The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-16
FINANCIAL AND COMMERCIAL.
WrDSEspAY. Oct 4.

| ing by much lower quotations from London,
| prices rallied quickly. held firmly and al
the close showed good gains over he final
| figures Of Yesterday. There was no especial
feature 10 the trading. ST. Paul was the
strohrc't stock, selling up two points on
what vas declared TO be good buying,
Louisville, and Nashville and Norfolk and
Western common were also active al higher
prices. the strength in the last-named stock
being attributed 10 the long-standing eA-
pecta,on that its dividend rate will be
raised from 10 per cent. at the approach
ing meeting OF the directors. The A'chison
stocks were an exception 10 the general
movement, barely retaining the gain OF yes
| terdav. which was, of course. notable. Sfer-
ling ey change was very weak dropping under
sales of bills representing exports VI mer-
chandise. To point which might, under or
binary circums' a noes. foreShadow gold inn
ports. Call money rates displayed an easier
tendency. holding most Of the day under .
per cent. There was no abatement, how
ever in the stiffness Of the rates for loans
for any considerable length Of time. Gen
orally there was a better fecllngl in com
mission houses and a disposition 10 buy
stocks for the rise. Heads Of these houses,
however. were still exceedingly cautious.
demanding large margins and discourage
| ing miscellaneous purchases.
The greater cheerflIlness Of spectators.
| while encouraged by the ease In money
rates asd TO less extent by the drop in
| foreign exchange. was chiefly due 10 the
| belief that the negotiations for settle
| ment Of the coal strike would result fav-
| orablv and TO the hope that the Treasury
would purchase a considerable quantity
Of Government bonds soon to lie oserad
| to il ~ told in to-day's Sun. Up 10 the
close of business no word came from Wash
| iugton a. 10 the result Of Mr.. Mitchelr-
conference with the President over the
proposition made bv the coal operat ors .
There il no doubt that this proposition
| i not one wholly desired by the strike
| leaders and advices from the mining regions
leave no doubt tina, IL II was presented
| 10 tho miners IN its present shape II would
| be rejected. The objections raised by
! the miners ara that the composition Of
| the arbitration commission a. suggested
! bv the operators is res, ric'iv, of the Presi
| den,'s choice of commissioners; bur IL
| is clear from the supplementary state
mcnt made by the operators that they
! do not desire 70 restrict the President
! choice in any way and have left the matter
| entirely in the Presidents hands. If this
| il made clear TO he strikers. As, of course,
| IL will bc, il is hard 10 believe that they
will stand out further They will not
| of course. obtain, under any CirCumst anc"s
| the recognition Of their union. bu' II has
| been apparent from the fret that that
| was sonnet hing that they had no real eS-
| peo,a,ion OF obtaining, ANYWAY In be-
/ L., hat 81 a.
will soon come to an end, II would seem
| that the Street has substantial RrI. nd
| under its feet
| The impression il strong throughout tho
| speculative community that an announce.
ment will soon be ma'ie concerning III"
| successful result Of the efforts TO sell bonds
| 20 the Treasury. These Efforts have been,
| il Is underst God, those of n few private
| banking houses 10 collect quantity OF
| the Government 4 per Cent issues falling
| due in 1925 The efforts have not been
| concluded, and whatever the total amount
collected may be. il can safely he stated
| tina, il will be less than the $50, 0oO. 600 that
| the Street talked Of yesterday. There were
| outstanding on Sept. 80 Sl34. sa@ 100 OF these
| bonds, Of which 3li 81? $50 were on deposit
| in the Treasury "a collateral security Tor
| circulation and Governmen. deposits. They
| are quoted in the market a. 1871. 10 1891.
| and IL is said that the syndicate which has
| been acquiring them was Offering yester-
| dav higher prices than these. The success
of the operation dep 'nds naturally upon
| the price a. which NE Secretary Of tho
| Treasury IL willing 10 buy the bonds. No
| one expects that the Secrear will
| pav more than the market price under
| anv circumstances, and he may be incllne,!
| 10 offer only con, iderably less than the
| market figures Those orcring.the bonds
expec, 10 recoup themselves. Of course,
| by reloaning 'h. proceeds in Wall street
az the high rates now prevailing II l.,
| of course, we'll known that considerable
| diversity of opinion exists among bankers
| and students of the fnan, al situation
"a to the wisdom Of bond purchases 10y
the Government at this time. At the con
| ference recently held in this city 10y Sec
| le'ary Shaw with representatives of the
| banking community some Of the most
| eminent bankers present. representing
| the largest interests, advised the Secretary
| against bond purchases. although they
! admitted thai such an act would relieve
| the money market" in the quickest way
| Their objections We're that such action
would simply r"stimula'a the speculation
| whose cxc.'ssrs had caused all tine trouble
| and that the relief Afforded hv IN" Treasury
ought TO come so carefully and moderately
| that the business community rather
than stock gamblers would experience
hcncft from it, Tho Secretary declared
AZ this conference, and has since several
times repeated the declaration, that th'
proper remedy for the situation lay ii
an increase of circulation 10y the banks
and that purchases Of bonds 10y the Govern
mpnt, as narrowing the basis for this circu
lation, were uuwise. So the plan FINAL,
. adopted hy Secretary Shaw was not TO blr
bonds, save in case Of absolute necessity
but 20 extend the assistance of the Treasur,
in every way toward increasing bsni
circulat ion and the deposit Of public none,
ia the national banking institutions.
curious popular nsapprehension continu"
concerning the absorption" of mune'
into the Treasury. |, was pointed on
| hy THE Sun az the end Of last month tina
| the nct balance held in the Treasury vault
| proper, available for circulation, was onl,