The times. [volume] (Richmond, Va.) 1890-1903, 1902-05-17
COAL STR|K
CAUSES SLUMP !
Market Opened Up Fairly Well
in the Morning,
BUT SOLD OFF LATER.
.---- --------- -
The coalers Were Most Seriously At.
fected, but All Stocks Sold Down.
Money is Easier and Good Bank
Statement is Expected.

Commission houses had been preparing
for some time past for the threatened
coal strike and the market was IN GOOD
had sold here and there and strengthened
their accounts. In other words, the strike
had already been in a measure discounted,
and so it was not surprising. that there
was no slump. when the market opened
yesterday. Prices were somewhat OF IN
ali cases, but In most cases the declines
were within per cent. In ,.l1 vas vas Nc, NO
very well until later in the day when
news that the strike would probably 9e
extended to the bltuminous coal nelds
caused q selling movement to set IN, Whlcn
The COALERS SUFFER MOST.
The greatest sufferers were the Coalers
Reading, which opened at 63A, went down
to 6l1s, and closed at the lowest. Balti-
more and Ohio was also under pressure
and went down to 1863. the lowest price
and Ohio and Norfolk and Western were
weak in sympathy, the former. going down
to 1915 when it closed, and the latter to
55k.
The Steel stocks were also under pres.
sure, and 1t is believed that holders OF
those stocks are selling them in order to
tions. steel eel common sold yesterday at
401. and the preferred at 90h. Colorado
Fuel and Iron was also weak. going down
= - UNION PACIFIC DOWN.
There was selling Of Union Pacific,
which was said to come from Chicago, and
that stock lost nearly points on the days
transaction.
Another bearish feature in the market
was the reactionary tendency OF the so
called Junior Vanderbilt, stocks; New
York Central and PENNSYLVANIA also went
down in the slump.
1t is hard to say what will be the out.
come of the coal strike If settled IN short
order the market will no doubt rally, and
there is time enough for another bull
movement before the summer season sets
in On the contrary. If the strike is ex-
tended to the bituminous fields and there
is a long struggle. and especially II there
is an attempt to use force. it is hardly
necessary to say that the whole market
will be considerably lower.
MONEY is EASIER.
One redeeming feature Of the situation
Is that money is easier, and the known
dictates that the banks have gained. a
considerable sum in cash. 1t is also to
be presumed that by reason of liquidation
the loan account has been reduced. A
favorable bank statement, is looked for
tomorrow, and this may help the situa-
ton.
Brokers are advising their customers to
| heavier load than they, can comfortably
carry. Ladenburg,. Thalman & Co. say
that it looks to them as If stocks sold
later on at a, profit.
It is not believed, however, that there
are many weak accounts in the market.
For long time past stocks have been
gradually absorbed by men who are able
| to hold them many Of them having been
purchased for investment. and it is not
| reasonable to suppose that these are going
to throw good stocks overheard simnly
! because of disturbance in the laL,r
world. which by and by will be settled.
| IT is by no means certain that the miners
| in the bitumlnous fields will be called out.
| as many Of them are under contract and
| If they are. there will be just so many
| more strikers TO support. and that means
shorter Clr2 tiOD of the strike. Tt is
also to be considered that a. large proper
! ton of the miners in. the anthracite
regions were opposed to the strike. as in
| Dictated BY the vote in the convention.
! Considerably more than third Of these
! delegates voted against the strike.
For the second week in May the Wis
| consin Central road increased its earnings
| S17. $50: for the first week In May Seaboard
earnings decrea Sed s17.2s9.