Show ARE READY FOR FORTHE FORTHE THE BIG STRIKE I Operators O Prefer to Have H ve It Come Now Rather Than Later j IT I STOPS ALL SPECULATION 0 WAITING TO LEARN OF LABOR TROUBLES J New ew York May The effect of the strike s order of or the anthracite coal workers work seemed to kill kiH speculative In t la the stock market today Prices went lower in some cases canes notably so but the volume of the tb liquidation was S trivial t and nd rather tea lei in th the coaler than han t in some other departments of the theli list t There were some large individual wiling soiling orders in Union Pacific St StPaul StPaul Paul and a number of other oth r prominent stocky stocks in which some parties have been bee active recently The unexpectedly poor showing by the banks had much tie the same effect on stocks causing straggling declines on an n light selling The opinion was heard that the anthracite operators oaS prefer a strike at this time i f on te Ia Inevitable rather than tun to have hav haveit it mine come In la the fall The strike is not taken very gravely even oven now nosy as Is shown by the effect on the stocks of the roads The loss of oi over n in cash reserves com corn compared rand pared with th estimates based en the tM known movements movement of or currency as re reported ported by hI b the banks themselves elves them of about abou is ill rather vaguely attrib attributed attributed to local movements The loan contraction of or f OO showed bOwed but a meager result of the stock market liquidation There is nothing to show how tar far the much discussed 4 po Ulen of at atthe the trust companies may have been al altered tend for tor the better by hr the weeks events Vents The weeks weS stock market started oft ott In io I the throws of anxiety caused by hy the suspension of ot three stock exchange houses and the tile outgrowth of or the eol e e of the th group of se so securities which had been inflated by a vigorous process s of ot manipulation and speculative buying en on credit The stringency in the money market had the Inevitable effect of ot leans loans and inducing discrimination against this class cia of collateral With credits curtailed the manipulators rs found themselves elves unable to support their stocks and the forced liquidation caused an tn utter collapse As the event proved the general market stood l up remarkably well under the shocks sheeks with the result that sentiment was AS greatly reassured and confidence in the sound soundness ress ness of the position po of at the market be became bee came e more general than titan for tor some Ome time ti tiJa tent past The episode has been called a ahouse ahouse house cleaning in Wall street There was a widespread apprehension that the condition of affairs revealed by this episode and by the International Power collapse might have h ve an indefinite nite nUe extension Te To say nothing of the many new securities s which wh h have re ic recently rec c been pushed forward f into spec speculative activity and advancing prices there are many maui old od established high grade stocks which have hare been lifted to tou u unprecedented prices for which there ere are no known grounds te to account Stocks of this class gradually ally accumulate late In the hands of or investment hold holders I ers f either for tor purposes of or control or indifference to the market fluctuation I la i 1 the price This may ma be he either in the i confidence that he the ultimate te value o othe or of the Jt property proper t Win Will Ill justify present ex extravagant extravagant tTa prices nices or in the realization that the marketing of ot large holdings I would break the arices nices The small smal floating supply makes such stocks I quickly responsive to a small demand or to manipulation which is te practiced I n ii such stocks for the sentimental ef et I feet ct upon upen the general nn n market markt Such I stocks are however equally sensitive tn to t light hight liquidation There are many I stocks in the present resent market which are an II supposed to be at price levels thus at tamed The fact has hu been een often point pointed ed e out of ot late that the volume of or cred credits credIts credits its in the country c is greatly expanded und and feeling on this point pol at was made ad i sensitive by the action of the j clearing house hoUM authorities last week in resolving that outside institutions ad admitted mUted in future r e to clearing house heuse privileges I must mut make weekly reports for or I publication atlon of their condition and must maintain cash eash reserves in their own vaults equal te to those required I ef of clearing clear g house members This was wan obviously an admonition that I the local loc trust companies should maintain cash against tho tim very large collateral loans which they have out instead I of or relying upon their cash deposits with the banks bank which figure as cash reserves Nerves there also alee The nervousness on Monday was wastines I tines thus accounted ae for There was ex extensive calling of or oaRs loans and throwing out of doubtful collateral The money mOM rate went to M 20 per pet ent cent enton OB on Monday and to 15 IB per cent ent on Wet Wed There was wu much Deneh uncertainty as U to the extent of the Ui troubles The I M nGay market demonstrated de l however how however ever eYer that tt there were wt re ample reserves re still back of the market and the liquid liquidation liquidation atlon was well taken at all points of the Ule decline The consequence was wu a rather violent recovery on Tuesday and anda a return of calmness and firmness aft afterward afterward erward The shorting shifting uncertainties of the anthracite labor laboo situation were an influence all aU the week e k and opposing opinions as to the chances cha cea of 01 a strike were w re strongly held all an the week eek The difficulty of arriving at a fixed view of oc the outlook had too the ultimate effect of discouraging speculative activity t sad and throwing the market into dull dullness dullness dullness ness and neglect General conditions were wore regarded as favorable The grain grata market reflected increased confidence con dence in hi a favorable outcome for the years crops The point p was made that the drouth dreuth l injury Jury to winter wheat had come so early as to give ample time for tot replanting of or corn and other crops as ag a possible offset to the losses in incurred Incurred Incurred I The continued pressure for fOt de do deliveries deliveries liveries of all grades of Iron and steel products was regarded regard as aa evidence of the health of that industry indu ttY but the theIron theIron theIron Iron and steel stocks on the stock exchange were not favorably affected Conditions are reported to be improved in the copper trade and aad railroad earn earnings earnIngs ings continue to reflect a high degree of ot prosperity notwithstanding the small grain movement m The weeks liquidation in stocks has sensibly re relieved the money mone situation and end the tu high interest rate has bas attracted credits from interior domestic sources MUrcH an anc from rom foreign money markets The rt te ply filed flied by b the Northern Securities company to the governments suit had hada a favorable erect effect as the contentions th made are regarded as strong ones ODes The Tb bond band market has moved In sym gym sympathy pathy with stocks over a much nar mar narrower narrower rower rawer range United and the new is declined A per par cent as corn com paced Dared with the closing can call of e last weak New York y May 10 lOThe The Commercial Advertisers Ele s I eRdon financial cable cablegram cablegram gram says ys Stocks were Idle but steady today with the Ute exception of t Americans which opened with a fair tendency i dency but finished heavy beV and at the lowest on OB the th action tion of the coal ceal miners fears of ot ofa a 8 boor l statement by b the h New York as ae asted ted banks bank and aa an unfavorable crop Cl P report re Ort I Louisville Nashville Na vUle was wu the and C re lade la to lj K carried down iwa by the theof de cline of American issues Rio Tin Tine toe tos to e advanced acl 54 to 44 4 Silver wa wea w weak at 23 3 an ounce Bond Quotations Quotation QuotationS r L 1 S ref 2 L N u te Is Iso 1 Oo 0 o coupon Cent nt u 41 a 53 ala U t S yea la 4 1st tnt inc ine Do 0 MI 1 eol j M K A St U 1 I te 15 l f fU r U So s n es reg r J x Jt K ft a T vl u H WP pit Do coupon cocoon Oft M K a T JaU Ja Is W Wr WI WIil 1 U 11 B il B o e Is n s H N Y T Cent Is IsDo Do General I Ja JaS 1 i U r t S fa is reg 1 S X N J C gen cen gm I tA Do coupon 1 Nor NAr N r Par Pac 4 45 M Atch A gen gem 4 Nor Pac Par to is 73 Adjustment Ad M SC MB Nor NOl A West I B 4 O 0 ti t consol coneo 1 10 a gen gem 48 45 ri rit WI Is t L i A liea J X I ICan Xan Gin Can C an So 2 fa i t Cl S fe k kC US C ef of O G Is K 1 St L A ill S F 4 tat 1st Inc in C St L 1 S W is 97 C I O 0 4 L LS S W ic 2 II ia M t MC tC C CC A A m st Ant A Art Ara AraC AnC CC C B Q o g 4 86 WI q ISan Pus Pass t is tC 90 CC C M lit SC P So 50 Pee Pac ts de pa i ISo Ry Ri R 5 Ts Sa I 1 IP a C CAN P N W b den cnn Tex Tax TexI a Pac Par Is 1811 sot aol I 1 IS ToO ITol I St L 1 LC a aB CC C R B I 1 i P W sa saCo C Co C C St at L 1 Union t nion Pac 48 45 IWI HI Com Cony Chic Ok c Xenon Term ena 88 Wabash Is la ut Colo C CD ob So is ti H Wabash Is 28 D A R xi It G 0 is Debenture B Erf ErIe E m Do Is 4 We Walt Shore hore IMf n General Q 48 87 W L I E 48 D UK Fort Jort P ort W ft Den n Wis Cent ta 94 4 City Is 1 Con Too Toh v 4 Hock H ock V Val l Stock Quotations A o 78 Tex a Pac fl G Preferred erred T r St 1 I I a W Wa B a O 0 Preferred 31 Preferred 90 Union Pacific rC Can Ca r an Pa URI Preferred Prefer d 87 SN Can C am SOuthern SMUt ern 92 95 4 Wab Wabash h WI JI Ches C hes a Ohio 47 Preferred 44 CAlc C Alton Alt M W v L 22 Preferred Th 5 M preferred 35 C I L I 7 6 Wis WI Central S 2614 Pr Preferred erre rr l fl m IS I Preferred 8 C G 0 W CT 2614 Adams Preferred A IM 35 Aims Express Preferred B 48 S S Express C CC a N K W in 51 Fargo a C B J 1 ii P in Anal aai Copper n g nPr C T T i C a F Prefer Pr WI Preferred It 50 ItC C C P C St LW Anon Am Un LID Oil OU S 54 2614 Cote Colo C ole South Preferred is 53 1st l t preferred nie Aran Amft S a R RId 8 Id d preferred 43 g Preferred Pr 15 Del D el Sc i Hud HudD Ana Ama Mia Ml I Co D L W WD WM treK Rap Pap T TD TB D S R O U 43 42 Cole Cote F I ICon Preferred Con Gas G Brio B rie l 0 c CoItt t Tb pfd 1st tat preferred pr Oat en Electric EI 38 d rr preferred 6 5 I Glucose S i r q Gt t Nor on p J U I Hocking Coal Hock Hoek H ock Valley K 83 Inter Paper 20 Preferred erred 10 Preferred 74 14 Ills I Central Itt ila later P WI 11 Iowa l wa Central Cent l W 50 Laclede Gas 8 Preferred 84 Nat Wi 14 LaHe LR L ake E 15 I W V 66 50 Nat Lead Load m Nat Salt Sa 20 L ouis Preferred 50 Manhattan M 11 North US Met M et St Ry M 4 l Pacific Coast it 75 MM Mex M eL Central t I Pacific Mall Mali M Iv in Peoples Gas IWI Minn St SL LU Lm LUMo Ie Pressed Pre ed S Or tr It Mo Pacific Preferred M K It T WI Pat Pal Car c 1 Preferred erred 56 35 Steel 1711 S N J Central Preferred 1314 I N No V Y Central Control 1ST Sugar j Nor N or West e t Rh Tens eon C I q I 90 8 flute B a P POnto 10 Onto Ont O nt West 22 Preferred 11 1 i F i im U C S Loather Leather UK WI 13 Reading 01 Preferred III 50 1st let preferred 84 54 U 7 S Rubber 1514 16 Id d preferred pret ed Preferred 55 1 St S L 1 A Sag F 15 C S Steel let 1st pr e d 38 Preferred Prefer It 91 Id preferred 72 71 West Wt Unton Union 91 St L S B W 27 n Ama AD 31 SS 31 Preferred 91 St Paul Jv Jt C Southern 2014 m t 1 Preferred w 4 So Pacific 4 So Railway 51 Total |