southern Rail-
way met realizing. Reports Of an apparent
contest between the two interests for con-
troll of coal lands increased their DISPOSE
ton to sell.
Illinois CENTRAL IL strong.
Illinois Central became strong in contrast
to its weaknes yesterday, while the other
two stocks were advancing. There were
evidences of strength among various minor
stocks, which are supposed to be the sub
ject OF manipulation by speculative pools,
although various rumors continued to cir
culate of their prospective absorption or
merging. Tennessee Coal and Colorado Fuel
were under pressure. The last named, how
ever, recovered to well above last night.
international Power fell 9 points below
the last sale price, but fully recovered.
There was a sale of st. Lawrence and
Adirondack at So, compared with the pre-
ceding sale of 1889. This sale was before
the collapse of the Webb-Meyer stocks.
The incidental statement by Doctor Webb
that he had sold the road to A. L. Meyer
was news to the public this morning..
sterling exchange turned weak, and New
York exchange at Chicago recovered from
2c discount to 10c premium. Money brokers
report offerings of large sums for lending
in New York from various quarters of the
country. The loss already this week to the
oned with In considering the money mar
ket situation.
The bond market recovered to-day. in
sympathy with stocks. Total sales, par
value, S.lGo,W0 United States IS and the
new IS declined u per cent on the last call.