New-York tribune., 1902-06-04
BONDS.
THE DAYS OPERATIONS IN STOCKS

F-avv inonor+an- changes were made in values
yesterday final prices showing small, net losses
tn the greater number Of issues. The local
traction shares and Continental Tobacco pre-
ferred were the only stocks in which decided
strength was exhibited although in small
number of issues fractional improvement was
recorded at the close. Total dealings were
lighter than On any day this year. amounting
To on1v 1S331S shares which compares with a
business Of 100000 shares the same day
year ago. Indeed. total transactions We're hshteI
than on any day in nearly two years Inc pup
lie has not been IN the market for long time
and II showed no disposition yesterday to enter
speculation Even the pools and syndicates that
recently were so active gave no evidence Of life
Pools and syndicates are doubtless waiting Tor
brighter skies in the labor world before resuming
operations in securities. Outside Of the strike
situation the days news was favorable TO higher
prices in stocks but there was no buying power
In the market, and as a consequence the pro-
fessional element worked for lower quotations IN
the best part OF the day Reading, Manhattan
Fuller Company, Sugar Refining. Brooklyn Rap
i'd Transit Union Pacific and Continental TO-
bacco preferred were the only active features
and in these stocks total sales We're less than
$1,000 shares The government cotton report and
crop advices from the West were among the
favorable developments Of the day
TT the situation in the coal industry becomes
narticlIlarly grave-that is if the soft coal min
ers 90 out and industrial activity is checked for
want of coal-the stock market may develop INTO
a big affair, with liquidation and lower prices.
C,r Fba other hand if the strikers make no more
nrosress than recorded at present, the secufllleS
market will doubtless run along IN the current
dull but firm manner until settl3nleht Il
reached The fact that there is no selling press
lrre reflects the strong technical position OF
speculation and the belief among important
market interests that prices VIII sen InuCA
higher when the coal miners return 10 work,
YTaTl Street apparentiy assumes that there VIII
be no serious developments in the current sI4he'
that the general course or the country ; ~
s5ustres will not be adversely aTTected, ana lAaI
the situation will clear either through o'llCeS-
sionc nv the operators or a voluntary return
nv the miners Wall Street Is, perhaps, 100 cA-
tinnistic While confidently believing that an
will be we'll. it may be wise TO De prepared Ioi
the unexpected
The conditions underlying business in general
are SO sound that Widespread coal strike would
check rather than destroy lndustrlal ProspeLItS-
It is quite likely, however that SECURITIES
would suffer for a time and IT IS TINS cohlltl
seney for which preparations should De maue
1t is doubtless true that the greater nulnoeT OF
sreculatiVe holders of stocks strong enough
financially to weather temporary nlarheI SO! @
hut in case of an opportunity to bring about d
lower level of values there doubtless VIII pe
found tfrssid holders who will sell so Tar the
course of the strike certainly lends little en-
couragement to the theory that serious FACTORS
will arise. The effort of the miners to force con
cessions from the operators by Gaining our tfle
engineers and pumpmen has not proved a Dig
success, and the operators apparently intend TO
maintain the stand tabshed at the start. The
unknown factor in the situation is the money
Z question as il affects the miners Many people
+ would like to know how large the strike FUND
S. In some quarters il is thought that just
as soon as the funds grow low the strikers Will
be glad to go back to work at the operators
FERNS.