The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-12

IL was thought, contained possibilities Of
serious political trouble and might bring
on war between France and Germany,
and the other the well known necessities
Of people engaged in agricultural pur-
suits, which almost invariably leads to a
withdrawal Of money from the Eastern
cities az the time Of the year approaches
FOR the planting OF the crops. One OF these
difficulties, az clearly seems, il on the point
of being totally removed. The Franco
German war scare" has bout vanished,
and foreign money lenders are rushing to
place their funds here at the relatively high
rates that have for some time been current
in a way that is smashing sterling exchange
rates each day and holds out encouragement
Of an export of gold from Europe to this side.
Indeed, the only thing that it appears can
possibly prevent the shipment Of gold hither
Is a break in money rates here, an event that
1t is needless to say would be as pleasing
to holders Of securities as the gold imports
themselves. So far as the seasons drain
OF funds to the South and West is concerned,
it is usually over by the middle OF April,
80 that whatever tendencies there are aTis-
ing from this that have operated and may
continue to operate against ease in money
at this centre are approaching their normal
termination. After the time stated and
until the fall Of the year the expectations OF
our best bankers are that the ruling money
rate in this city, so far az it is affected by
domestic causes, will not be such as to inter-
fere with the general business operations or
to present barriers to a legitimate move
ment for the rise in security prices.
Thara Ia ,,aitallu a dark unpf Qnmn there
in every stock market picture, and the one
cloud of this nature now is the labor situa-
ton in the anthracite and bituminous coal
fields. 1t is we'll, perhaps, to speak on this
matter with ~plainness. The indications OF
the moment point to the probability OF a
coal strike in either the bituminous or an
thra cite fields, or it may be in both of them.
1t has all along been hoped and indeed be-
lieved by those to whom the best sources OF
information were open that the difficulties
that were raised In this matter would be
obviated and that there would be a satls-
factory adjustment Of all points in dispute
between the coal operators and their men;
but these hopes, although they have been
by no means entirely swept away, have yet
been largely cast down. The announce
ment made this morning OF the demands as
to hours, wages. recognition OF the union
and so forth put forward by the workmen
discloses their extended nature and seems
to involve such an utter lack Of recog-
milton on the part Of the men OF the just
rights and business necessities Of the coal
mine owners as to Justify the impress
sion among the coal operators that the men
are actually seeking trouble, and that IL
this is the case the operators might as we'll
have the trouble now as at any other time.
The operators are. obviously, better fitted
now for a struggle than they ever were
before. Confidence is expressed by the
heads Of some Of the coal companies that
the miners propositions have been ad-
vanced in a spirit Of mere bra vado or with
an idea of claiming everything in sight at
the outset, and that some abatement will
be made in their demands in the final nego-
tiat ions, but these view are not commonly
entertained. II looked a few days ago as
il the chances were bright of averting a
strike in the bituminous coal section, be-
cause the business relations Of some of the
principal producers there with leading
manufa curing corporations were such,
it was thought, as might induce the granting
of concessio ms to the miners in order that
these business relations might continue
without interruption. But the stand taken
by the bituminous producers at their meet
ing in Pittsburg on Friday seems to ne gative
he idea that such concessions will be made.
1t is a we'll recognized ms kim in Wall Street
hat the greatest amount Of disturbance
causedto a financial market by labor trouble
is usually felt at or near the time Of the
commencement Of these difficulties. This
was signally attested in the great coal strike
three years ago, when the lowest point
by the stock market during the
in which the strike lasted was in
point Of time only about a week after the
strike began, 1t is a question which every
one int in the market m u settle
according to his own Judgment whether
prices nave fully discounted the effect OF a
coal strike, if there is to be an incident OF
this kind.