The Montgomery advertiser., 1902-05-17
NALL STREET REVIEW
lack OF SUPPORTING DEMAND
WAS NOTICEABLE.
Liquidation Not Heavy, But Such
- It Was, Was General-Deci-
sion to Strike Ostensible
Cause of Weakness

81 NEW YORK, May i6.-The conspicuous fea-
Z - o. today's stock market was entire lack
my supporting demand at any stage of the
s 49, Even the room shorts who almost in
xseoy cover short contracts at the end Of
y <24s about covering. and the market seemed
1Htneiy to lack resiliency. The liquidation was
qk neagy, but such as it was. was very gen.
sn While the decision OF the anthracite
E!4ers Tor strike was the ostensible cause
- 4o weakness the depression was not con-
x 11El@4 70 the coaleis nor was 1t particularly
g activity. but allowing for its half shares.
= Ia 1alee were but little in excess of those
{ - pnion Pacific. The three point decline in
9Nlng was fairly attributable to the fact that
sroeent speculative confidence in the coal
{f14e outlook. The other coalers shared about
S9Qa1ty with the weakness of the general mar
- which Is represented by quite uniform
1eeses OF from I to 8. The undeviation as
4lF1nces that there would be strike which
~ been expressed throughout the period
eince strike was threatened by all repre-
zeen<Auves OF the controlling interests In the
ecelsre leaves no room for doubt that the
49, occlston to strike was n surprise. Con-
4dence IN favorable outcome of the struggle
q me benefit of the coal operators continued
~ ~ expressed in Wall Street today. But this
<ouId not alter the general impression that a
R<p!onGed and serious struggle Is In prospect.
a d1d not need the formal announcement by
xIQo1dent Mitchell Of the purpose of the min
- - make the strike a national mining strike
4 - awaken anxiety over the possible extension
4elda and especially into the bituminous coal
0e1ds. The collateral effects of such an ex-
<4ne10n are easy TO understand. but difficult
~ estimate. The effect upon the iron and
Nfee1 Industries. already struggling with
Ucarcity OF material of all kinds. would be
most notable. The iron and steel stocks shared
N the general weakness. Reports of an adj
vance, of 81 q ton in the price of Southern
Iron rather strangely added to the depression
~ It. - felt that the maintenance of the high
level Of consumption is dependent upon the
y sustained steadiness. Of the price. Attention
Was given also to the estimate of The Iron
Age that the producing capacity Of pig iron
= Tor the country would be Increased 100000
tons this year and 4. 600 600 tons by the end
Of 1908. The wet weather in the Northwest
refarding the seeding of the crops may have
been q depressing influence. although the
\ weakness in the corn market should have been
f2fr offset. In spite of the week reports
on large movements of cash towards New York.
the preliminary estimates today from the
known movements of money indicate gain of
only about a million dollars after allowing for
the absorption by sub-treasury operations
There Is the usual mystery about the effect
OF the weeks shifting of loans on the loan
account Of the banks themselves. There has
been undoubtedly great extension Of credit
in foreign markets. but 1t Is not clear whether
the local liquidation in the stock market has
gone to the repayment of loans To the banks
themselves or to the trust companies. The
market closed inanimate at about the lowest.
Bonds were duh and irregular. Total sales
fpar vaIue). So. 800. 600. United States bonds
were all unchanged the last call
Bank Clearings.
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