Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-05-16
FINANCE AND TRADE
Coal Strike Caused Weakness
in Stocks.
WHOLE LIST LOWER
SOME ACTIVITY IN THE COAL
ROAD SHARES.
The Recessions in Some of These
Reached as Much as Two
Points.

Special Dispatch TO The Evening star
NEW YORK May 16.-The declaration
of coal strike among $4,000 anthracite
miners found reflection in Wall street this
morning to the extent OF pa per cent de-
clines in the coal stocks. and about ! per
cent in the other active issues There was
a considerable volume OF business I'm the
Reading issues. I'm which the decline was
most pronounced, owing TO the fact that
almost every commission house in the
street was carrying the stock for specula-
tive clients.
Delaware and Hudson and Lackawanna
sold off under limited dealings. and Erie
held remarkably well within a fraction ~
its recent price. The fact that there was
so little Erie stock in the street had not
been recognized prior TO today's movement.
As to the outcome of the strike there is no
opinion worthy Of consideration. but In
banking circles there is no concern. 1t is
suggested that loans will not he seriously
disturbed because of the idleness OF the
properties represented by the collaterals.
This view is based upon the well-knowa
fact that some of the largest banking houses
in the street are behind the coal properties
and are the best judges Of their value. For
a time the coal strike must act as a deter
rent influence. but within a few DAYS other
considerations may admit OF special move
ments elsewhere An effort will be made
to have the coal stocks take a secondary
place In the market, pending some definite
action on the part OF the leaders of the
strike movement
There is still some hone OF reopening the
subject and warding off disastrous tie-up
Outside of the coal shares the market
was dull and inclined to weakness because
OF the lack of support. There was no dis
lon to l.,.E gsal-,
turns and traders believed that the strike
would further restrict dealings and lead to
a gradual shading off In prices. at least
until more definite crop news is available.
AS to the latter outlook the immediate
weather conditions are favorable. and rail-
road officials are hopeful. Today's trading
in the Changers was at lower prices st
Paul being freely sold. while Atchison and
missouri Pacific declined under mixed sales
of speculative holdings. Every day adds to
the Importance OF good crops as a factor in
any Improvement that may be expected.
The coal strike demands an opposite In
nuence, and the brunt of supplying this de-
mard rests on the wheat and corn crops.
The industrial list was heavy under mixed
selling. the advance in coal certain to fol-
low hard upon an extended strike operat-
ing against these properties. The steel
stocks were notably heavy. the United
States and independent companies declining
under speculative sales for both accounts
A further drop in the Webb Never
stocks had a depressing influence in certain
quarters. Rutland preferred getting down
to "a, while the curb issues fell to new low
levels As this interest is supposed to have
been active in the Junior Vanderbilts sales
OF the latter We're credited to them in the
hope OF protecting other commitments
me banks have apparently gained about
Sl,Wo,oo on this weeks currency move
ment, in spite of shipments to Boston and
elsewhere. 1t is hoped therefore that to-
morrow's bank statement may be regarded
as favorable to the extent that loans and
cash resources will show favorable
hanges. Money ruled at 5l2 to per cent,
argely because of the small needs of the
street