The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-15

NEW YORK, Oct l4.-Ine over
night developments in the coal strike
situation aroused a cheerful sentiment
in Wall street today, and the opinion
was expressed that the matters at is
sue were in a fair way of adjustment.
The monetary situation was momenta-
rily lost sight of in the optimistic feel
ing that prevailed at the opening, and
stocks were eagerly bought at adj
vances of from 1 to points over yes
terday's final prices. Recent specula-
tive favorites in which the pool liqui-
dation had been heaviest were most in
demand, especially the coalers and
trans-continental stocks. Individual
orders of from blocks of from 1000 to
1000 shares were taken at advancing
prices and trading was in enormous
volume throughout. The readiness with
which prices responded to the good
news combined with the appearance OF
London as a heavy buyer encouraged
the bull interests to renewed efforts
in driving the short interests to cover.
The inquiry embraced all classes of
stocks, but the largest advances were
centered in the highest priced class.
Some comment was aroused over the
fact that the active coalers did not adj
vance proportionately more than other
stocks, although the demand for them
was heavier than at other points. Ear
profit to the traders who bought early
yesterday in the semi demoralized
market that they commenced to unload
quickly.
Prices Again Relapse.
Commission houses were well rep
resented in the early demand, but the
volume Of realizing sales soon exhaust
ed their orders and prices relapsed all
around. Before noon the opening sub
stantial advances had been pretty
generally reduced to q fraction, and
even Cancelled in some important
stocks. The downward movement of
prices was accelerated by a IL 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. Deal
ings then subsided into merely nomf-
nal proportions for a long time, but
there was a steadily increasing under
current of strength, which eliminated
in violent buying movement again
in the closing hour, which carried the
entire market to the best prices of
the day. Prominent leaders, such as
st. Paul, the Pacifics, Reading, Penn
sylvania, Atchison, Sugar and Anal
gamated Copper, were bought heavily
and there was a large absorption of
various minor stocks. The rally in
prices was stimulated by a break in
money rates from II per cent, the
highest in the forenoon, to per cent.
Coal Situation Discussed.
The action Of the coal operators in
agreeing to submit the questions at
issue with the miners to a board Of
arbitration to be named by President
Roosevelt, was freely discussed dur
ing the day, and all news bearing on
the subject was absorbed with the
keenest interest. London purchases
Of stocks were considerable, and this
combined with more liberal offerings
of commercial bills, caused a rather
sharp decline in sterling exchange
rates. News of the day included the
September statement Of foreign trade
statistics, which showed an excess of
exports over imports Of $27,702,277,
which was a reduction of about $12,-
100000 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 f1rnness of the
foreign exchange market, despite the
prevailing high money rates. Nearly
100000 gold was Withdrawn from
the Bank of England today for exporta-
ton to Egypt, and it was announced
that the price of American Eagles was
advanced I'D and bar gold sd. This
will tend, in the event of any indica-
ton of gold imports from here, to
shift the demand to continental mar
kets. The subtreasury statement
shows that the banks have gained
nearly 100000 from that institution
since Friday, and it is believed that
the position Of the banks has been
materially strengthened by the early
liquidation in stocks yesterday. It is
expected that the resumption Of the
mining operations 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 suffi-
GENTLY large to prevent much impress
sion on prices and the closing was
generally firm.
The bond market today strengthen
ed with the course Of stocks and fair
ly active. Total sales, par value, 3d.
100000. United States new As declined
Il per cent last call
Stocks.