The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-05-09
NEW YORK STOCK MARKETS.

New York, May 1.-Today'S stock
market reflected an unavailing effort to
contest the do inward tendency. After
| yesterdays reyuIsion from the semi
Generalization on Monday, some re-
dictionary tendency was natural to re-
| store the normal balance Of things, but
this tendency was reinforced by the
decidedly skeptica1 sentiment over the
prophecies OF the anthracite labor set
Element. These prophecies continued
very confident from sources with every
means of authoritative information,
but late contradiction Of the rumors re-
ceived from Scranton, where the min
erS delegates were in convention,
caused confusion and uncertainty and
a suspicion that the Wall street out
givings were in the nature of tips"
designed to influence the stock mar
ket. AS a matter of fact, Reading,
which was accepted as the index Of
the anthracite situation, was lifted a
shade above last night. The reports
of the condition of the crops and the
weakness of the grain market were a
help to the grain carrying railroads
and they made good advance in the
ours of the days session.
The continued aggressive strength Of
Louisville and Nashville, and Chicago,
indianapolis and Louisville and various
smaller subsidiary lines, gained ad-
ditional influence from the response in
the Southern railway, which was con-
Sidered significant of closer relations
in the whole southern group. Nash
vile, Chattanooga and st. Louis, Chica-
go and Eastern Illinois, n Evansville
and Terre Haute all shared in the
movement.
Illinois Central was a conspicuous
exception and was heavy throughout,
falling at one time ~. The advance
in Kansas City Southern was attrib-
uted to the formation of a pool in the
stock. All of the strong points, how
ever, yielded to the liquidation during
the last hour, caused by the reiapsed
in Reading to pa under last night.
Practically all of the grains were
wiped out and the level of prices car
ried below last night. Realizing sales
were much In evidence in Chicago
Greatwestern. which lost pa of yester-
days "A polnt gain. Tennessee Coal
lost over 8 paints on account of the
annual report which was considered
discouraging.
United States Steel stocks did not es-
cape the depression notwithstanding
the extraordinary exhibition of last
years transactions by the company.
The money market was called easier
lOudy, tne naSlInum lOdnlES rate
reaching Is per cent, with a subse-
quent recession to 6 per cent. The de-
cline in the foreign exchange rate
ceased in response to easier money,
and dicussion was renewed of gold ex-
ports.
Current receipts of Louisville and
Nashville from foreign holders are very
large and represent requirements for
foreign payments.
There are re ports of large loans dur
ing the week made in the stock market
for account of outside Institutions, but
it is worthy oil notice that $500, 900 in
currency has gone to New Orleans this
week, and New York exchange at
Chicago ruled today at 20 cent dis
count
Notwithstanding the relief afforded
by the purgins of unhealthy spots in
the market, there is still some tendency
to a vague feeling that there may be
some imitation still beyond the curb
stone bubbles which collapsed last
week. A symptom Of his feeling is
found in a revival of discussion of
some restriction on the loaning powers
of the trust companies and additional
requirements upon them for mainte-
nance of cash reserves.
The market Closed heavy.
The tone OF the bond market weak
ened in sympathy with stocks. Total
sales, par value. were s4,O35, 900. Total
sales stocks LIS, 600 shares.