The daily morning journal and courier., 1902-05-16
THE STOCK MARKET.
Passive Condition of Speculation Not
 Changed.


 New York, May 15.-The passive con
 dition of the speculation was not
 changed to-day. The volume of the
 dealings fell away to what is prover-
 bially known as midsummer dullness.
 This condition of the stock market is
 by no means abnormal at this season,
 due to the usual shifting course Of money resources and the uncertainties of the crop season. Overwhelming lm- portance is attached to the fate of the corn crop this year and especially III view of the high prices of that cereal, owing to last years shortage, and the present prospect for only a part of a winter wheat crop. As the corn crop IS | scarcely more than in the ground yet, the chances of the future are almost too uncertain even for speculative ventures. The present attitude of the market is therefore, entirely reasonable and nat ural. So far as the situation is strain ed and unnatural in any degree, it is due to the recent efforts of pools and speculative plungers to stir up an un- warranted activity in the speculation and to bid up prices to unstable heights The money furry last week and on Monday was the corrective influence, and has resulted in the present condi- tions.
 The dullness is accentuated, of course, by the additional element of uncertain- ty in the threatened strike of anthra cite miners, whose decision was watch ed for to-day with great expectancy, but in vain, up to the close of the mar ket. The assembling of the Boer peace conference was also a possibly repres- sive influence, at least in checking the buying for London account which has been in evidence here for several days past It is well recognized now that this buying represented mostly the transfer of holding from New York to London to take advantage of the cheap CT money rate there. and the demand on the London money market on this account made itself felt.
 Most of the price movements of any consequence in to-day's stock market might be traced to the influence of the acquisition of the Chicago, Indianapolis and Louisville jointly by the Southern Railway and Louisville and Nashville. The strength of the Chicago and Alton and the Kansas City Southern stocks was obviously based on specula tive assumption that those roads might be available for a similar north and south junction. In spite of the strengthening of competing lines by the deal Illinois Central was strong Louisville and Nashville was distinctly heavy, possi- bly, on realizing, and the early demand for Southern Railway soon died out The Chicago. Indianapolis and Louis vile stocks themselves were decidedly feverish, relapsing violently after ad- A drop in Chicago and East ern Illinois, which has been discussed as an outlet for the Louisville and Nashville, reflected disappointment.
 The upward movement in the junior had it's inception in Lake Erie and Western, which seemed to be influenced by speculative tendency. Copper was firm on bet ter conditions in the trade. General Electric jumped 6 points without expla- | nation Movements otherwise were triv~ | al and shifting.
 The bond market was dull but held | steady. The total sales, par value, ag- | $2,275,000.
 United States bonds were unchanged ! 1n the last call.