The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-05-19
UNREST IN STOCK
AND MONEY CIRCLES
Prices Made a Decided Recess
sion in First Hour
FEAR OVER COAL STRIKE
A Fall Of Nearly Two Points In Colo
RADIO Fuel and Heavy Selling of
U. S. steel Unsettled
the Close.

New York May 17-Prices made de-
cIded recession in the first hour of todays
short session because of apprehension
over the efforts to make the anthracite
miners strike a national coal strike put
practically recovered after the bank
statement appeared. A fall OF nearly
points in Colorado Fuel and heavy seiilng
Of United States Steel to below 40 unset
lied the close and made 1t irregular at
declines from the rally. The seliing OF
United States Steel may have been due TO
fears of special damage to that INDUSTRY
from a possible interruption to bitumi-
nous coal mining, or it may have been
connected with the meeting of stockhold-
ers on Monday to ratify the conversion or
preferred stock and the issue of bonds.
The bank statement showed a decrease in
cash of over million, where gain Of
that much had been expected But this
was ignored in the satisfaction felt over
the heavy reduction in deposit liabilities
effected by loan contraction by which the
surplus reserves were recuperated to the
extent of nearly five millions. The weeks
reduction of 81, 9oS, 100 in the loan account
has only once before been equaled. In the
week ending May 49, 1901. the banks re-
duced their loans S242O4,S00. This was the
week following the panic week in the
stock market when loans had been made
practically without limit to check the
panic, and when the buying to support
the market was followed by quick liqui-
dalton after confidence was restored. The
past weeks events make 1t clear that no
such liquidation has occurred as this loan
contraction would measure. The local
trust companies have been large lenders
all the week.
The rate for sterling exchange relapsed
violently to the lowest point of the year
under the heavy offerings of bankers bills
in the process of drawing on foreign
credits The supply of comm ercial ex-
change bills in the market continues
scare. Another phase of money transac-
lions was the transfer of holdings of
American securities for domestics in Lon
don. Americans cabled orders to London
to buy stocks there to be held with money
borrowed in London The weeks re-
adjustment has restored the balance in
both the stock and money markets but
the demands upon the money supply are
felt to preclude the chance of a favor
able speculation for a rise. The anthre-
cite labor trouble Is an additional in
effect of the declaration of the strike
upon the coal strike was not acute es-
pescially considering the assurance which
has constantly been expressed in Wall
Street that there would be no strike. The
anthracite operators profess to feel that
they have much to gain from contesting
the dem ands of the miners In the way of
recovery of previous concessions to their
demands. This attitude, however, does
not blind the public perception to the
possibilities of an extension of the trou-
BILE into the bituminous coal fields and
the collateral effects upon other indus
tries. especially iron and steel, in which
continued scarcity of material in all
stages is reported in spite of the record
output in the trade.
The market for bonds has grown dull
and has moved in sympathy with stocks.
United States IS declined " and all other
issues a per cent below the closing call
of last week.
New York Stock Market.
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