The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-20
PRICES GENERALLY DOWN
PERSISTENT DECLINES IN MANY M
PORTANT STOCK ISSUES.
The Graneers and United States Steel
the Chief ExampIes-COa1ers Are
Relatively Strong.

NEW YORK, May 19.-There was dull
and professional stock market to-day with
a sagging tendency, running 10 acute weak
ness at times at one or two points. Cover
ing by room shorts caused some slight i'm
provement during the final hour. but the
tone became heavy again and closed
The recent factors of depression continued
IN force. namely the uncertainty over the
effect of the anthracite miners strike. the
situation in the local money market and
the crop outlook. There was some irregu-
larity 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 point or more. The
reports Of heavy rains in the Northwest
were considered unfavorable for spring
wheat, but the weather in the Southwest
was good and winter wheat was reported
doing we'll. This weakness permeated the
list pretty generally. There was notable
selling of the United States Steel stocks,
which seemed to gain force when announce
ment made OF the several protests
presented at the stockholders meeting to-
day against the plan for the conversion of
stock and issue of bonds. This selling was
alleged to be for Pittsburg account and
was the subject of much gossip on the
Stock Exchange, where it gave rise to con-
siderable uneasiness. The relative firmness
of the coal stocks was due to current re-
ports 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 optimis
tic, in spite of the entire failure of last
weeks persistant 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 secure additional credits abroad,
and from other sources than the banks.
But the clear understanding that the secur-
ing OF these new credits left the general
credits situation as whole unchanged,
in spite OF last weeks enormous loan de-
crease by the banks themselves, detracted
from the sentimental relief that would
otherwise have been made by the loan
showing. There was a significant stiffening
OF the foreign exchange rate also, which in
dicates that a high level of interest rates
is all that diverts attention 10 New
York. The opinion Is still held that even
lead 10 early Withdrawals of gold from
New York. The large borrowings abroad
as well as the present level of prices of Sc
curites are felt to be based on a favorable
outcome of the corn crop. whose fate Is
as yet problematical. The securing of loans
abroad is an evidence of the resources of
the countrys credits; but the domestic
level of interest rates, which has TO be paid,
offers notable margin over the prevail
ing rate in foreign markets, and must rep
resent some element of risk in the minds of
the lenders. There were some violent re-
lapses in prices of high-priced, usually in
active stocks, and international Power
dropped back is points again on nominal
sales. The market closed dull and heavy.
Bonds were dull and heavy throughout.
| Total sales, at par value, were 81, 955. 600.
United States bonds were unchanged on the
last call.
Following the days share sales and
the recorded prices changes: