New-York tribune., 1902-05-11
BONDS.
THE DAYS OPERATIONS IN STOCKS

The coal strike announcement and the ex-
pectation of an unfavorable bank statement
served 10 restrict trading in stocks While in
ducing bear pressure and a heavy tendency IN
prices In the coal stocks declines OF ! point
and above we're common, but elsewhere In the
list declines were seldom important. Bank fig
,Ires showed a further loss in reserve holdings.
and stocks generally sold off fractions on the
publication OF the statement. There is no oc-
casion for uneasness over poor bank state
roe,ts inasmuch as they do not reflect actual
conditions and are not faithful reflections OF the
money market situation. Bank reserves, how
ever are at present low. The high rates for
money reflect decreased supplies. but. as there
is plentv of money in the country and pros
poets Of increased holdings at this centre, there
is no reason for alarm. According to the bank
statement loans decreased S2,224, 300, cash de-
creased S6.011.J00, against an estimated de-
crease based on the known movement OF money,
OF less than S3000000; deposits decreased So
1000 and reserve above legal requirements
S4023. .O00 10 So. 461 00o. This compares with
SS121,573 a year ago. and Sl1,332,t2' in the
same time in 1900 The largest losses in the
railway list were made by Delaware and Hud-
SON Louisville and Nashville. ST. Paul, Union
Pacific. Chicago Great Western. Southern Pa
cifc Missouri Pacific. Canadian Pacific. Penn
sylvania and Erie. With the exception Of the
stocks named. dealings We're exceedingly light,
commission houses showing no disposition to
operate in the market Transactions, when
made were generally sales.
The coal strike announcement is not likely to
cause widespread uneasiness in investment
circles. This is not busy time Of the year In
the coal trade and the companies are in po-
sition to stand long period Of idleness on the
part Of the miners. inasmuch supplies on
he FHT1Nr1N .
requirements. In some quarters it is even
hinted that the big coal companies are satisfied
TO have a strike at this time for, result,
they will save a total for all Of SlSSepO a day
in wages while Of course. they will be able to
advance the price Of coal to the consumer
The most unfortunate feature of the strike 10
that apparently labor leaders are forming l4o-
coo miners into a labor disturbance that the men
do not want. Discomfort Of this kind. however,
will bring the strike TO an end quicker than
anything else. especially the mine owners
show no disposition to grant the demands OF
the leaders.
The anthracite coal shares would be more al
fected by a strike in the fall or winter season
than at present. while the miners would at
those periods stand far better chance Of re-
ceiying concessions from the companies. Strikes
seldom affect the general business situation. In
the present case manufacturers will not suffer
for lack of coal, supplies are large enough
for the requirements Of hard coal using com
psnies The greater number OF manufacturing
concerns outside of New-York use soft COAL
and only a complete tie-up of the bituminous
fields for an extended period could affect the
countrys great manufacturing industries. AS
usual. the individual consumer Will be the chleI
sufferer in the present strike. The OUTLOOK Tor
the coal stocks is promising, and if precedent
is followed higher prices Will soon develop in
the various issues. Good buying was reported
on the decline in Reading ana the other an
rhracite issues in Yesterdays market.
The usual weekly table OF price changes for the
active stocks follows: