Evening star. [volume] (Washington, D.C.) 1854-1972, 1900-09-15
Coal Miners Strike Causes Sharp
Depression in Stocks.
SELLING ON BOTH ACCOUNTS
Traders, However, Think a Favor
able Reaction VIII Follow.
GENERAL MARKET REPORTS
special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. September 15-Today's
stock market was under pressure during
the entire session. professional selling and
commission house liquidation forcing SUBJ
stantial declines In all the active issues.
The closing was heavy and at the lowest
prices
The coal strike Is directly credited with
the weakness, but entirely on its political
side and without regard for commercial
losses. Taking advantage Of this more
comprehensive view traders succeeded in
inspiring a political scare which unsettled
prices In all departments. The selling of
Union Pacific, Atchison, st. Paul and Bur-
iington had every appearance of liquidation
by pools and commission houses. Such
selling is significant because the issues
named have an investment value at current
prices.
Sugar was weak under renewed selling
for trade interests and Peoples Gas con-
tinued to decline under a more serious in
depreciation of the rate war In Chicago.
The steel stocks were weak and yielded
easily under moderate selling for both &C
counts.
The bank statement was about as had
been predicted The reserve decreased
81, 22O.0 7o. which Is about equal to the loss
in lawful money. divided about equally be-
tween specie and legal tenders. Loans
have increased S7,022. 600, which explains
the slight tendency toward a stiffness in
call rates during the week. Deposits in
creased S1O63.5 500 and circulation gained
$4,000. The demands for crop movements
and a moderate loss to the subtreasury are
responsible for the loss in cash, and ii Is
thought that some falling off In the de-
mand will be recorded during the coming
week
The street is divided in its summaries of
this weeks market. In some circles the
belief is expressed that the market has
mer, and that now events of a serious ma
ture threaten it and substantial intrinsic
strength Is lacking. The public is not in
and will not come I'm until the decline shows
signs of exhaustion.
Elsewhere the decline Is not considered
as anything more serious than profess
sional drive. which will react upon its fol-
lowers through an increase in the short in
terest Believers in the latter theory are
confident that the market will rally val
ues and that abundant money is available
for a pronounced advance.
There Is no need of haste pending def
mite solution of pending troubles, and rea-
sonable reaction will not be resisted by the
banking interests. Taking surface indica-
tons for a basis, the views of the latter ele-
ment must be regarded as being trifle too
optimistic Politics have at least another
month of uncertainty and dscounting is
likely to be undertaken before the middle
of October. Meanwhile the speculative ele-
ment VIII prefer lower prices for the double
reason that profit may be made in the
short account while waiting for the safe
basis upon which a later rise may be un-
dertaken. The coal strike will be the CEN
trail figure OF the market during the COM
Ing week, and 1t possesses the merit at
least OF overcoming the much discussed
apathy in both speculation and politics.