Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-10
Coal Strike Situation Still
Unsettles Market.
PRICES SHADE OFF
DULLNESS AND UNCERTAINTY
THE PROMINENT FEATURES.
The Bank Statement Was Also an I'm
satisfactory Feature of the
Situation.
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star
NEW YORK. May 10.-The Increasing
mystery surrounding the intentions OF the
anthracite coal miners failed to find ma
terial reflection in today's stock market
The coal shares opened off about 1 per
cent. but subsequent declines were limited
to small fractions and represented no sig
niticant selling. In local financial circles
there is still confident belief that there
Will be no general strike.
The railroads argue that the times are
too decidedly favorable to the operators
to warrant the union in ordering a strike.
especially since II is well known that there
is considerable sentiment against radical
action on the part OF the miners them
selves. Should purely business arguments
be considered and less stress laid upon the
sentimental phases of the contest the three
days holiday planned for next week would
mark the end of the dispute
Inc continued delay i'm reaching a final
vote Is looked upon a hopeful sign.
Should the saaguine predictions fail a long
season OF idleness is assured. since the
mines have been working up to their capac-
ity and have considerable coal on hand
from which to supply the light demands
from the trade. Every coal stock on the
list was well supported. and the effects OF
yesterdays action are hard to determine
since the coal shares declined less than
did some other active issues on the pros
poets Of a poor bank statement.
The entire market reflected the monetary
condition, and the coal strike, IL IL comes
at all. will be a secondary consideration.
Bank reserves are down to within s.. 46l .O0i
OF the % per cent limit prescribed by law.
and this weeks reduction OF 81 pa 500 In
the loans does but little toward reducing an
expanded loan account. The banks are not
Ia position to encourage stock market &C
tlvity. A loss of S60l 800 in cash holdings
during the week three times 10
indicated by the known movements of
money. is not encouraging to borrowers
or course. the weekly bank statement.
because OF its method of compilation and
its failure to reflect trust company bust
ness, falls far short OF rejecting actual con-
d1tions In the money market Otherwise
holders Of securities would undoubtedly
prefer the cash represented by current
prices to the securities themselves. Enough
is indicated, however, to suggest the need
OF strengthening the resources OF the insti-
tutions which are represented in the fig
ures making up the bank statement.
A reduction of loans would seem to be
the only way out Of the difficulty. and II
may be accepted as reasonably certain that
such a process will not long be delayed
The selling of 10000 shares of Union Pa
cit1c, 5000 shares OF Erie and from 600 to
1000 shares OF half dozen other stocks
by a single firm. today would indicate that
loans will be lightened on Monday to the
extent Of these sales.
Bankers are wonderfully sanguine as to
the future of both the money and securities
markets. but in order that there may be
no disappointment along these lines there
is a considera BILE desire to decrease liabili-
ties. 1t is a poor housekeeper who delays
the spring cleaning until forced into 1t for
sanitary reasons and II is a poor banker
who calls loans after his neighbors have
ceased lending money.
The government crop report to be delayed
until Monday. is expected to show condi-
lions less satisfactory than for the previ-
nd da61 lacS fSf,
than they now are in view of the general
rains which have fallen since the report was
compiled. The selling of the Granger shares
was attributed partly TO the effect OF this
report There is enough OF doubtful char
acter in the market to prevent advances.
and Ii is believed that there is sufficient
resistance to avert serious declines Canton.
however, can scarcely fail of large profits.