The Birmingham age-herald., 1902-10-11
STOCK TRADERS
 BEAT \ RETREAT Early Decline Result of Denial
 of Strike Rumors SALES MAKE BAD SHOWING 
SALES MAKE BAD SHOWING
The Resumption of Conferences and Passage of Messages From J. p. Morsan's Office to Political
 Leaders Without Effect.

New York, October 10-Today's early decIine In prices of stock representated the retreat of the operators who had bought yesterday under the inspiration of the current rumors of an imminent settlement of the coal strike. The de- cline carried some bear selling as an incident and the small rally at the close represented the covering by this room trading element. The closing itself was heavy. After the opening selling, the market became wholly professional In its proportions. and the total dealings for the day fell well below half mil lion shares.
 The fact of the eve of the Jewish day of atonement was an incidental factor in the growing dullness of the market , and the disposition to close up contracts so that the market fell into practical stagnation late in the day The infer ences is warra nted from this state Of af- fairs that speculative opinion has settled Into a feeling of resignation to waiting market, pending the relief of the money stringeney or some tangible develop ment indicating the prospect of settle ment of the coal strike The resumption today of conferences and the passage of messengers back and forth from J. F. Morgans office to that of the political leaders who are attempting settlement, and a personal conference between those leaders and a number of coal road pres ldents, were without apparent effect in re-awakening yesterdays hope that settlement was at hand
 Prices continued to drop throughout the period of the conferences and upon their adjustment with the announcement that the situation remained unchanged there was the upward movement of prices due to the pear covering movement above referred to. The rate for call money ran off to per cent late in the day but this was after principal requirements had been met, before which the rate ran up again to 15 per cent. Preliminary es- inmates give hope of a favorable bank statement owing to the receipt during the week of about $5,00O000 of foreign gold, so that the banks seemed to have gained In cash after allowing for the movement to the interior something over $2,00O, 000. A showing of a substantial loan contrac- tion is alo expected, owing to the con- siderable stock market liquidation of the week. But this item may be complicated by the various large syndicate operations for the week, necessitating a payment to- uay on account or 5O per cent call TUT subscriptions to the ship combine syn dicate which will require about S500O 900. Notwithstanding the prospect of a strong bank return the banks showed no signs of changing their policy of abstention from extending their loan accommoda- lions in the stock market, As matter of fact this weeks arrivals of gold have practically exhausted the total of the enga gements heretofore made and there Is nothing to warrant the expectation of further engagements in the immediate future. The banks evidently still con sider it the part of wisdom to conserve their resources to meet the interior de- mand.
 The bond market was dull and steady; total sales, par value $,9yV.000, United States were all unchanged on the last call.