The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-17

STEADY FALL in PRICES
STOCKS IN A DECLINE FROM BEGIN
MING TO END.
anthracite Strike the OstensibIe Cause
Crop Conditions Also an Inhu-
ence-Monetary Outlook.

NEW YORK, May 16.-The conspicuous
feature of to-day's weak stock market was
the entire lack of any supporting demand
at any stage of the decline. Even the
room shorts, who almost invariably cover
short contracts at the end of a day of de-
Ginning prices. showed no solicitude about
covering, and the market seemed entirely
to lack resiliency. The liquidation was not
heavy, but. such as it was, was very gen
eral. While the decision of the anthracite
miners for a strike was the ostensible
cause for the weakness, the depression was
not confined to the ~coalers. nor was it par
ticularly conspicuous there. Reading was
first in point of activity, but allowing for its
half shares, the sales were but little in ex-
cess of those of Union Pacific. The three
point decline in Reading was fairly at
tributable to the fact that it has been Sc
lected as the representative of recent spec
ulative confidence in the coal trade out
look. The other coalers shared about equal
ly with the weakness of the general market,
which is represented by quite uniform
losses of one to three points. The unde-
Waiting assurance that there would be no
strike which has been talked of throughout
the period since a strike was threatened,
On all representatives OIL the COnlIOllIIS III
terests in the coalers, leaves no room for
doubt that the final decision to strike was
a surprise. Confidence in a favorable out
come of the struggle to the benefit of the
coal operators continued TO be expressed in
all districts to-day. But this could not
alter the general impression that a pro-
longed and serious struggle is in prospect.
1t did not need the formal announcement
by President Mitchell. of the purpose of the
miners to make the strike a national mining
strike to awaken anxiety over the possible
extension of the labor trouble by sympathy
into other fields, and especially into the
bituminous coal field. The collateral effects
of such an extension are easy to under
stand, but difficult to estimate. The effect
on the iron and steel industries, already
struggling with scarcity of material of all
kinds, would be most notable. The iron
and steel stocks shared in the general
weakness. Reports of an advance of 81 a
ton in the price of Southern iron rather
strangely added to the depression, as 1t is
felt that the maintenance of the high level
of consumption is dependent on the sus-
tanned SteadinesS of the price. Attention
was given also to the estimate of the Iron
Age that the producing capacity of pig iron
for the country would be increased 300.0 600
tons this year and 1900, 00 tons by the end
OF 1915. Inc wet weather IN the Northwest,
retarding the seeding of the crops, may
have been a depressing influence, although
the weakness in the corn market should
have been a fair offset. In spite of the
weak reports of large movements of cash
toward New York, the preliminary esti-
mates to-day from the known movements
of money indicate a gain of only about a
million dollars, after allowing for the alb
sOrption by subtreasury operations. There
is the usual mystery about the effect of the
weeks shifting of loans on the loan &C
count of the banks themselves. There has
been undoubtedly a great extension of
credit in foreign markets, but it is not clear
whether the local liquidation in the stock
market has gone to the repayment of loans
to the banks themselves, or TO the trust
companies. The market closed inanimate
at about the lowest.
Bonds were dull and irregular. Total
sales at par value were $2.360,000 United
States bonds were all unchanged on the
last call.
Following are the days share sales and
the recorded price changes: