The Washington times. (Washington [D.C.]) 1901-1902, 1902-05-03
Fairly Active Trade Due
Alone to. Conditions in
Money Market.
BANKS CAUTIOUS WITH LOANS
Speculative Community, as
Usual, Indulge in Pessi-
mistic Reports.
MODERATE RALLY AT CLOSE
FINANCIAL Situation Improved by Check
Administered to Reckless Speculation
substantial Interests Escape In
jury.

NEW YORK, May with the excep-
ZION OF few stocks the Stock Market to-
Gay was weak and fral prices were as a
rule materially below those of Yesterday.
ontil the last hour CT business the fair
4! active selling for both accounts was
generally attributed to the condition OF
the money market
Inc ruling rate Tor call loans was S
per cent, and number of transactions
were reported at various figures up to 10
per cent One Of the largest banks was
fairly free lender at per cent. but its
supply OF funds at that figure was not
sufficiently large to keep the market
Gown TO normal rates. Out of town in
stitutions were also considerable lenders.
Chicago to the Front.
chicago in particular is credited with
putting out several million dollars in this
market. The monetary situation was af-
iected not only by the heavy excise pay
ments OF yesterday, which were made in
cash. the payments on account of tho
Pennsylvania Railroad bond issue and the
usual shifting OF funds and of leans in
cidental TO the large interests payments
IL
nation of lenders in the matter Of col
lateral
Although the stock Of the International
Power Company has never been widely
distributed, the drop of about ITO points
In the price of II in the last three DAYS
has made institutions and other lenders
OF money more cautious in making loans
Than Tor long time past
Break of Twenty Points.
This more careful scrutinizing of col
lateral was apparently responsible for
break of twenty points in the price of
Rutland preferred today and the virtual
disappearance Of a market for St Law
renee and Adirondack on the Stock Ex-
change and of Dominion securities and
Hackensack Meadows on the curb.
All OF these stocks, as we'll as two or |
three minor ones, have either been ac- |
CURED or created By the same syndicate.
the managers OF which have been some 4
what enthusiastic in advancing the prices
tor them, but apparently without eGecting
much distribution of their holdings.
This is shown by the fact that there
were no dealings in them after the sup
porting bids were withdrawn. The con-
dition OF affairs outlined was not Giscov-
cred or fully appreciated by the Street
until the last hour OF business, and that
circumstance was followed by sharp
ceiling movement, in which the greater
part OF the declines recorded for the
day took place.
Dealings Hold Good.
The dealings in stocks were on fairly
large scale, footing up nearly a million
shares, and they were unusually well dis
tributed. St Paul led the railway list in
respect TO activity, supplying nearly
tenth of the total transactions
1t sustained a net loss of over three
points. Other noteworthy dealings were
in Manhattan Railway, Missouri Pacific.
and Southern Railway these sustaining
net losses averaging nearly two points
Southern Railway suffered less than the
others.
While the retrogradc movement was in
progress Louisville and Nashville dis /
played phenomenal strength 1t enjoyed
maximum advance OF ca points, but
lost nearly all OF il in the final dealings.
On less than IL, 600 shares, International /,
Power sustained further net decline OF
4 points, Sad upon about the same vol
ime of trading. New York Air Brake {
.losed az points lower than last night.
The bond market was considerably more |
.ctive and speculative issues declined IL
with the movement in stocks. ,
The more important transactions were |
n Colorado Fuel, Convertible Elves, Con- [
Tobacco fours, Standard Rope {
md Irvine incomes, Union Pacific con-
-ertible fours, and Wabash debenture b s.
Many Pessimistic Reports.
AZ is usually the case when the market
eveiops a declining tendency. the specu- ,
1tiye community INDUCED in pessinistic
oports and views. A rumor was circu- '
ated, but promptly denied, that a I'romi- !
emf operator, who has not been in the
treet for several weeks, was in a critical r
cndition of health 4
The financial situation has been i'm
roved by the check that has been admin 4
stored 10 reckless speculation this week )
lieny BIZ the temporary activity in money. :
nd SO far as can be learned no substantial I
,terest has suffered any injury, nor has 4
ne machinery for tTansacting business {
eer deranged in the slightest degree. c
Conditions outside OF Wall Street, as set y
,rth in the trade reports are all that !
,uld be desired, and IT is reasonable 10 II
meet that within few days. the fever
bness Of the speculative community T
rought about by the seemingly untoward I
sveiopments this Week will have passed y
say. p
The closing was irregular al Il moderate .
.Ily from the lowest prices. G