The New York herald., 1921-05-31
MINE STRIKE CUTS
INTO LONDON SALES
Market Has One Of Dullest
Weeks in Years, Although
Officials Are Optimistic.
GERMAN ISSUES SOUGHT
American Rails Generally Are
Steady in Face of Latest
Decline in Stocks.
GERMAN ISSUES SOUGHT

Special Gable to THp New YORK HERALD.
Copyright, 1891, by THE New York HmALp
New York Herald Bureau.
London, May 30.
Stagnation resulting from the coal
miners strike finally caught the London
stock market and made last week one
Of the dullest in years Little trading
was done except In gilt edge securities,
Indeed. the trading group was less con-
| fident, although as against the poor
domestic situation and the bad news
from Ireland and Egypt, the market
heard good news in connection with the
part clearing of the Silesian tangle, the
calling OF new conference to try to
settle the miners strike and the opti-
mistic speeches during the week from
the governor of the Bank of England,
the president Of the Board of Education
and Reginald McKenna.
Among the foreign securities. United
Railways OF Havana showed distinct
slump. as did the Chilean Trans-Andean
railways upon unfavorable interpreta-
ton of the Governments conversion
privilege. Canadian rails were slightly
stronger and Americans generally
steady, although Chesapeake and Ohios
slumRed on dividend passing.
The gamble in German loans was less
pronounced. but there was a brisk mar
ket for German issues and Chinese re-
organization Of the Hukuang Railway on
the signing OF peace between Germany
and China.
American credit to Portugal was re-
fiected in a rise in Portuguese securi-
ties here despite political events in
Lisbon. while Italians also moved up
and French to q less extent upon i'm
provement in the lire and the franc.
Despite the uncertain tone of the mar
ket plans are maturing for large issue
of debentures and high interest prefer
ence shares in June, both in the inter-
national and the domestic fields.
The sharp reactionary movement In
oil shares was due largely to Burmahs
cutting the dividend deeper than was
expected. but despite the slump in
prices little business was done.
Mines and rubbers also were quiet
and slightly reactionary.
Those processing a long view OF the
situation were not inclined to the pessi-
mistic. They declare that the coal
miners strike cannot last much longer
and that the general European situation
certainly is improving. Furthermore. it
is maintained that the industrial stop
page due to the miners strike has en-
abled holders Of surplus stocks to clear
them up, and 1t is predicted in these
quarters that the demand will be brisker
once the wheels Of industry begin to
move again. 1t is insisted that re-
duction in the cost of living is bound
to result in cheaper wages and lower
production costs in many lines which
hitherto have been hampered in foreign
fields by their own high prices.
Although money was tight throughout
the week, further reduction in the
bank rate to per cent was discussed In
many quarters, advocates insisting that
cheaper money means cheaper every
thing"
Both the general and the financial
markets are reported to be In good
shape to take advantage of the boom
now predicted for the end OF the sum-
mer.