Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-12
Stocks We're Weak and Wide
" Fluctuating.
DUE TO TIGHT MONEY
THE BANKS DISPOSED TO FORCE
LIQUIDATION.
Coal Strike Not Considered a Prime
Factor in the Situa-
ton
Special Dispatch to The Evening Star.

Special Dispatch To The Evening Star
NEW YORK. May I2.-Today's stock
market was generally heavy in tone, as the
result of liquidation and a general absence
of supporting orders. Commission houses
mad no new business, and there was little
effort on the part of pools to hold stocks up
in the face OF the unsatisfactory money
situation. The banks desired the liouida-
ton. and brokers generally accepted the
view that, since it had to come, as the
only means of Strengthening the monetary
situation, 1t had better be done slowly and
without nervousness.
Accordingly, prices shaded off In all parts
OF the list. some of the declines being liberal
While majority were merely the natural
result of confused situation and were
limited to or per cent. 1t is difficult to
determine just how much of the days de-
cline was due to the liquidation of specula-
tive accounts, and how much to the want
OF support. At one time the latter was I'M
Questionably the greater factor. General
Electric, after closing at I'D on Saturday,
sold down rather sharply during the after
noon to 800 on limited transactions and raj
!led on more limited transa actions to 3lS.
Northwestern sold at pa, and was up
TWO points between sales. The effort to
dislodge the high-priced stocks was a fea-
ture, since tight money was expected to
AS to the money market there was little
change from last week. During the morn
ing the rate was kept between and o per
cent, but during the last hour 10 per cent
was paid Some money came into the
market from out-of-town banking houses
ana there was hope expressed that the local
situation would be relieved during the first
half OF the week. 1t is not clear how this
result Will be accomplished, but bankers
nevertheless adhere to the view that relief
is in sight.
There is no confidence among conserva-
tive brokers in any material ease in money
curing the present month. decline in
money would invite gold exports, and a
firm rate for money is the lesser evil from
speculative standpoint. 1t is clear that
the feverish condition of the money market
strike outlook is a mere complication which
may annoy but cannot be more than tenn
porarily hurtfuI.
The coal stocks declined but not a frac-
ton more than did other issues In which
the same volume of business was recorded
Delaware and Hudson reflected the widest
fluctuations, but the bulk Of the business
went into Reading.
Union Pacific and the western roads were
all influenced by the prospect for an I'M
favorable government crop report The SELL
ing came from brokers usually active for
the Gates property and even the Keene
speciaities showed declining tendency.
The weakness in the steel stocks was
probably due to the general plan to allow
the market to take care of itself within
reasonable limits.
indications now point to the probability
or strike unless some influence on the
floor of the convention operates to make
a change in the present instructions Of the
delegates.
The market was dull and heavy during
the last hour. under mixed selling of small
lots. There is nothing but a waiting mar
ket, With a declining tendency in sight
unless the numerous drawbacks now oper-
alive are Unexpectedly disposed of at an
early date.