Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-06-02
FINANCE AND TRADE
Coal Strike Had Its Effect
on General Market.
BUT LITTLE ACTIVITY
PEACE In SOUTH AFRICA WILL
BE OF BENEFIT.
Earnings and Crop Reports Encourag
ing-Loans Quoted at 4
Per Cent.
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK, June 2-The disregard for
routine developments no matter how i'm
portant, is the most pronounced feature of
the present stock market
Prices hold we'll under adverse influences
and advance moderately under those of an
opposite character Caution prevents new
buying and prudence dictates a patient
holding Of things already bought There is
no incentive to leW, business. Trading is
In the hands of the pools and the profess
slonal element, and nowhere is there ag-
gressive leadership.
The bulk of the news is favorable, but lit
tie of 1t Is of positive character
outside of the coal strike the days news
items We're encouraging, SO much SO that
the success of the new strike order was
largely offset The coal shares were steady
under a fair demand. and evidence Of an
intention to support them was clearly
SHOWN. Pumps were said to be running in
all sections under the direction of nom
union men, most Of whom had been taken
from other forms of employment.
The contest is accepted as a decisive one
and little hope Is expressed of an early set
tlement of the difficulties. So far as the
properties are concerned it will be we'll to
have the question as to who shall dictate
the policy settled once for all. The promise
made on the eve of the presidential cleo
lions has worked to the disadvantage of all
concerned. This knowledge is responsible
for the present resentment to anything
suggestive of peace through political chan
nelS
An event of undoubted benefit to the
worlds markets was the official announce
ment of peace in South Africa London de-
voted more time to the celebration of the
event than it did to business and the full
significance of the peace proclamation was
lost. Later cables reported a determination
to extend the celebration well beyond the
nlddle OF the present week, in which event
London will be of little help to our market
Activity in the London market may be
looked for shortly, but to what extent
American investments will be favored is an
unknown factor. with the weight of opin-
ION favorlng only secondary consideration
for our markets, first choice being given
the mining shares in the districts now to
be relieved from military rule.
Earnings and crop news were encourage
ing and some attempt was made to arouse
interest in the western roads. notably Atchi-
SON.
London bought the stock named, and
there was a moderate demand on this side
at higher prices, but the movement failed
TO hold. This company has splendid pros
poets, and there Is a steady accumulation
of the stock by strong interests. The high
er priced granger shares We're steady only
and reflected no pronounced tendency. The
railroad list as a whole developed an ir-
regular tendency curing the afternoon frac-
tlonal declines during the last hour, leaving
prices practically unchanged from the open
ing.
Union Pacific and the connect ible roads
of that company were in demand early in
the day. but the movement gave way to
dizziness and the usual concessions later in
the day.
The industrial list was dull, and inclined
to ease off at times under fears of an ex-
tension of the coal strike. The steel issues
reflected this tendency, but only within
very narrow limits. Sugar held we'll and
the traction shares were we'll sustained
Saturdays bank statement rejecting an
increase Of more than $1,000 600 In loans
and a decrease in reserve was followed to-
day by hardening tendency in the call
money rate. Loans at per cent were
quoted as against 3 to 3A per cent last
week. The preparations for July dsburse-
ments are likely to make money active
after the middle of the month.