The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-06

PERSISTENT LIQUIDATION
CARRIES STOCKS Al THE CLOSE TO
THE LOWEST OF THE DAY.
Strike, Crop and Money Conditions
the Moving Causes of the Selling
bonds Also Are Weak.

NEW YORK, June 5-There was more
business in stocks to-day than on any day
Of the week. The increased activity was
result of an additional pressure to sell.
The disposition to sell was not confined
to any one portion of the list and was quite
evenly distributed among the usually prom
inent stocks. The selling was not urgent,
but was persistent and gained IN volume
toward the latter part 90 the day. Prob
ably the most effective single factor in the
weakness of the market was a general feel
ing of anxiety over the developments in
the labor world. The high tension TO which
feeling has been raised in the anthracite
region, as shown by the boycott measures
and public demonstrations by friends of the
strikers, caused uneasiness, which was in
tensified by the example of the violence in
the Chicago teamsters' strike. In the ranks
of the operators and the financial powers
in the coal industry there was some feeling
manifested over the step taken by the New
York Board of Trade and Transportation
in sending a petition to the President to
intervene and take measures to effect
settlement of the question in dispute. The
report from Washington that the sugges-
ton was under consideration by the chief
executive did not tend to reassure the
holders of stocks of the coal carriers. and
they were inclined TO tighten their holdings.
Reports that strikers in the valley iron
foundries were prepared TO resume work
first called attention In Wall street TO this
threatened trouble in the iron trade and
had rather depressing influence than 9TH
erwise. The lake freight handlers strike
and the delay to iron-ore deliveries also re-
ceived new consideration. The reports of
continued heavy orders for all grades of
iron products for delivery far into the flu
ture did not avail to relieve the heaviness
of the United States Steel stocks and other
iron and steel stocks. The selling of the
grangers seemed to be due to some ex-
tent. to reports of too abundant rains in the
southwest, and also to the falling back in
the figures of receipts of corn. The late
reaction in the grain markets after early
strength did not change the weak tone of
the grangers Chicago e. Northwestern
was marked up points on the announce
ment Of the long-heralded extra dividend
on the stock. but half OF the gain was lost.
Hooking Valley reflected disappointment
over the declaration of only the former div
idend rate. The large profit taking in
Canadian PaciFc at a total reaction of 4
points had sympathetic effect on the
whole list. Amalgamated Copper was de-
pressed by the weakness of the market for
raw copper and was not affected by trade
circular pointing out great Improvement in
the trade. The continued rise in sterling
exchange gave rise 10 some apprehension
that exchange had started toward the gold
export point on account OF the easier tone
of the money market The approach of
the crOp-moving period is const antly mar
rowing the time before interior demands for
currency will begin 10 depiete the supply
of funds available for speculative use. The
combined effect of various items OF depres-
sion was a dribble OF realizing all day,
which carried prices downward until the
close, which easy the lowest.
Active liquidation of the Central of Geor-
gia income bonds had a depressing effect
the bond market Total sales at par
value were S2970,000 United States bonds
were unchanged on the last call.
Following are the days share sales and
the recorded price changes: