New-York tribune., 1902-05-20
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Dulness marked the course of stock market
.-.aipb yesterday The movement of values
showed few important fluctuations. with final
nrices as a rule at small net losses as com
pared with Saturdays closing quotations. TRAD
ing was held in check by anthracite coal strike
,ossibflitjes Sentiment was naturally mixed
regarding the Duration and effect on general
industries Of the current coal strike. ana as
CONSEQUENCE there was no disposition 20 enter
actively into market operations on either sde
If the account Commission houses had few
selling orders at the opening from out or Town
customers but in the greater part Of the day
there was practically no business transacted for
outside interests. There was no pressure 10
sell AT any time and absolutely no investment
uoujdatfon Easier money rates. good reports
from the crop section of the country and heavy
gains in railroad earnings for the second week
in MAY were doubtless effective factors in en-
couraging holders Of valuable securities TO main
tain position the long side of the market.
II the coal strike in the anthracite fields ex-
tends to the bituminous territory. and II the
mines remain idle for extended period, IN
dustrial activity in this country will be checked
for a time, and railroad earnings Will decline
The ..ifs" in the situation however. do not ap-
peal TO the majority Of people. as 1t is believed
that the common sense and moral RESPONSE
biIitv Of the bituminous miners will prevent
them from breaking their agreement with their
EMPLOYERS while it is thought that the anthra-
cite miners will go back to work through the
medium of arbitration through the ability OF
the operators TO open their mines because OF the
dissatisfaction of many miners over the
strike order. Railroad traffic receipts among
the anthracite coal roads were materially affect
ed by the miners strike two years ago, and
is no reason to suppose that losses Of
the same kind will not be suffered in the pres
ent labor disturbance. 1t is the intention OF
the companies however. TO offset as much as
possible the effect of the strike On earnings
by cutting down operating expenses. exam
pie of which is furnished by the Erie, which
already has made a sweeping reduction in the
number of men employed. Erie shares were not
weak yesterday. and the anthracite list in gen
eral presented considerable irmness.
In the last hour Of trading values enjoyed
slow advance chiefly on covering Of shorts put
out earlier in the day. At the close. however.
there were traces of early losses in the greater
number of issues as small net declines were
common throughout the list. Pressure against
the United States Steel shares was based on
the opposition that developed at the companys
meeting which was held to take action on the
stock conversion plan. As the management held
proxies for a large majority of the shares. pro-
tests against ratifying the plan of course fell
fat but the fact that certain stockholders OBJ
jected to making the agreement effective was
fsvorably commented upon by conservative peo-
pie who do not approve Of converting S2oo.eh.-
900 preferred stock into bonds. with an extra
issue of S-I0Ooo.N00 bonds for cash and a pay
rnent of s10Go0oOo to the underwriting syndi-
cate for :ts services.
Among the strong features Of the railway list
al the close were Reading. Canadian Pacific.
r-r=a Frhf @ q
Hudson Evansville and Terre Haute and Union
Pacific. Sugar Refining, after an early loss
recovered closing seven-eighths above Satur~
days last quotation. Amalgamated Copper ad-
vanced fractionally at the start. reacted Ia
per cent, but closed only fracuonally lower
Colorado Fuel and Iron effected a full recovery,
and Tennessee Coal and Iron closed higher than
on Saturday night. American Grass Twine was
dull but firner: also American Car and Foundry
preferred. on sales of POO shares international
Power declined Is points to a. Rutland pre-
ferred advanced 3 points dealings of 800
shares Money rates were easier, and sterling
exchange was higher.