The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1902-05-13
WALL STREET REVIEW
THE MONEY MARKET THE
SOURCE OF DEPRESSION.
The Anthracite Situation and Fears
Of an Unfavorable Report on
Crop Conditions Were Also
Disturbing Factors.

3 NEW FORK, May I2.-The position of the
{ sosirce u the depression which ruled in the
stock market today. This was reinforced by
the anthIacitc labor situation as shown by
4 the suspension of work today in the anthra-
cite region and by fears of very unfayorable
reptrt on the condition OF the crops as Of May
70 be made by the Agricultural Department
I this afternoon. The statement of the condi-
U0n OF the banks Saturday sufficiently in
i s. ussi shs. week.. The heavy decline Of over
ye.0o0 600 in the cash reserves of the banks
~ little light thrown upon IT today. and
< Hus GOOD deal of puzzle even to bankers
4 Il WAS argued that the trust companies might
q - tAkine steps to build up their cash re-
eerve M accordance with the inNmation from
6 ~ clearing house authorities and OF cur
INN public discussion and criticism OF the
pfeeent financial situation The only add.
( 1t9uol light the subject the report that
delnhis hast week in furtherance or the trans
+ fH Of the Choctaw, Oklahoma and Gulf and
witch did not figure In the routine transac-
Z tlonr Of the banks. The pressurei for funds
QutoiQe Of the stock market was clearly mani
4 ~ III the sterling exchange market in which
Ways vas violent decline OF hc IN the pound.
wns large offerings Of bankers bills
XU43n1t further loans negotiated abroad and
on1on was = free buyer of stocks during the
4<e< hour. thus helping out the supply of ex-
tcnAnge. The statement OF the country's for
I'm trade. for April, showing a decline in
n6rtcultural products exported of over Sl5.-
d 81 sxcsSnse ana the persistent firmness Of
48tetGn exchange up to today's sharp break.
~ total sales OF stocks for the day which
atafess showed that the liquidation was large
u fndiscrin1inate. The stocks which suffered
most seriously als6 indicate that the high
Grnde OF the property was not an exception.
\ II Ii recognized that high grade stocks have
been lifted to prices unwarranted by condi-
tions and apparently the bankers made sys-
efenatic revision and discrimination in col
lateral today. The consequence was the melt
Ing away of some recents unexplained advances
q III some Of the most substantial stocks on the
y lfnf The coalers had the additional burden OF
the strike to carry. Union Pacific and South
crn Railway were conspicuous for comparative
nFmness during the whole day. The market
closed steady at some recovery. Among the
days notable declines may be mentioned Gen
erai Electric ~, with recovery of 10;
Westinghouse Electric. ~; the first preferred.
IS: North American. s.: Delaware and Lack
awanna. s.: Chicago. st. Paul. Minneapolis
and Omaha, Iots; New York. New Haven and
Hartford 8: Chicago and Northwestern. SIS;
Delaware and Hudson. AZ: Chicago. INDIAN
4 apoIis and Louisville, 81; New Jersey Central,
Il: Long Island. AZ. The list of declines run
ming from I to 3 Is too long for enumeration
here. Money went TO 10 per cent. today and
receded to 8 only after the principal demand
satisfied
Bonds were weak in sympathy with stocks:
Total sales (par valued, $500. 900. United
states new and old as and the 5s declined
n per cent on the last call