The Birmingham age-herald., 1902-10-17
MARKET STARTED
 OFF WITH 4 RUSH Strike News Caused Jubilant Feeling on Wall Street BLOCKS OF STOCK BOUGHT Opening In the coaIers Was Wide and 5000 Shares of Pennsylvania
 Were Purchased on Frac-
 tlonaI Spread.
BLOCKS OF STOCK BOUGHT

New York, October 16-The formal an- nouncement that the coal miners repre- sentatlves had agreed to submit their differences with the coaI operators to the board of arbitration appointed by Presi- dent Roosevelt removed any lingering doubts that existed in Wall street as 10 a possible hitch in the efforts to bring about a satisfactory solution of the mat ter. With the removal of this long de- teriorant factor as a market influence Epeoulators began to figure on the bene- feial effects on general business that will follow the resuming of active opera tions.
 News from the anthracite regions indi= eating that the miners were in Jubilant spirits over the prospect of a speedy re- turn to work were greeted with great satisfaction, as was the statement that the mine operators were making prepara- lions to resume work on a large scale. Advices from abroad that the situation was viewed there with great cheerfulness intensified the optimistic feeling and caused heavy buying of the general mar ket London followed it's satisfaction over the outcome by creating strong and active market for American seeuri- ties there and supplemented it with some large buying orders here.
 Prices opened with 6 rush upward and huge blocks of stocks were bought at rising prices The opening in the coalers was wide and there were 60O0 shares of Pennsylvania purchased on fractional spread. Initial gains were well over a point throughout the active list, and af- ter temporary setback the rise was re- xnrif 4ffp z even points became numerous. The buying movement embraced all Of the usual favorites and at times was heavily eentered in various groups, particularly In the Pennsylvania group. The pro nounced strength of the market brought out the usual crop of rumors regarding special stocks particularly Norfolk and Western, which advanced over points to 30 on reports of an increased dividend. Much of the heavy buying throughout the list was credited to a heavy operator who has recently returned to the street nfter an absence abroad. After the Hrst burst of enthusiasm over the favorable asnect of the coal strike situation the street began to regard the incident as secondary factor in the market and com menced to discount the expected easing lp of the monetary situation through the rumored bond purchases by Secretary Shaw. Nothing definite regarding this developed uuf1nB lHt udy' DuS VI very many circumstantlai accounts touching the transaction. It was reported that the amount involved would be about $15, GOO, which would pc rendered by a syndicate on satisfactory terms. Professional traders were ln- clined to regard the heavy buying as foreshadowing an early announcement or tbe transaction. Room shorts showed much concern over the heavy absorption of stocks. and covered pretty extensive lv in many of the leaders. The market at times showed some hesitation, while realizing was in progress, but where thls process was going on effect was largely eounterbalanced by heavy buying al other points, Monetary conditions today were more favorable to borrowers, and there were more liberal offerings of time money helow recent rates. Prominent features in the days movement were the Pacihcs, Louisville and Nashville, Sugar, Illinois Central, the high priced coal stocks and St. Paul. The latter was marked up above 190 on a revival of reports of closer relations with Union Pacific, which stock also was conspicuously strong.
 Sterling exchange rates today were somewhat steadier owing to a rather smaller volume of commercial bills The statements of large European govern mental instutions were scanned with in- terest in view of some expectation here that there is an early likelihood of gold Imports.
 The reports from the Bank of France and the Bank of England showed some contraction in resources but the propor- tion of the latter's reserve liability rose to 4577 per cent, against 43.3S per cent last week. Trading was in immense vol tune in the closing hour and there were many blocks of a thousand shares and upwards taken, one block of 800 shares of Noifolk and Western changing hands at so. Prices all around were quite gen. orally lifted to the best and the closing was very active and strong.
 The bond market showed pronounced strength in sympathy with stocks. Total sales. par value, $4,315,000.
 U. S. new As, coupon, advanced A per cent on the last call.