The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-05-20
SAGGING TENDENCY
IN COTTON MARKET
Acute Weakness at Times Under
Strike Depression
REPORTS OF HEAVY RAINS
The Situation In the Local Money
Market and the Crop outlook Were
Contributing Weak Factors.
Bonds Were Dull.

New York, May 1s.-There was dull
and professional stock market today with
a sagging tendency, running to acute
weakness at times at one or two points
Covering by room shorts caused some
slight improvement during the hnal nour'
but the tone became heavy again anu
closed So The recent factors Of depression
continued In force, namely the uncer-
tainty over the effect of the antnraci'e
miners strike, the situation In the iocai
money market and the crop OUTLOOK.
There was some irregularity In the OPEN
ing dealings and the hard and sott coal
stocks made some stand against oepres-
SION The grain carriers on the other
hand were weak and made quite general
declines of a point or more. The reports
of heavy rains In the northwest were
considered unfavorable for spring wheat,
but the weather In the southwest was
good and winter wheat was reported do
ing well. This weakness permeated the
list pretty generally. There was notable
selling of the United States Steel stocks,
which seemed to gain force when an
nouncement was made of the several pro-
tests presented at the stockholders meet
Ing today against he plan for the con-
version of stock and issue of bonds. This
selling was alleged to be for Pittsburg
account, and was the subject of much
comment on the st ock exchange, where
1t gave rise to considerable uneasiness.
The relative firmness of the coal stocks
was due to current reports that the Ma
tional Civic Federation was still making
efforts to settle the strike. The common
opinion in Wall street as to the dura-
ton of the strike continues optimistic in
spite of the entire failure of last weeks
persistent assertions that there would
be no permanent strike at all.
The money market was rather easy to-
day as result of the active measures taken
last week to secure additional credits
abroad and from other sources than the
banks. But the clear understanding that
the securing of these new credits left
the general credit situation as a whole
unchanged in spite of last weeks loan de-
crease by the banks themselves detract-
ed from the sentimental relief that would
otherwise have been felt by the loan
showing. There was a significant STIFF
fleming for the foreign exchange rate also,
which indicates that high level of interest
rates in all that diverts credits to the
New York marke,. The opinion is still
held that even a slight relaxation in in
terest rates would lead to early with
drawals of gold from New York. The
large borrowing abroad as well as the
present level of prices OF securities are
felt to be based on favorable outcome of
the corn crop whose fate is problemati
cal yet The securing of loans abroad
is an evidence of the resources of the
country's credits but the domestic level of
interest rates which has to be paid offers
a notable margin over the prevailing rate
in foreign markets. and must represent
some element of risk in the minds of the
lenders. There were some violent reapses
of prices of high priced usually inactive
stocks and International power dropped
back IS points again on nominal sales.
The market closed dull and heavy.
Bonds were dull and heavy throughout.
Total sales par value s1,95500O. United
States bonds unchanged on the last call.
New York Stock Market.
BY Private Wire to Murphy & Ce.