The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-10
COAL STRIKE THE TALK
RUMORS OF SETTLEMENT AND DE-
MAILS DEPRESSED THE MARKET.
j. II. Morgan Mentioned as Taking n
Hand in the Affair and Being I'm
Favor of a Compromise.

NEW YORK, Oct. 9.-To-day's stock mar
ket was much the same as that of yester-
day. The volume of dealings was about
the same, and the general show of early
strength gave way TO an intensely dull and
nesitating market in the afternoon, as it
did yesterday. The closing was very irreg
ular, with few of the leading stocks at
top prices and others at bottom prices and
sagging uncertainty between those levels
for the majority of the list.
The favorable outlook for easier money
and the strong current belief that the coal
strike was on the eve of settlement were
the motives of the buying, which showed
some urgency in the case of some of the
coalers. The obvious fact that earnest con-
situations were going on and every effort
being made to bring powerful influence to
bear on a settlement of the strike gave
color to the belief and gave rise to count
less runlors, none of which could be au-
thenticated. The favorite story this morn
ing was that ]. p. Morgan had asserted his
authority in favor of compromise with
the strikers and that President Baer of
the Reading, had thereupon resigned. Re-
ports were current that large orders which
had been placed abroad for coal were being
hence of the resumption of mining. OfHcial
disclaimers OF many of the rumors were
put out during the course of the day, and
prices declined in consequence. Stocks of
gas companies shared most notably in the
strength or the coal stocks owing to the
relief that the coal strike settlement would
anord to the scarcity of material for the
mannfacture Of gas. However, gains of one
TO two points were very we'll distributed
through the list at the period of the high
est prices.
The payment yesterday by the subtreas-
gold at San Francisco was supplemented
to-day by the payment Of $4,000 additional
on the same account. An incoming steam
ship also brought another million dollars
worth of gold of the South African con-
signment secured by the National City
Bank The subtreasury has contributed a
small s sum to the money market during
the week on regular operations 1t appears
therefore, that the banks have gained gold
10 the extent of about IS, 0OO, 900 to Offset the
shipments to the interior. 1t was the knowl-
ecGe or this condition that caused the hopes
or easier money. But while no liquidation
was forced by calling of loans the banks
Sun refrained from extending loans on the
STOCK Exchange. Late in the day call loans
mounted again to 10 per cent Rates for
time loans for thirty days to six months are
sui held In the neighborhood of to per
the conviction that money will continue
scarce We'll into the coming year. Sterling
exchange steadied again to-day, and init
nations came from London that the Bank
OF england Is preparing to borrow money
from the market in order to check the
downward course of discount rates and pre-
vent possible gold exports. The weekly
statement shows that the English institu-
ton had lost S5,621 ,0S5 in gold The Bank
or France in the same time lost 81 600 600 in
gold. The New York exchange at Chicago
dropped to-day to 25d30c discount, COM
pared with 10c discount yesterday, thus in
olSating pretty clearly the direction which
Will be taken by the first money that can
be spared by the New York banks. The
stimulating influence of the hope of easier
money was also counteracted in this way
helping to the irregular tone of the Iafe
market.
Bonds became irregular in sympathy with
stocks. Total sales at par value were S.
changed on the last call.
The following fahla ehou,c H. $500 j.