The New York herald., 1921-03-28
BRITISH BROKERS
FEAR COAL STRIKE
Mine Closing on April ! I'm
pends Unless Labor Ac-
cepts Compromise.
COMMITMENTS SCARCE
COMMITMENTS
SCARCE
Russian Trade Prospects Ea-
gerly Discussed-Muniti0ns
Dividends Cut.

Special Gable to THE New YORK HERALD.
Copyright. 1891. by THE New York HERALD.
New York Herald Bureau.
London, March "a.
The news OF the imminent closing
down OF the coal mines April came
last Thursday after the markets and
most of the business houses had closed
until Tuesday. This gives but scant
seventy-two hours for business and the
markets to adjust themselves to the inn
pending calamity unless the threatened
strike can be averted in the meantime
Many bankers and brokers interrupted
their Easter holidays and came back to
the city to-day grayely apprehensive of
what may happen.
The mine owners have gone so far in
their effort to reach a settlement as to
guarantee the miners in wages so per
cent Of all the receipts and themselves
only 17h per cent. Of the profits in any
local settlement, and it had been believed
that the miners delegates In the last
minute would accept.
The delegates, however, chose to be-
lieve that the entire position OF the
owners, coming on the eve of the end
OF Government coal control, was aimed
at the life of the unions and the gains
they had acquired during the war strin-
Gencies. The news OF the impending
crisis came too late to be reflected in
the weeks transactions.
1t is true that both business and
finance evinced no disposition to en-
large commitments and embark on new
ventures during the week, but this is
merely natural because of the short four
days before Good Friday, the half day
Saturday and the Bank Holiday Mon
day.
The bulk of discussion during the week
turned upon the prospects of Russian
trade and the selection of new Chancel-
,or Of the Exchequer and Austen Cham
berlain's warning that there was little
immediate chance for a lowering of the
bank rate, though the Government recog-
nized that might prove the most impor-
tant factor in causing stimulation of
business. The threat of the coal strike
wipes out all othe considerations and
turns attention to the vast interests
which so far have just been pulling
along trying to keep employed as many
men as possible.
The reports this week showed an ex-
pected diminution in the profits Of arm
ament companies, the Vickers company
recommending the payment Of all divi-
dends due preferred stockholders, but
passing the common stock. Armstrong;
passed the final dividend, making o per
cent. for the year. and its example gen.
orally was considered as a hopeful in
dication that all armament concerns will
be equally successful In turning back to
the work of peace. Hadfeld's showed
but half of last years profits. with per
cent dividend against 10 declared last
year, and Cammel Laird, with ia
against 10 last year.
The popular holders Of Mexican oils
were encouraged by the official report on
the Mexican Eagle. to the effect that
American reports about the impending
closing of the field because of the intru-
sion of salt water were exaggerated, and
the public is convinced that the new
properties now under development will
more than make UP for losses in the old
production.
Opinion. nevertheless. is growing that
Mexico can no longer be considered to
have an unlimited supply of oil. An
other transatlantic development of in
terest was the slump in Grand Trunks
upon receipt of cable stating that the
Government plans for taking over the
property might be abandoned.