The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1903-05-25

orados at 10 lie; December heavy cows
al 10 1-4c; January 10c; April branded
cows sold ahead 10 1-2c.
THE WEEK IN WALL STREET.
New York. May 90 There has been con-
siderable liquidation effected in the stock
market this week and prices have sui
fered in the process. On several days the
downward tendency became preclpltate
and the selling apparently urgent At in
teryaIs the market showed a tendency TO
rally and operators seemed eXpectant OF
a elimination of the decline and watch
full for indications of recovery me
extent to which the decline has reached
without effective check and the absence
OF new unfaVorabl bic developments in the
situation for some time past have given
ground for the suppoSitiOn that the pro
cess of discounting the unfavorable lac.
tors had gone far enough to warrant the
expectation of 4 reilly. Professional OPP
Gators changed their position from the
short to the long side Of the market once
or twice during the week in pursuance of
this expectation But these pr@Vod false
starts and the unmistakable evidence OF
renewed liquidation en- the rccoNerleS
turned the market downwards again.
The underlying causes of the depression
were the same for some time past and
may be summed up in the terms undi-
geSted securities fears of money Stringcn-
CIV during the fall, widespread unrest of
labor, declining iron markets and a gen
eral fear that the prosperous era for
the country has reached 4 elimination
with a period of reaction to be faced
There have been few special develop
mepts during the week which have had
more immediate effect in causing the
selling of stocks The wild speculation In
cotton las involved some large losses on
the short and some of the selling of
stocks is believed to have been forced to
make these losses The foVeriSh market
for the staple has led to plans for curtail~
ment of production and talk Of shutting
down cott2n mills and il is evident that
large reductions in export demand is re-
sulting from the high price OF cotton.
with n corresponding reduction in the sup
ply Of foreign exchange.
The occasional reduction in price Of cot
ton has been met with immediate re-
sponse in tho stock market in 1irm2r
tone for stocks showing clearly the spec
Ulative sentiment connecting the two
movements. The weeks heavy outgo of
gold has been of immediate influence in
depressing stock, although the domestic
money market has not been affected.
Tho sustained firmncss Of foreign ex-
change in face OF he gold exports so
that they W& evidently made as the
cheapest form Of Temittances IN the I'm
mediate payment OF maturing foreign Ok
legations by bankers. Early in tho week
also the English discount market showed
cations to the Bank OF England Incurred
for applications for the Transvaal loan
were paid off. The reduction OF the bank
rate of discount from to i-2 per cent
on Thursday relaxed the exchange stua-
ton materially. 1t is known. however,
that large loans secured from Berlin
bankers two and three months ago viii
ma ture during the next few weeks,
The current balance Of merchandise
exports In our favor is below nxpeCta-
tons at the time these Berlin obligations
were contracted, owing to the small cot
ton exports. a poor showing Of grain eX-
ports and the large Imports Of various
Materials Considerable further ship
ments of gold are thus possible. All the
news bearing on labor disputes is eagerly
scanned in Wall street and the fact Is
dwelt upon that settlements are invaria-
bly, effected by raising wages. The I'M
varying tenor of these reports is asSo-
ciated with the news Of decreased traffic
in various railroad systems, said to be
due TO reduced deliveries by manufac-
turers owing 70 the uncertainties Of the
labor outlook. A notable Impression is
caused by reports of the intended aban-
donment by various railroad systems Of
much projected improvements as have
not been entered upon, owing to the high
cost of materials Of all grades and Of
labor The effect Of the yielding price Of
iron and the uncertainty over the level
o which buyers and sellers will finally
come together is q diseouraging influence
OWING 10 inc accepted importance or the
iron trade as a barometer of business
conditions in general. Arguments to
overcome this influence has proved un-
availing, such as the estimates of the
enormous consumptive requirements
waiting to he filled a. the price level es-
tablished, the desirability Of fixing that
level low enough to cut off the present
import demand and the probable arti1-
cial level for iron recently attained The
mixed views OF the outcome Of the bond
issue and the stock conversion project Of
the United States Steel Corpora ton have
increased the pressure upon the stocks
OF the corporation, although the new
bonds have advanced The reports com
monty accepted that applications for the
new bonds, including those for the SYN
dicate ana for conversions BY preferred
stockholders, call for only $t5o0 zoe coo of
the bonds instead OF the $4,000 600 pro
iected. are offered as reason for adj
Vancing their price. owing to the smaller
requirements for the interest on the is
sue. The crop news is Of growing inn
portance TO the stock market as the sea
son progresses and the condition Of the
winter wheat crop IS q helpful factor
but the unsatisfactory reports Of the cot
ton crop and the prolonged delay in the
planting Of the cotton crop arc supple
mental factors In the depression of
stocks