The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1902-05-02
WALL STREET
PRICES CONFUSED

New York. May THE volume of
dealings iell off again IN today's stock
market and the movement of prices
indicated much uncertainty ana conius-
ion OF sentiment The furry in call
money to IS per cent would go for
to explain the condition of the market,
but there we're some supplementary
causes which were confusing and no
doubt had something to do with she
rise in the money rate The prepa-
ration for the Nav disbursements,
which are unusually heavy this year.
was OF course the primary cause OF
the construction OF the money sup
ply But such a demonstration OF in
stability as that in interest power and
aud number OF other industrials
whose affairs are more or less should
ed in mystery yesterday and today
had the ineXcitable effect OF inducing
closer scrutiny OF the character of col
lateral offered for loans. The MAY
disbursements for dividends and inter-
est are estimated at over $4,000. 900
including the heavy payments for Uni
ted States steel dividends. The sub
treasury operations this week have
taken from the banks over s., 100000.
tiasgciy 6Ic - deposits 10 retire bank
circulation. There has been some de-
mand from the interior, as shown by
the drop IN New York exchange at
Chicago to a discount. 1t is not
strange, theierore, in view OF the lin
tied surplus OF the banks. that monthly
requirements should have sent the
money rate up to ten per cent today.
The government interest,". due 20 today
however. amounted to abou. ~. 500 600
and additional deposits OF government
funds to the extent OF several million
dollars are expected to be made by the
secretary OF the treasury. The result
in the money market has had the ef-
iect also OF easing the foreign exchange
market, carrying II away from the gold
export point. The international pow
er episode caused a decidedly feverish
feeling among the obscure class of in
dustrials. The higher grade stocks Of
this class were less affected, although
the United States Steel securities
showed some depression, partly due
to some public discussion OF a rather
biting character OF the financing OF the
corporation. Sugar Amalgamated
Copper and Peoples Gas were firm to
strong. The grain carrying railroads
started to advance on the over night
reports of showers in Kansas and the
northwest, but the advance was check
ed by the failure of the grain market
to reflect any benefit TO the crops.
There was large and concentrated buy
ing OF St. Paul, which seemed to be
due to the advance in the dividend rate
on Northern Pacific from a four per
cent to a six per cent basis. Another
notable center OF strength was i'll the
Southern Trunk lines, which had no
ether explanation than the reports Of
every large North and South traffic
The movement affected Louisville and
Nashville, Illinois Central, Chicago,
indianapolis and Louisville, and TO a
less extent Southern Railway The
fixing OF the May semi-annua dividend
rate on Pennsylvania at three per cent
induced large buyino OF that stock and
helped the other trunk lines.
The bond market was irregular in
sympathy with stocks. Total sales,
par value S2,43o 900.
United States new tours declined
quarter per cent on the last call.