Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-04
Another Comparatively Dull
Day in the Market.
VERY FEW CHANGES
FRACTIONS WERE STEADY, WITH
SOME DEMAND.
Coal Stocks Were Fractionally Lower,
Due to the Big Strike
Now On.
Special Dispatch to The Evening star.

Special Dispatch 70 The Evening star
NEW YORK. June 4.-Today's stock mar
ket dragged itself listlessly through the five
hours Of trading without making a signifl-
cant change In single security. London
sent over a slightly lower range Of prices
and was disposed to sell a few stocks on
this side. particularly the steel issues The
selling Of the shares named lacks definite
incentive. but there is a well defined feel
Ing that the present outlook from the stock
market standpoint. does no; favor higher
prices for the industrial list
Then. again. the coal strike. IL uraI,rraB
tn the extent now threatened. viii work
hardship 10 all manufacturers COMPANIES.
and conservative interests nnd in this an
other strong argument against such securi-
ties.
The resignation of two directors from, tn
management Of the United States steel
company had tendency 10 give, color &,
the recent rumors Of a lack Of inside har-
moaN. While the stocks Of this company
We're heavy and while public interest In
them is lacking for the reasons named off
cal advices predict an active and ,,ro,it-
able year in all departments
ordefS Tor l!h9 have already reached pro-
portions which inSur, a busy season should
no outside influence prevent the carving
OUT OF contracts on present plans. Copper
statistics are more faSora BILE and there is
SUI nope that sugar will be benefited by
legislation, conditions which encourage the
beliet that some special movement viii cen
ter upon these issues and relieve the mar
ket from the threatened stagnation.
The traction stocks were steady under
Duying similar TO that noted yesterday
Prices Were we'll held. but there was no
material Increase I'm the volume of trading
In them.
somewhat irregular Earnings were mostly
favorable and the crop news was encourae-
ing. So much depends upon good crnps tins
year that there is unusual timidity I'm dis
counting the news received from day to
day. The critical period Is sim some two
months OF. and considering the importance
Of the result IL is wise to refrain from un-
due confidence at this time. Recognizing
the steady increase I'm the growth Of con-
sentative sentiment traders are Inclined T.
test the market for weak spots I'm the nor,
that caution in buying may result in sag
costing the sale of stocks by timid holders.
During the noon hour today prices were
forced down about half point on sales b,.
the room in the hope Of forcing liqHidatipn
The movement failed OF success partly
because illadvised and partly because tho
leaders lacked rhe courage II force what
advantage they had. While leading bank
ers and commission houses frankly ac-
knowledge the possibilities for most unfpr-
tunate developments in the coal strike and
advise against buying securities at this
time, there is "A remarkable absence Of any
recommendation TO sell
Traders are Skepticai Of short sales and
the market is simply forced to a SIandStili.
History proves that this condition rarely
leads to activity on an ascending scale.
A bad coal strike and good crops would
probably force higher average level or
prices. while poor crops would force de-
clines. no matter what might develop In
the coal fields. The crops and the money
market Will become more and more con-
spicuouS from now on. Al present money
rates are entirely satisfactory hut the July
disbursements may be relied upon to cause
the usual stiffening in rates.
Late advices from the coal strike stated
that not a single important mine was flood
ed nor in the slightest danger of flooding
The stocks were fractionally lower how
ever. under the influence of rumors of an
opposite character. The support was good
but there was no new buying Final prices
were irregular and entirely due TO profess
Sional transactions.