The Birmingham age-herald., 1902-06-05
STOCKS CONFINED
 ID NARROW RUT Lacks Every Feature to Relieve
 the Monotony GENERAL TONE WAS HEAVY Losses Were Small and Were Caused By Very Light Selling, Due to
 T Effort to Find
 Trading Basis.

New York June 4.-The stock market was still confined to its narrow profess sional rut and lacked even the few special features which varied the monotony yes terday. There was some slight irregular ity during the day but the general tone was rather heavy. The losses were small and were caused by very light selling which was probably due merely to the ef- forts of the professionals to afford basis for trading. The ostensible expla- nation of the heaviness was the report received from the anthracite region this morning that some of the coal mines were suffering from the shutting down of the pumps due to the inability of the opera tors to get sufficient substitute labor for the striking engineers and pump men. Rioting in Chicago over the teamsters' strike had the effect of somewhat shar- penlng apprehension over the subject of labor troubles generally, although much qualification Is expressed on all sides at the absence of violence in the mining re- zion. That impression Is deepening, how ever, that a long struggle Is probably in prospect. The effects of the coal short age are in the meantime growing more acute and possibility of the soft coal miners becoming ultimately involved in the dispute is always kept in mind This possibility may have accounted In part for the rather marked heaviness of the United States Steel stocks. The resigna- tion of two directors yesterday was also . factor in the case. The tendency of retiring interests to embark in cement ing enterprises was discussed. The deci- sion to maintain the present price of steel rails for 1903 and reports of large orders already received running into the next year did prevent the selling of United States Steel. especially of the preferred.
 The weather bureaus report of crop damage by frost last night and delay in planting the crop and of Its backward cultivation by reason of unfavorable weather helped on the undertone of de- pression The extraordinarily favorable outlook for the cotton crop reported by the same authority was the motive for some buying of cotton carrying railroads, especially Kansas and Texas and St. Louis Southwestern. Southern Railway was also one of the firm stocks in the market. A sharp reaction in Canadian Pacific after its recent sustained advance had some sympathetic effect on the mar ket. Continental Tobacco preferred also lost all of its advance, which has accom- panied the activity of the Consolidated
 
 Detroit United Railroads was not ex- plained and about half of 1t was lost. Call money was somewhat easier, but held at per cent or above. Sterling ex- change continued to advance. The firm ness of exchange in. spite of the higher rate for call money and the selling by American holders of British consols to take profits, is attributed to a demand by bankers to cover against previous sales of exchange bills made in the course of borrowing abroad. The market. closed semi-stagnant and heavy.
 The bonds were rather more active than stocks and the price movement was irregular. Total sales, par, value, $2,- 720, ,000
 United tSates 3s declined A and the 2s registered b per cent on the last call.
 New York Stock Market.
 By Private Wire to Murphy q On.