The Birmingham age-herald., 1902-10-15
CHEERFUL TONE
 IN STOCK MARKET Overnight Development in Coal Strike Situation Helped BULL WERE ENCOURAGED Some Comment Was Aroused Over the Fact That the Active coaIers
 Did Not Advance More
 Than Other Stocks.
BULL WERE ENCOURAGED

New York, October 1A-The overnight developments in the coal strike situation aroused a cheerful sentiment in Wall street today and the opinion was ex- pressed that the matters at issue were in a fair way of adjustment. The none tary situation was momentarily lost sight of in the optimistic feeling that prevailed at the opening and stocks were eagerly bought at advances or from to points over yesterdays final prices. Re cent speculative favorites in which the pool liquidation had been heaviest were most in demand, especially the coalers and continental stocks Individual orders for blocks of from 1000 to 40O0 shares were taken at advancing prices and trading was in enormous volume throughout. The readiness with which prices responded to the good news, com blned with the appearance of London as heavy buyer, encouraged the bull in- terests to renewed efforts in driving the shorts to cover. The inquiry embraced all classes of stocks, but the largest ad- vanees were centered in the highest priced classes.
 Some comment was aroused over the fact that the active coalers aid not ad- vance proportionately more than other stocks, although the demand for them was heavier. Early prices showed such a handsome profit to the traders who bought early yesterday, in the semi-de- moralized market that they commenced to unload quickly. Commission houses were well represented in the early de- mand, but the volume of realizing sales soon exhausted their orders and prices relapsed all around. Before noon the opening substantial advances had been pretty generally reduced to a fraction and even cancelled in some important stocks. The downward movement of prices were accelerated by IF per cent call money rate, which recalled to mind the fact that the monetary situation had to be reckoned with in an effort to create a bull market. Dealings then subsided to merely nominal proportions Tor a long time, but there was a steadily increasing undercurrent of strength, which culmi- hated in a violent buying movement again in the closing hour, which carried the entire market to the best prices or the day Prominent leaders, such as St. Paul, the Pacifics, Reading, PennsyI- vania, Atchison, Sugar and Amalgamated Copper were bought heavily and there was a large absorption of minor stocks.
 The rally in prices was stimulated by a break in the money rates from F per cent, the highest in the forenoon, to 5 per cent. The action of the coal oper- ators in agreeing to submit the questions at issue with the miners to board of arbitration to be named by President Roosevelt was freely discussed during the day and all news bearing on the sub jeet was absorbed with the keenest in- terest. London purchases of stocks were considerable and this combined with more liberal offerings of commercial bills caus- ed a rather sharp decline in sterling ex- change rates. News of the day included the september statement of foreign trade statistics, which showed an excess of ex- ports over imports of $27,702,27, which was a reduction of about $12,0OO,0O0 from the corresponding figures of last year. This indication of the lessened demand abroad for some of our staple products explains in a measure the recent firmness of the foreign exchange market despite the prevailing high money rates. Nearly a million dollars in gold was withdrawn from the Bank of England today for ex- portation to Egypt and it was announced that the price of American eagles was advanced Id. and bar gold Sd. This will tend in the event of any indivation of gold imports from here, to shift the de- mand to continental markets. The sub treasury statement shows that the banks have gained nearly $2000,000 from that in- stitution since Friday and it is believed that the position of the banks has been materially strengthened by the early li- quidation in stocks yesterday. It is ex- peeted that the resumption of the mining operators will necessitate the forwarding of considerable money to the anthracite regions. In the final dealings the stock market commenced to feel the weight of the traders profit-taking sales, but the demand was sufficiently large to prevent much impression on prices and the clos ing was generally firm.
 The bond market today strengthened with the course of stocks and was fair ly active. Total sales, par value. sS6OO.- GOO.
 United States new As declined II per cent on last call