The daily morning journal and courier., 1902-05-14
THE STOCK MARKET.
Dull and Narrow but n Stronger Tone
 IstakRbie.

Unm iRtakRbie.
 New York, May 13.--To-d days stock market was a dull and narrow affair between professional traders for the most part but stronger tone was un- mistakable. To a large extent this was a natural recovery from yesterday weakness. The influences which weak ened the market then were alleVlatea or removed to-day and there was a considerable demand from the short ln- terest which sold stocks short yesterday on the unfavorable developments. The publication of the government uh- favorable report of crop conditions on May induced considerable realizing py the short interest The decline In the condition of winter wheat was hafuly so great as expected but the abah- doned acreage proved larger than sup posed. The professional shorts were disposed on the whole to take thelr profits and they were urged to thls course by the additional argument that the favorable weather since the first or the month must represent a notaple improvement in the crop since the date of the governments report Pressure against the shorts was also exerted by the circulation of rumors of fla vorable turn in the anthracite strike situation, but no information on this point was forthcoming. Apparently the liquidation forced by the more urgent discrimination by money lenders against collateral was completed yes terday and there were no such formid- able breaches in the prices of high grade stocks as on yesterday. when that feature was a strong sentimental influence against the market. Some of the wide advances scored to-day in fact simply represented sudden recoveries or partial recoveries from yesterdays severe declines.
 The money situation was somewhat easier to-day, although loans were made again at as high as s per cent. The foreign banking houses were very large lenders in the market and the continued decline in exchange reflected further borrowing from, foreign money markets, under which the money rate weakened. The selling of exchange in lliiS lildIhcl lS III SALtCI SOillS SAsoA iih the exchange market and represents requirements for exchange to be met in the near future To some extent it is a speculation on the future volume of our exports. which depends most largely on the size of the coming corn crop. Buying of stocks for London ac- count was a strengthening factor in the market. The lower rate for money still ruling abroad makes 1t profitable for domestic buyers of American stocks to purchase them in London and hold them with money borrowed there. | As the floating supply in London is small the technical effect is to induce | purchases in New York by the arbi- | trage brokers to cover their demand | in London. while the shipments of l stocks from New York are covered by | sales of exchange here, thus relieving | the demand for credits on the local | money market Yesterdays sharp re- | lapses in some; stocks awakened scepti- cism as to many rumors Of the source I of recent demand for stocks said to ' be for control by large interests. But the Louisville & Nashville episode and | the known character of some of the re cent distribution of Reading among | other railroad inter ests keeps alive the tion that there is tendency to- wards the Judgement of stocks in strong hands for control. The state of sus- pension of the Northern Securities case cleared it does not prevent the prog ress of plans for control, as the ques- ton involved there is one of method in holding stocks after they have been se- cured. A rumor circulated to-day, al- though emphatically denied, that the Northern Securities interests intended to abandon their present plan resulted n fall in the stock on the curb to '9 which is it's first fall below par The stock market closed dull and firm.
 The bond market was dull and some- what irregular. Total sales $2, ,310000
 Twos and threes declined IA per cent. )n the last call
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