The Indianapolis journal., 1902-10-11
STOCK MARKET WAS DULL
COAL STRIKE SITUATION STILL
TENDS TO KEEP PRICES DOWN.
RumOrs OF q SettIemen md Reports OF
the Various Conferences Were
without Apparent Eject.

NEW YORK, Oct. 10.-To-day's early de-
cline in prices of stocks represented the
retreat of the operators who had bought
yesterday under the inspiration of the cur
rent rumors of an imminent settlement Of
the coal strike. The decline carried some
bear selling as an incident, and the small
rally at the close represented the covering
by this room-trading element. The closing
itself was heavy. After the opening sell
ing the market became wholly professional
in its proportions, and the total dealings
fell well below half a million shares. The
fact OF the eve of the Jewish day of atone
ment was an incidental factor in the grow
ing dullness of the market and the DISPOSE
tion TO close up contracts, so that the mar
ket fell into practical stagnation late in
the day.
The inference is warranted from this
state of affairs that speculative opinion
has settled into feeling of resignation to
a waiting market pending the relief of the
money stringency or some tangible devel-
opment indicating the prospect of settle
ment of the coal strike The resumption
to-day of conferences and the passing of
messengers back and forth from j. p. Nor
gan's Office to that of the political leaders
personal conference between those leaders
and a number of coal-road presidents, were
without apparent effect in reawakening
yesterdays hope that a settlement was at
hand. Prices continued to droop through
out the period of the conferences and upon
their adjustment. with the announcement
that the situation remained unchanged,
there was the upward movement of prices
due to the bear covering movement above
referred to.
The rate for call money ran off to per
cent. late in the day, but this was after
principal requirements had been met, be
fore which the rate had run up again to Is
per cent. Preliminary estimates give hope
of favorable bank statement. owing to
the receipts during the week of about
Ss.WOoo OF foreign gold, SO that the banks
lowing for the movement to the interior
something over $2,000,000 A showing of
substantial loan contraction is also ex-
pected, owing to the considerable stock
market liquidation. But this item may be
complicated by the various large syndicate
operations for the week, including a pay
ment to-day on account of a 80 per cent.
call for subscriptions to the ship combine
syndicate, which will require about sl5.-
O0O.0 900.
Notwithstanding the prospect of a strong
bank return the banks showed no signs
OF changing their policy of abstention from
extending their loan accommodations in
the stock market AS a matter of fact.
this week arrivals of gold have practically
exhausted the total of engagements here
OF ore made and there is nothing to war
rant the expectation of further engage
ments In the immediate future. The banks
evidently still consider it the part Of wis
dom to conserve their resources to meet
the interior demand
The bond market was dull and easy To-
tai sales par value, 81, 100000. United States
bonds were all unchanged on the last CALL
The following table shows the range Of
STOCK DficpS on FRIDAY.