The age-herald., 1902-05-15
NJ POSITIVE
 ELEMENT IN STOCKS EirmneSS of the Market Was
 Passive and Easy CROPS CLOSELY WATCHED Trading Fell Near the Point of stasna- ton and the Days Total Trans
 actions Were Smaller Than
 for Many Months.
CROPS CLOSELY WATCHED

New York, May A. - Today's small changes In prices of stocks arc mostly gains, and the tone of the market was passive and had no positive element In IL So far as could be perceived. The trading fell near to the point of staBnation ana the days total transactions were smaller than for many months. Union Pacinc made some show of strength and was Tar in the lead of all other stocks in point ot activity. Gossip was in circulation Of an extended increase in the dividend rate on the stock. Action on the dividend IS not expected until July, and 1t IS natural to suppose that the course of the winter wheat and corn crops between now and then will have a bearing on the dividend action, The course of these crops Is just now the subject of greatest uncertainty speculative circles, and this uncertainty was large influence in the speculative halt in the stock market which took place today. Another cause was the anthracite miners convention which was in session at Hazleton to decide whether to make the conditional strike of the miners per manent No light was thrown on this question before the close of the day, but the coal stocks shared generally in the firmness of the market. Another feature of the day was the wide recoveries scored by some of the high-priced stSks, which fell violently in the liquidation Monday. There were other high-priced stocks on the inactive list which sold today at wide declines from the previous sales.
 The money market was much quieter to- day and there was no seeming difficulty ant nr der. One cause of this was the much lighter demand for accommodation. The recent high rate has also had the effect of bringing supplies. This process of bor- rowing in foreign money markets was continued today, as indicated by the fur ther decline in the sterling exchange market and the jump in New York ex- change at Chicago from 25c premium yes terday to BOG premium was a sign of the active demand for remittance to New York from that center, which is reported also to be in progress from other domestic centers
 The completion of some large syndicate transactions and bond subscriptions which have been in progress recently had It's part in relieving the money market and Tightening the pressure to sell stocks The sub-treasury requirements on the money market are much less than last week, partly owing to increased pension payments. But there were large deposits of lawful money last week for the retire ment of national bank notes, as there have been during the first week of the last few months. The check to the bank note retirement will relieve the money market of a drain to some extent. It Is worthy of note also that the government s surplus revenue this month is only about a million dollars compared with almost three millions for the corresponding period of last year. Receipts from inter- nal revenue thus far this month are some s5500000 less than for the corresponding period last year. This decline Is proba- bly due to measures in anticipation of the repeal on July i next of the war taxes and this tendency will probably continue until the period of the repeal, thus re- lieving the money market of part of the requirement. of the surplus revenue The foreign trade statement for April dis closes a decrease in the value of imports compared with the previous April. This Is the first time in over year that monthly imports have fallen below those of the year preceding The decrease in the total exports also Is found to be only k11. .bS3 216 whereas the decrease in the agricultural products alone was over $15,- 100000 It is therefore inferred that the exports of manufactures are well main tained.
 Bonds were dull but firm. Total sales, par value, s3,270000 United States 3s de- cIined A per cent on the last call.
 New York Stock Market
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