Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-19
Stock Market Was Weak and
Prices We're Lower,
ATCHISON WELLBOUGHT
THE STEEL SHARES WERE VERY
WEAK AGAIN.
Coal Road Stocks We're Firm, With bv
Little Demand for
Them.
Special Dispatch to The Evening star.

Special Dispatch TO The Evening Star
NEW YORK. May I9.-The undertone Of
todays stock market was, in the main.
heavy. as the result of the absence of or
ganized support. The holiday in London
contributed to the duliness and at the same
time deprived the market OF the usual early
morning evidence OF the foreign estimates
OF value. Opening prices were somewha;
irregular under a limited volume of bust
ness but In most instances the changes
from Saturday were limited to small fra,.-
IONS. Durlng greater part Of the cay
tne market was heavy and receding NOT
rom sisnincant liquidation. but from a
very limited and listless demand
The steel stocks appeared TO be 1lnde-
aggressive selling pressure and sold on
easily IN consequence. Rumors of an az
tempt to enjoin the conversion OF thu mr.
ierred stock into bonds helped TO depress
prices by attracting short sales in consid-
cradle volume. Much was made of the in
jury to be feared from a lack OF coal to
supply the furnaces. and every effort was
made to invite selling
Inc real source of the attack is guessed
at only by the street. but friends of the
property did not take the movement SO
seriously as to make any determined effort
to resist the decline
The confused condition OF the market was
disclosed by the fact that brokers in one
part OF the room credited the selling TO the
Gates party, while observers elsewhere
thought that Mr. Keene was responsible
The better explanation. however would
seem to be that the Gates party dd sell
and forced nervous tightening OF accounts
in commission house circles
The coal stocks were weak but not more
so than their neighbors. The strike candi-
ton Is unchanged and no one can tell when
or at what expense II will be terminated
Preparations have been made for a long
siege and any change may be for the better
Inc fact that the soft coal men are work
ing uhder an agreement which does not ex-
a -
that the leaders viii prevent any violation
or that agreement Had the knowledge of
TINS agreement been more widely distrib-
otea at Hazleton last week the strike would
PROBABLY nave had much smaller vote.
The buying Of Atchison during the day
was perhaps better than any In the market
There was nothing urgent in the demand
| put sellers found ready market. This
buying Is based on the encouraging crop
prospects In Atchison's territory and the
confidence of the management In the future
OF the property. Crop news was generally
encouraging, but the corn crop is the one
upon which hope centers, and IL Is too early
to even forecast its prospects
Money was easy all day, loaning from or
to AZ per cent. This condition was due
largely to the lack OF any demand from the
Wall street district. The preparations for
the July disbursements are to be considered
from now on and a decreased demand for
speculative purposes would seem to be the
easiest way OF meeting the emergency, The
money market and the crops are not to be
kept in the background by the coal strike.
The latter would be of small Importance.
from a market standpoint, were the former
condition satisfactory. The entire market
reiapsed into dullness during the last hour
with prices fractionally above the low point
as a result of the covering of short sales
Good judges of the market considered the
weakness of the day more apparent than
real inasmuch as no important interest
liquidated and no really discouraging news
appeared In the routine Items Of the day.