The sun., 1902-10-05


lS; sight Of IN view OF the failure OF The
conference held at the White House TO
evolve some plan for settlement of the
anthracite coal strike. IL has been re-
,aatediy stated by the coal operators that
they would not consider any proposition
nnkiug TO an end To the strike other than
the unconditional surrender Of me miners
and their return to work II is perfectly
apparent that termination of the murders,
intimidation and arson on the part Of the
strikers would enable the mire owners
10 reopen their properties and provide
the consumers with all the coal required
The time 10 arbtrate is after peace and
oriernesS have been established in the an
thraCite coal districts. II il only the existing
reign Of terror which prevents Wholesale
,Iesertion If the miners from the strikers
ranks and their voluntary return to work.
To have accepted "A plan OF arbitration
now would have been equal to compromis-
ing with the leader of horde of law break
ELS Wall Street understands the situation
thoroughly When outside Interference
stops and the miners understand that the
questions at issue are personal ones be-
than between the professional agitator
who poses as their leader and collective
group Of operators, whose interests are
similar, but not absolutely the same. the
disintegration Of the strikers ranks will
soon he in full swing
Naturally, with existing money condl-
tions and the perpleXities Of the coal strike
directly in view. the operators and specu-
lators in the market are inclined TO make
haste slowly The banks find this temper
among Spectators quite to their liking.
1t is now incumbent upon the financial
leaders to successfully bridge over present
complications. Money should begin To re-
,nrn To this centre in the middle Of Novem-
ber. The interior drain should stop the
latter part Of this month As speculation
is anticipation, and therefore not dependent
altogether upon realization, it IL likely that
activity will develop in the stock market
when the outgo of money ceases without
awaiting the period of the usual return
flow In the meantime, exports of cereals
and cotton should increase, and by about
the 10Th of the present month the supply
Of foreign exchange bills in the market
should be materially augmented. The
drain 10 the Treasury for customs pay
ments should also show decreases in the
near future The large payments now re-
-ult from the purchases of fall goods by
importing houses Most of the large whole
sale and retail stores here and in interior
cities will have soon their supplies in hand
for their autumn displays after which the
customs receipts from this class of goods
will he mainly for Withdrawals from bonded
Warehouses TO replenish stock.
Aside from the bank statement and some
stray fragments OF runor and gossip on the
coal strike situation, there was no news
development during the day Activity was
fairly pronounced for a Sat turday half holi-
day. and the trading was we'll distributed
The railway shares monopolized most OF
the speculative attention. and with out leT
exceptions they were weak, A very pro-
nounccd bear party has developed among
the bear raiders and already considerable
shor, interest has been built up. Where
specuators have not actually espoused the
bear cause, they have reduced their com
mitments and flrled their sails to meet any
unfavOrable wind. This Is one Of the con-
dhions which make for technical strength
Il rarely happens that the hotsam and jet
sam Of Wall Street takes the right side
II must not be overlooked. however. that
there are many counter currents now, and
therefore the navigator in the troubled
waters Of Wall Street must be alert. This
frame OF mind is very acceptable to the
bankers who are inclined to exert every
influence toward maintaining financial
equilibrium and discouraging unwise specu-
laiion. Besides the demand for money
from he interior and the Treasury, the
bankers are keeping their weather eye on
the sterling market, and with good cause
for, Notwithstanding he high interest rates
here foreign exchange displays persistent
tendency TO advance,
Tho most pronounced activity in the
railway list was in Atchison -. Paul Erie
Missouri Pacific, Pennsylvania. Reading
Southern Pacific Southern Railway and
Union Pacific Without an exception these
shares closed with declines ranging from
slightly less than per cent. 10 "a, which
VA, the net decline for MISSOURI Pacific.
Reading was the most active of the an
tharitt shares, it, closing quotation of
81, showing a net loss of %. per cent
Other anthracite iss,es were neglected
excepting Eric and Ontario and Western,
each of which lost about one point. Nor
folk and Western and Chesapeake and
Ohio are enjoying greatly increased earn
wg, from th"ir heavy bituminous traffic.
an h'n'a mpvc erratically when rumors
ar" current Of possible changes in the an
ihrarii' situation. Special considerations
Nerr It Influential, and hence the railway
stock generally moved downward because
.! g'n.rd uncertainty Railway bonds
w"r" quite a. unintcresting in their move
m"n'- =, stocks. Pennsylvania g., per
cent warrants. Union Pacific convertibles
Green Bay and Western. debenture Bs
aad Wabash ci"benturc B, were the feat
uIo.
Industrial shares while relatively hrmer
than the railway were less active. Anal
ginl'i Copper on small transactions
held fairly steady Another bearish state
ment was given out on the copper metal
outlook, but striking fair average between
all Of the figures Of the statisticians II ap-
pears that III" consumption h increasing at a
faster rate than the production. Surplus
supplies are being gradually absorbed and
The Inauguration Of conservative and
hlsnessliikc policy by the big producers
would soon place the trade in strong
position Pressed Steel Car common was