The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-23
STOCKS ARE IRREGULAR
GENERAL. INDIGESTION NOTED ON
THE NEW YORK EXCHANGE.
Prospect of Great Coal Strike RespOn-
sibIe for Weakness i'm All the
More Important Securities.

NEW YORK. May 22-To-day's stock
market was extremely irregular through
out and closed with that tendency rather
emphasized The same stocks changed
their course In some cases, and the pre-
vailing disposition of the speculation was
hard 10 distinguish and was, in fact, con-
fused and mixed. The anxiety over the
coal strike was rather deeper on account
OF the implied threat Of the engineers. fire.
men and pump runners in the anthracite
mines to come out unless can eight-hour
day is granted to them. This would bring
the struggle TO an acute stage, as the
safety of the mines is dependent upon this
work being done. Some of the steel stocks
were heavy in tone as a result of the effect
Of the coal strike, which is beginning TO be
felt In that industry. This did not prevent
a jump of 10 points in Lackawanna and a
late squirt in Delaware & Hudson. The
elimination of the recent extended rise in
Canadian Pacific and it's sharp reaction
naturally had some sympathetic influence
upon the rest of the market. There was no
news to account for the setback any more
than there has been to account for the
rise, and the movement seemed 10 be due
partly to speculative profit taking. The
late break in the stock to below 1913 helped
to unsettle the close. A break of points
in Ann Arbor preferred probably the
result OF the settlement of control of that
property. The United States Rubber stocks
suffered from the poor financial showing
Of the company for the past year. St Paul
offered a strong leadership for the grain
carriers. but it was not followed with
avidity, and Union Pacific was persistently
heavy, ofsetting the effect of st. Pauls
advance of 23s. The news from the crop
region was considered encouraging. An
other center of strength was Amalga-
mated Copper.
The gains in the American Smelling
stocks and in National Lead allied to this
all being the outgrowth of the advancing
] of raw copper. The meeting of support for
silver is benefit to the smelling stocks
The speculative interest in small railroads
keeps alive and was fostered to-day by the
rumors of the acquisition of the Columbus
! Shawnee & Hooking in the interest of the
! Wabash. authoritatively denied, and of a
/ new combination of Hartman railroads
! including a number Of smaller properties,
| for which no official sanction could be OBJ
| tanned
The money market continued easy. with
call loans ruling at per cent. lower
/ and with the sterling exchange market
! SHOWING no disposition to adaVnce again.
! The Bank of Frances statement shows no
/ change in the pethOric condition of capt.
! tai at that great money center, which is
now the most important source of supply
! both for London and New York New
! York exchange at Chicago showed a
/ further reaction to-day, and the movement
/ of currency from that point to New York
! is believed TO be about ended.
Bonds were in fair demand and firm in
! tone; total sales, par value, $2,515OOO.
! United States bonds were unchanged on
| the last call.
Following are to-day's share sales and
! the recorded changes in prices: