The Savannah morning news., 1902-05-13
STOCKS AND BONDS.

New York May 12.-The position of
the local money market was undoubt-
eddy the source of the depression
which ruled in the stock market to-
day This was reinforced by the an
thracite labor situation, as shown by
the suspension of work to-day in the
anthracite region and by fears of a
very unfavorable report on the condi-
ton of the crops as of May 1 to be
made by the Agricultural Department
this afternoon. The statement of the
condition of the banks on Saturday
sufficiently indicated that some recu-
perative process would be used this
week. The heavy decline of over &c.
600, 900 in the cash reserve of the banks
had little light thrown upon it to-day,
and was a good deal of puzzle even
to bankers. 1t was argued that the
trust companies might be taking steps
to build up their cash reserve in ac-
cordance with the intmation from the
clearing house authorities and of cur
rent public discussion and criticism of
the present financial situation. The
only additional light on the subject was
the tip that a heavy shipment of cash
was made to Philadelphia last week in
furtherance of the transfer of the
Choctaw, Oklahoma and Gulf and
which did not figure IN the routine
transactions of the banks.
The pressure for funds outside of the
stock market was most clearly mani
fest in the sterling exchange market
in which there was a violent decline
of 12 cent in the pound. There were
large offerings of bankers bills against
further loans negotiated abroad, and
London was a free buyer of stocks dur
ing the first hour thus helping out the
supply of exchange. The statement of
the countrys foreign trade for April,
showing a decline in agricultural pro-
ducts exported of over $4,000, 600 goes
to explain the prevailing scarcity of
exchange and the persistent firmness
of foreign exchange up to to-day's
sharp break. The total sales of the
day, which were not much in excess
of 500, 900 shares, showed that the Ii
quotation was not large or indiscrimi-
nate. The stocks which suffered most
seriously also indicate that the high
grade of the property was not an eX-
ception.
1t is recognized that high grade
stocks have been listed to prices I'M
warranted by conditions and appar-
entity the bankers made a systematic
revision and discrimination in collat-
eral to-day. The consequence was the
melting away of some recent unex-
planned advances in some of the most
substantial stocks on the list. The
COdIeIS 0du the duultlOndl Duruen OF
the strike to carry Union Pacific and
Southern Railway were conspicuous
for comparative frmness during the
whole day. The market closed steady
at. some recovery Among the days
notable declines may be mentioned
General Electric. 81, with a recovery
of Is; Westinghouse Electric, IL. the
first preferred, 91a; North American,
s; Delaware, Lackawanna and West
ern, y; Omaha. 10h New York. New
Haven and Hartford, 8; Chicago and
Northwestern, 61s; Delaware and Hud-
son, Az; Chicago, indianapolis and
Louisville. 5E New Jersey Central, 4,
and Long Island 4A. The list OF de-
clines running from / to is too long
for enumeration here.
Money went to 10 per cent to-day
and receded to only after the Srin-
cipal demand was satisfied.
Bonds were weak In sympathy with