The Washington times., 1902-05-18
Coal Strike Upsets the
Stock Market, Limiting
Business.
LIQUIDATION THROUGHOUT DAY
Bank Statement Shows Pros
pett of Easier Monetary
Conditions.
GAINS BY THE INDUSTRIAlS
Railroad Bonds Move in Sympathy With
the General List-Slight Rally Soon
Gives Place to Downward Trend
United States Steel Active.

NEW YORK, May 1.-THE stock mar
ket was unsettled today by the actual dis
turbance in the anthracite labor situation
and also by exaggerated apprehension as
to the probable extent to which the con-
troversy will be carried into the bitumi-
nous coal fields today. AT the same
time, the aggregate trading was moderate
even for a half holiday, and the dealings
reached noteworthy proportions in only
few stocks.
AS was to be expected. Reading COM
mon was again singled out in the anthra-
cite coal shares for special attack. but
even in that stock, reduced to full shares,
the sales footed up only a little in ex-
cess of $1,000 shares. The extreme loss
as compared with yesterdays closing fig
ure. was ~ per cent. and the net de-
cline was less than point
Declines Merely Nominal.
Pennsylvania was next in extent of in
terest in the group, with about 1900
shares. and the stock closed practically
unchanged. The trading in Delaware and
Hudson and Erie was nominal, and the
net decline in neither was appreciable.
While the market movement generally
was within narrow limits, an intermit-
tent liquidation took place throughout the
brief business session The only railroad
stocks which reached comparative activity
were Union Pacific, st. Paul, and Atchison
common. The aforementioned left of un-
changed, while the other issues sus-
tained net declines OF small fractions.
Losses of a point or more occurred how
ever, on limited trading in Manhattan
Railway. Louisville and Nashville, Bal
timJre and Ohio, Illinois Central, and
Rock Island. Larger declines were suf-
fered in some of the special stocks.
Canadian Pacific. while only moderately
active. proved superior to the general
tendency. and this was true of other is
cues, including Southern Pacific and
Southern Railway. although the two last
mentioned left on slight fraction lower.
Favorable Statement.
Aside from the usual trade reports and
week end compilations of railway earn
ings, which were almost uniformly IA
vorable, the anthracite coal strike being
the only element OF disturbance, the only
development of interest was the state
ment OF averages of the associated banks.
The exhibit showed very considerable
decrease in loans and deposits. The cash
averaged a decrease of 81 ,132, 300 whereas
an increase of about that amount was
indicated in the reports of the individual
banks yesterday.
The net result is an increase in the
surplus reserve of s4,Ss5. .525, bringing the
total of the item to ss.346. .525. as against
a surplus of 1925, ,s25 year ago.
The publication of the statement, which
opens up the prospects of easier money
rates next week. for brief space steadied
the general list. but the downward ten
dency was resumed in the interval before
the close OF business.
Steel Stocks Active.
In the industrial list, United States
Steel. common, led in activity, and Il
sustained a fractional net decline Sugar
Refining on limited dealings sold of
IL per cent. closing at the lowest figure,
while Amalgamated Copper on sales of
little over 5000 shares finished with a
trifling net gain.
Railroad bonds were inactive and SYM
pathized to a moderate extent with the
course of the stock list.
In the outside market dealings were
light. Further advances occurred in Ha-
vana Commercial, and Universal Tobac-
co rose an extreme 3 per cent. The only
active feature was General Carriage,
which reacted sharply on unfavorable
criticism OF the plan OF reorganization.
The stock market closed unsettled.