The times. [volume] (Richmond, Va.) 1890-1903, 1902-05-02
Movement Of Prices Confused
and Uncertain.
VOLUME OF TRADING SMALLER
Preparations for May Disbursements.
Which Are Unusually Heavy This
Year. Was Partial Cause of
the FURRY Bank Irregular
(By Associated Press.)

NEW YORK. May 1.-The volume Of
trading fell off again in 1o-day's stock
market and the movement of prices
indicated much uncertainty and confusion
OF sentiment. The furry in call money
TO Is per cent. would 60 far TO explain
the action OF the market. but there were
some supplementary causes which We're
Commissions and no doubt had something
10 90 with the rise in the money rate
The preparation for the May disburse-
snents. which are unusually heavy TINS
Year, was, of course, the primary cause
Of the constriction OF the money supply.
But such a demonstration OF instability
as that IN International Power and a
number OF other lndustrials, whose al
Fairs are mere or less shrouded in mys-
-sery, yesterday and to-day, had the in
eviteole effect of inducing closer scrutiny
loans. The May disbursements for divi-
aends and interest are estimated at over
S5S,no0:oco including the heavy. payments
for United States Steel dividends. The
sub-Trea sury operations this week have
taken from the banks over s2.5oo,oC0.
largely due Id, to deposits to retire bank
,nand from the interior. as shown by
the drop in New York exchange at
Chicago 10 a discount. 1t is not strange.
therefore, in view Of the limited surplus
Of the banks that monthly requirements
should have sent the money rate up to
10 per cent. to-day. The Government in
about I.501,00n and additional deposits of
Government funds to the extent of sew
eral million dollars are expected to be
made by the Secretary of the Treasury
The rise in the money market has mad
the effect also of easing the foreign ex-
change market. carrying it away from
Power episode caused a decidedly feverish
feeling among the obscure class of In
dustriaJs The higher grade stocks OF
this class were less affected, although the
United Steel securities showed some de-
precision. partly due TO some public dis
cusson OF rather biting character OF
t1 frzor ,-sy nf 1,a iar,
Sugar, AmalEamated Copper and Peo-
pies Gas We're firm to strong. The grain
carrying railroads started TO advance on
the overnight reports of showers in
Kansas and the Northwest. but the ad
vance was checked by the failure of the
grain market to reflect any benefit 10 the
buying of ST. Paul. which seemed to be
due to the advance in the dividend rate
on Northern Pacific from a four per cent.
10 &. six per cent basis. Another notable
center OF strength was IN the Southern
trunk lines, which had no other explana-
ton than the reports Of very large north
ed Louisville and Nashville. Illinois Cen
trail, Chicago. indianapolis and Louisville
and to a less extent Southern Railway.
the fixing Of the MAY. seni-annual divi-
denC rate on Pennsylvania at per cent.
induced large buying of that stock anc
helped the other trunk lines. For two
years past the May dividend on Pennsyl-
wanna has been 2la per cent. while in
November there was a. declaration Of 21s
per cent regular and j per cent: extra
The rate of disbursement is unchanged.
therefore, by to-days rate: but the fact
that il is called regular is accented as
a. declara ton of confidence on the part
of the future direction. The undecided
question Of the anthracite miners terms
WAS g weight on that portion Of the mar
ket. The close was irregular.
The bond market was irregular in sym
pathy with stocks. Total sales. par
value. s.. $780, Goo. United States new As
declined Il per cent. on the last call
NJ a Of or Tnr ii
were S2a, 800 shares.
MONEY AND observation-disclosures on cnll
closed strong Mt 6Ml5 per cent: closing Of
fered at g per cent; prime mercantile paper
4m4S. per cent. Sterling exchange easier with
actual business in bankers bills at S4S71s for
md A Cor o,,-