The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-04
ADVANCES TN RAILWAYS
The List Particularly Active on
Account of Heavy Buying.
A More Optimistic Feeling ms to the
Financial Outlook Aids the Bull
by the Granger shares - sharp
Fluctuations i'm the Specialties.

NEW YORK, Oct. 3.-The general rail-
way list moved up sharply in today's deal
ings in the stock market. There were no
particular developments which would ac-
count for the special degree of strength
shown in this quarter Of the market. The
more aggressive buying of the railway list
appeared, indeed, TO be for the account of
a few large operators, who are understood
to have recently undergone a change of
heart in regard TO the financial condition.
Broadly considered, advances in the ma
iority of railway stocks upon the New York
Stock Exchange do not require any elab-
crate calculation. For the most part the
railway list has long been unduIy de-
pressed, chiefly because of the more or less
extraneous influences which have absorbed
attertion. Although today's most conspic
uous buying was not for general outside
account, il is not necessary to make a
protracted search for reasons why astute
operators should engage in purchases at
their present level of such stocks as Union
Pacific, Northern Pacific, and the granger
shares. All of them have demonstrable
book value and their assured earning pow
er, considered in the mean rates for mon
ey, give an easily calculated value to these
stocks.
An Idea prevailed today that an early
settlement of the coal miners strike could
be counted upon. Suggestions to this et
feet might indeed, have been found in yes
teTday's speech of the president of the
miners union, but today's actual advices
from the disaffected regions were still con-
ficting. The anthracite coal shares, more
over, were really no stronger than the
remainder of the market. Conspicuous fea-
lures of the railway list in respect of
strength and activity were Union Pacific,
Northern Pacific, Missouri Pacific, the
granger shares Botably Burlington and
Quincy and Baltimore and Ohio.
The local traction group was also de-
cidedly firm, and Manhattan and Brooklyn
Rapid Transit advanced on large trade.
At the opening of business particularly
sharp declines IN Sugar Refining and Ten
nessee Coal and Iron made these stocks
the conspicuous stocks of the dealings The
specific explanations of the course of the
stocks were, In the instance of Sugar, the
sharp and unexpected reduction in the
selling prices of the refined article made
yesterday afternoon, while Tennessee Coal
and Iron was again affected by the misgiy-
ings as to the dividend tomorrow The
fluctuations in both stocks were exceed
ingly wide but after the early dealings
their movements had little effect upon the
remainder Of the market
The industrial quarter. apart FROM Sugar
Refining. was comparatively neglected, the
speculative interests usually active there
having apparently and reasonably trans
ferred their energies 10 the railway list
Tho operations here for foreign account
resulted on balance in the purchase of
few thousand shares of stocks, and scarcely
amounted 10 ar appreciable factor in the
market
Demand sterling bills sold today under
S4.S5, and the local money market vas a
shade firmer. but authorities upon IT,, for
eign exchange situation were not willing
TO predict date upon which importations
of gold could be expected. Notwithstand-
ing the tendency of sterling exchange,
there was further slight relaxation In
discount in London