The age-herald., 1902-05-02
STOCK DEALINGS
 FELL OFF AGAIN Furry in Call Money to Fifteen
 Per Cent
CLOSE SCRUTINY PRODUCED
Movement of Prices indicated Much Uncertainty and Confusion of SentIment-Bonds irregular,
 In Sympathy With Stocks.

New York, April 1.-The volume of deal Ings fell off again in today's stock market and the movement of prices indicated much uncertainty and confusion of senti- ment. The furry in call money to 15 per cent would go far to explain the action of the market. But there were supple mentary causes which were confusing and no doubt had som ething to do with the rise in the money rates. The preparation for the May disbursements which are un- usually heavy this year, was of course, the primary cause for the constriction of the money supply. But such a demon- strauon of instability as that in interna- tional power and number of other indus- trials, whose affairs are more or less shrouded in mystery yesterday and today, had the inevitable effect of inducing closer scrunity of the character of collateral offered for loans. The May disburse- lnents for dividends and Interest are estimated at over s5S,O0O000, including the heavy payments for United States steel dividends. The sub-treasury operations this week have taken from the banks over $2.5O0. .0oO, largely due to deposits to retire bank circulation. There has been some demand from the interior as shown by the drop in New York exchange at Chicago to discount It is not strange, there fore, in view of the limited surplus of the banks that monthly requirements should have sent the money rate up to 10 ger cent. The government interest due today. however, amounts to about $1,5OO,- 900 and additional deposits of government funds to the extent of several million dol lars are expected to be made by the secretary of the treasury The rise in the money market has had the effect also of easing the foreign exchange market, carrying 1t away from gold export points. The international power episode caused a decidedly feverish feeling among the ob- scure class of industrials
 The higher grade stocks of this class were less affected, although the United States Steel securities showed some de- pression, partly due to public discussion of rather biting character of the financ- ing of the corporation. Sugar, Amalga- mated Copper and Peoples Gas were firm to strong. The grain-carrying rail- roads started to advance on the over night reports of showers in Kansas and the northwest, but the advance was checked by the failure of the grain mar ket to reflect any benefit to the crops. There was large and concentrated buying of St. Paul, which seemed to be due to the advance in the dividend rate of North ern Pacific from to 6 per cent basis. Another notable center of strength was in the Southern trunk lines, which had no other explanation than the reports of very large north and south traffic. The movement affected Louisville and Nash vile, Illinois Central, Chicago, Indianapo- lis and St. Louis, and to a less extent Southern Railroad. The fixing of the May semi dividend rate on Pennsyl- vania at per cent induced large buying of that stock and helped the other trunk lines. For two years past the May divi- dend on Pennsylvania has been 2h per cent, while in November there was a declaration of 21s per cent regular and l per cent extra. The rate of disbursement is unchanged for today's rate, but the fact that 1t is called regular is accepted as a declaration of confidence in the flu ture on the part of the directors. The un- decided question of the anthracite miners terms was a weight on that portion of the market. The close was irregular.
 The bond market was irregular in sym 1pathy with stocks. Total sales par value S2,3 3400O0.
 United States new 4s declined 4 per cent on the last call.
 New York Stock Market.
 Rv Private Wire to Murphy Ca