The daily morning journal and courier., 1902-05-13
 THE STOCK MARK FIT.
Depression RuIed-Some of the Alleged
 Causes.

1 Causes.
 New York May 12-The position of
 the local money market was undoubted-
 ly the source of the depression which
 ruled in the stock market to-day. This
 was reinforced by the anthracite labor l situation as shown by the suspension Of
 work to-day in the anthracite region
 and by fears of very unfavorable re-
 port on the conditions of the crops of
 May 1st to be made by the agriculture 1 department this afternoon The state
 ment of the conditions of the banks on | Saturday sufficiently indicated that some recuperative process would be used this week The heavy decline of over $6000, ,000 in the cash reserves of the banks had little light thrown upon it to-day, and was a good deal of a puzzle even to bankers. It was argued that the trust companies might be talk ing steps to build up their cash re- serve, in accordance with the intimation from the clearing house authorities and of current public discussion and criti- cism of the present financial situation. The only additional light on the subject was the report that heavy shipment OL ChSn NdS IIldut lb lllldutihliib III furtherance of the transfer of the Choc- taw, Oklahoma and Gulf and which did not figure in the routine transactions of the hanks. The pressnre for funds out side of the stock market was most clearly manifest in the sterling eX- change market in which there was violent decline of 1-2 cent in the pound. Ther' were large offerings of bankers kills against further loans negotiated abroad and London was a free buyer of stocks during the first hour, thus help ing out the supply of exchange. The statement of the countrys foreign trade for April, showing a decline in agricultural products exported of over S15, 000000 goes to explain the prevail ing scarcity of exchange and the per sistent firmness of foreign exchange up to to-days sharp break The total sales of stocks for the day, which were not much in excess of half a million l shares showed that the liquidation was | not large or indiscriminate. The stoc.ls l which suffered most seriously also indi- l ate that the high grade of the property | was not an exemption. It is recogniz- 1 ed that high grade stocks have been
 
 iions, and apparently the bankers made | a systematic revision and discrimina- | tion in collateral to-day. The conse- | quence was the melting away of some | recent unexplained advances in some of | the most substantial stocks on the list The coaers had the additional burden l of the strike to carry. Union Pacific | end Southern Railway were conspicu- ous for comparative firmuess during the | whole day The market closed steady | at some recovery Among the days notable declines may be mentioned General Electric 21 with recovery of IS, Westinghouse Electric Ii. the 1st | preferred 916, North American 6. Della ware, Lackawanna and Western 13, | Chicago St. Paul. Minneapolis and Omaha 1012, New York, New Haven and s, Chicago and Northwestern ! iB Delaware and Hudson 47s Chicago, Indianapolis and Louisville 5A, New Jersey Central 4, Long Island Az The
 st of declines running from 1 to is 100 long for enumeration here. Money vent to 10 per cent to-day and reced- ,d to 6 only after the principal demand vas satisfied Bonds were weak in with stocks Total sales par lalue $3, ,240,0 900. United States new and i'd As and the IS declined Ii per cent. )n the last call.