The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-20
STOCKS AND BONDS.

New York, May 19.-There was a
dull and professional stock market to-
day with a sagging tendency, running
to acute weakness at times at one or
two points. Covering by room shorts
caused some slight improvement dur
ing the final hour, but the tone became
heavy again and closed so.
The recent factors of depression con-
tinued in force, namely, the uncertain
ty over the effect of the anthracite
miners strike the situation in the local
money market and the crop outlook.
There was some irregularity in the
opening dealings and the hard and
soft coal stocks made some stand
against depression. 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 unfaV-
orable for spring wheat but the wealth
er in. the Southwest was good and win
ter wheat was reported doing we'll
Ihis weakness permeated the list pref
ty generally.
There was notable selling of the
United States Steel stocks, which SEEM
ed to gain force when announcement
was made of the several protests pre-
sented at the stockholders meeting to-
DAY against the plan for the conversion
OF stock and issue of bonds This SELL
ing was alleged to be for Pittsburg ac-
count, and was the subject of much
gossip on the Stock Exchange, where
II gave rise to considerable uneasiness,
me relative frmness of the coal stocks
was due to current reports that the
National Civic Federation was still
making efforts to settle the strike. The
common opinion in Wall street as to
the duration of the. Strike continues
optimistic, in spite gof. the entire fail
ure of last weeks persistent assertions
that there would be- no permanent
strike at all. The money market was
rather easy to-day as a result of the
actiVe measures taken last week to Sc
cure additional credits abroad and from
other sources than the banks. But the
clear understanding that the securing
OF these new credits left the general
credlt situation as whole UNCHANGED
IN spite of last weeks enormous loan
decrease by the banks themselves, de-
tracted from the sentimental relief
that would otherwise have been felt by
the loan showing.
There was significant stiffening of
tne foreign exchange rate also, which
indicates that a high level of interest
rates is all that diverts credits to the
new York market. The opinion is still
held that even a slight relaxation in
interest rates would lead to early with
drawals of gold from New York. There
were some violent relapses in prices of
nigh 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 through
out. Total sales par value, 81. 955. 900.
United States bonds were unchanged
on the last call.
Total sales of stocks to-day were
599.O50, including Atchison, 14S00: Ca
madam Pacific, 10000: Chicago and
Great Western. II 300; Erie, Il, 100; Mis-
souri, Pacific, 10.7OO; New York Central.
l.9Oo: Pennsylvania, 16, 500 Reading.
$500; do I'd preferred 49, 300; st. Paul
2O,6OO Southern Pacific. 80 300; South
ern Railway. 1920; Union Pacific, 46,-
300; Wabash, $500; do preferred. $500:
Copper, $4,000; Brooklyn Rapid Transit
G,lOO: Colorado Fuel and Iron, 26. 500;
Sugar, 14,200: United States Steel. So
100; do preferred, 22,200; Kansas CITY
Southern, $500. &
New York stock and bond List.