The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-05
LIFELESS STOCK TRADING
CHIEF ELEMENT OF DEPRESSION Is
IN THE STRIKE SITUATION.
Changes in United states Steel Direc-
tOrate Another Cause-Price Move
ments Few and UnimpOrtant.

NEW YORK, June 4.-The stock market
to-day was still confined to its narrow pro-
fessional rut, and lacked even the few spe-
cial features which varied the monotony
yesterday. There was some slight irregu-
larity dusing the day, but the general tone
was rather heavy. The losses were small
and were caused by very light selling. prob
ably due merely to the efforts of the pro-
fessionals to afford basis for trading. The
ostensible explanation of the heaviness was
the report received from the anthracite
regions this morning that some of the coal
mines We're suffering from the shutting
down of the pumps, due to the inability of
the operators TO get sufficient substitute la
Dor for the striking engineers and pump
men. The rioting in Chicago over the
teamsters strike had the effect of some
what sharpening apprehension over the
subject of labor troubles generally. al
though much qualification is expressed on
all sides at the absence of violence in the
mining region. The impression is deepen
ing, however. that a long struggle is in
prospe t. The effects of the coal shortage
are in the meantime growing more acute,
and the possibility of the seft-coal miners
becoming ultimately involved in the dis
pute is always kept in mind. This posi-
bility may have accounted in part for the
rather marked heaviness of the United
States steels. The resignation of two di-
rectors yesterday was also a factor in the
case. The tendency of retiring interests to
embark in competing enterprises was dis
cussed. The decision to maintain the pres
ent price for steel rails for 19OS and re-
ports of large orders already received run
ming into next year, did not prevent the
selling of United States steel, especially the
preferred. The weather bureaus report of
damage TO crops by frost last week, and
the delay in the planting of the corn crop
and its backward cultivation by reason of
uhfavorable weather helped on the under
tone of depression. The extraordinary ia
vorable outlook for the cotton crop report
ed by the same authority was the motive for
some buying OF cotton carrying railroads,
especially Kansas * Texas and st. Louis
southwestern Southern Railway also was
one of the firm stocks in the market. A
sharp reaction in Canadian Pacific after
its recent sustained advance had some SYM
pathetic effect on the market Continental
Tobacco preferred also lost all of its adj
vance, which has accompanied the activ-
ity in the Consolidated tobacco bonds A
rise of points In Detroit United Railways
was not explained, and about half of it
was lost. Call money was somewhat cas-
Ter, but held at per cent. or above Ster-
ling exchange continued to advance. The
hrmness of exchange in spite of the higher
rate for call money and the selling by
American holders of British consols to take
profits is attributed to a demand by bank
ers TO cover against previous sales of ex-
change bills made in the course of borrow
ing abroad. The market closed semi-stag
nant and heavy.
Bonds were rather more active than
stocks, and the price movement was ir-
regular. Total sales at par value were
S2,720000. United States threes declined Il
and the twos, registered, Is per cent on the
last call.
Following are the days share sales and
the recorded price changes.