Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-10-04
Stock Market Was Weak and
Feverish.
TWO BAD FEATURES
FAILURE TO END STRIKE MOST
PRONOUNCED.
The Bank Statement Shows That Fur
Their Liquidation L. Necessary
Before Improvement.
Special Dispatch to The Evening snr.

Special Dispatch to The Evening SAr.
NEW YORK. October 4.-Todays stock
market was feverish and unsettled as the
result of two distinct dIsappointments-tha
failure to settle the coal strike and an un-
favorable bank exhibit. London's holiday
restricted the local dealings and kept the
trading largely In control of the profess
sional element. The coal stocks opened at
declines and were supported only moder-
ately well, lack of pressure in most Of
them making big inside buying unnecessary.
A weak account in Reading had been built
up on the prospect of a coal strike settle
ment and was liquidated freely as the re-
suit Of the failure Of the Presidents plan
Sentiment was mainly adverse to the stand
taken by the operators and for the first time
In many weeks Impotence was expressed
at their refusal to resume mining. Later in
the day the hope that the President might
persuade the Pennsylvania authorities to
take a more vigorous stand helped prices
slightly. but hopes have been too frequently
blasted to admit Of important trading on
this prospect.
The street Is inclined to expect some ag
gressive measure from one side or the other
within few days. and the market Is kept
In a nervous state in consequence. Wall
street believes in the principle for which the
operators are contendng, but It's admiration
for the attitude Of the miners representa-
tives in yesterdays conference Is decided.
The mining of coal Is demanded now with
out regard for the views recently held, and
a failure to resume mining Will be consid-
cred bear argument on the stocks inter-
ested.
The bank statement shows that with all
this weeks selling of long stock, the loan
account has been reduced only S1,SIS,OO.
The insignificant change in this item is
discouraging and clearly indicates that
many thousands of shares Of stock must
yet be sold to help the banks In strengthen
ing their resources.
Reserves must be built up and loans must
be reduced to meet this necessity. The loss
in lawful money has been 50, 503. 200, or con-
siderably more than indicated yesterday.
The net result Of all charges Is to decrease
the surplus reserve by $1,411, 40, or to
total of s1,s192OO. The banks agreed to
ignore the privilege of exempting govern
ment deposits for The present week, and the
showing made is similar to previous state
ments and allows % per cent on all gov
eminent deposits.
The fact that this method of figuring was
continued really helped the showing, since
the market acted well in the face Of trying
conditions and without having exhausted all
devices for making the banking condition
more satisfactory.
The failure to decrease the loans Is a
keen disappointment because 1t carries with
1t notice that the process OF liquidation
must continue for indefinite period.
The days of dear money have not passed.
sterling exchange rates are not reassuring,
and there is almost immediate incentive
to higher prices. The condition OF the coun-
try Is excellent, and this fact Is the basis
of whatever tranquility there may be In
financial circles. Commission houses con-
tinue to be cautious. and banks are expect
ed to frown upon any attempt at revival
Of speculation. The discomfort OF labor is
to be deplored at this time of meager bank
resources, but that there is occasion for 1t
financiers admit, and even the largest boats
are being instructed to keep within wading
distance Of shore.