The daily morning journal and courier., 1902-05-15
-------------------
 THE STOCK MARK EFT.
small Change. stocks, Mostly Gain

Small Changes in stocks, Mostly Gains.
 New York May 14.-To-d days small
 changes in prices of stocks are mostly
 gains. But the frmness of the mar
 ket was passive and had no positive { element in 1t so far as could be per- ! eeived. The trading fell near to the i poitn of stagnation and the days total
 transactions were smaller than for
 many months past. Union Pacific made
 some show of strength and was far 1 in the lead of all other stocks in 1 point of activity. Gossip was in cir
 culation of an intended increase in the dividend rate on the stock. Action on the dividend is not expected until July
 and it is natural to suppose that the course of the winter wheat and corn crops between now and then will have
 bearing on the dividend action. The course of those crops is just now the
 subject of greatest uncertainty in spec
 ulative circles, and this uncertainty was
 a large influence in the speculative halt
 in the stock market which took place
 to-day Another cause was the anthra-
 cite miners convention which was in
 session in Hazleton to decide whether
 to make the conditional strike of the
 miners permanent. No light was
 thrown on this question before the
 close of the day, but the coal stocks
 shared genrally in the firmness of the
 market. Another feature of the day
 was the wide recoveries scored by some
 of the high priced stocks which fell
 violently in the liquidation Monday.
 There were other high priced stocks in
 the inactive list which sold to-day at
 wide declines from the previous sales
 The money market was much quieter
 to-day and there was no seeming diff culty in obtaining call loans at 6 per cent. or under One cause of this was the much lighter demand for accom- modaton. The recent high rate has also had the effect of bringing sup plies. The process of borrowing in for eign money markets was continued to- day as indicated by the further decline in the sterling exchange market and | the jump in New York exchange a Chi cago from 25 cents premium yesterday l to 50 cents premium was a sign of the | active demand for remittance to New | York from that center, which is report | ed also to be in progress from other | domestic centers.
 The completion of some large syndi- | cate transactions and bond subscrip | tions which have been in progress re- gently had it's part in relieving the money market and Tightening the press ure to sell stocks. The sub-treasury requirements on the money market are l must less than last week, partly ow- ;,, 4r. there were large deposits of lawful money last week for the retirement of national bank notes as there have been during the first week of several months past. The accumulation of petitions for retirement of bank notes has been worked off practically. and some of those made for June have been with drawn. This check to the bank note retirement will relieve the money mar 1et of a drain to some extent.
 It is worthy of note also that the governments surplus revenue this month is only about a million dollars with almost g, 100000 for the period of last year Re- 'eipts from internal revenue thus far
 his month are some s3, 300 900 less than Or the corresponding period last year This decline is probably due to meas Ires in anticipation of the repeal on Iuly 1st next of the war taxes and | his tendency will probably continue lntil the period of the repeal, thus re- { ieving the money market of part of he requirement. of the surplus revenue. The foreign trade statement for April ] liscloses a decrease in the value of im- ! 'orts compared with the previous April. 'his is the first time in over year ! hat monthly imports have fallen below hose of the year preceding. The de- \ rease in the total exports also is found ! o be only $11, ,5S3216, whereas the de- l rease in the agricultural products lone was over $15,0000,000 It is there- i ore inferred that the exports of manu- actures are well maintained !
 Bonds were dull but firm. Total sales ! ar value $3,270000 '
 United States threes declined t-4 per ' ent. on the last call.