The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-05-05
NO GREAT SNAP IN
MARKET RECOVERY
Dealings Are Mostly OF Profes
sional Character Through
out Day.
RUMoRS ARE CONFIRMED
Wall Street Not Pleased With
Developments in Coal
Situation.
RUMoRS ARE CONFIRMED
Especial to The TImcs-Dispatch.

Especial to The Times Dispatch1
Now York. May flower prices
were made In the stock market gener-
ally through the FIRST acur OF business
To-Day with somewhat greater strength
showing IN the second and final nour
owing apparently to prctit-tak.ng pur-
chases by recent spectators for tho
ihiI But the market on This recovery
sun did not show any great snap and
mo dealings we're evidently OF protes-
sional character. The official con.
hrmation OF Fridays rulnors TO the cr-
rect that the differences between tho
anthracite miners and the coal COM
pRnies would have to h. settled by
means OF q general m!rcts convention.
was not regarded as an overpleasant
development. as II at least postpones
tho settlement OF the cc;h strife for
ten days TO come, and probably Longer.
4Aa u Is plain that Tho miners arc
divided among Themselves AZ to the
naVisaoility OF acccptn. tn. terms Of
fered TO them. Beyond this tho only
news OF tho day that developed during
business hours was the publication OF
ngures OF the idle car surplus. which
represented an increase In the surplus
OF nearly 10000 cars. due chiefly, Of
course. to the suspension OF snthra-
cite mining operations. In the week
~ bank statement an enlargement OF
bank loans in both forms OF the return
resulted in considerable decrease in
the surplus reserve. The expansion In
loans was presumably connected with
the preparations made in banking
quarters for various syndicate opera
lions. Including the bidding next Tues
day in the forthcoming Issue OF ss5.-
100000 New York City bonds
Up TO Friday the stock market put
up a stout resistanc. TO news develop
ments OF the week. which Were for ,he
most part unfnvorablc end rather SER
i1usly SO. The exceedingly poor state
ment OF the Steel Corporation cast
doubt upon the pcrmanence of the pres
ent peT cent. annual d'stributlon On
L. S. Steel common; the more disagree
able trond OF tho political situation
and tho confused workings OF the .ysa'
TEN OF primary elections TO which sol
many states have committed them
selves, and the perception that general
business enterprise is being conduct
ed more cautiously, all tend TO impair
to greater or less extent the con
hdenee in tho stock marke, that had
previously been felt. The general
course OF tho stock market itselr. too.
was not calculated TO encourage
public following The standard stocks
and the market as 4 whole remained
stagnant. and such strength as was
shown. was in various manipulated spe-
ciaities
ins tho week In grain, cotton and cop
per. and In tho commodity markets
aE whole partly. so FAR as the pic
products wers concerned. because Of
better crop news, but chiefly because
OF tho development OF structural
weakness IN an over-cXtended specu-
!stion for the rise. Bank clcarlngs 4 $
compiled by Bradstreets. were 81 per
cent. larger month OF April than In
April last year. There has been some
wonderment expressed as TO jus, how
this enlargement OF bank exchanges
has taken place without producing
any stihening whatever In money rates.
AS far as money rates are concerned
they seem to be tending easier both
here and abroad. and the movement
to a lower level has assumed such pro-
portions IN Europe to result in a
distinct weakening in sterling eX-
change.
An unexpected occurrence OF the
week was the refusal OF the anthra
cite miners 10 sanction the agreement
made b. their REPRESENTATIVES with tho
representatives. OF the coal companies
as TO labor conditions. ard the refer
ence OF this agreement to general
cmonvention OF the miners Tor ANAL dis
position. This seems to have been tho
result OF fractional struggle among
the miners themselves. Yet there APP
pears to be a strong element among
The laoOrlng men In the coal mining
section which is avcrse TO the terms
OF settlement that have ncen made,
and whether or not these terms will
be ratified a the convention To he held
seems something OF an open question.
\ more potent market influence than
tho Seregoins is, however, that which
IS currently exercised by the renewed
unrest Of the railway labor. The de-
mands made by the railroad operatives
appear to be most extreme. These
men assert that they are compelled
to ask more wages because OF the
higher cost OF living, but they did not
recognize that the higher cost of liv-
ing is something that pressed upon
all branches OF the community, and
that II any one section thereof IS to
set out to try and settle tho difficulty
In It's one way and withou regard
TO the interests OF others. the trOu-
bile will be made worse rather than
better There are many who think
that business peace in the country
will never come until the questions
that arc involved here are fought out
and laid at rest.
To.days bond markets was easy
Total sales, par value aggregated
sss7,0o0. United States coupon SIS, adj
yanced 49, the SIS registered 10. and
Panama IS. coupon. declined is per
cent on call during the week.