The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-17

NEW YORK, Oct. 16.-The formal an
nouncement that the coal miners repre-
ficulties with the coal operators to the
board of arbitration appointed by Pres1-
dent Roosevelt removed any lingering
doubts that existed in Wall street as to
a possible hitch in the efforts to bring
about satisfactory solution Of the mat
ter. With the removal of this long de-
terrent factor as a market influence, spec
ulators began figuring the beneficial ef-
fects on general business that would fol-
low the resumption OF active mining OPP
e' News from the anthracite region indi-
eating that the miners were in Jubllant
spirits over the prospect Of speedily re-
turning to work was greeted with great
satisfaction, as was the statement that
the mine operators were making prepar-
atoms to resume work on a large scale.
AdviceS from abroad that the situation
was viewed there with great cheerfuhtess
intensified the optimistic feeling and
ket. London followed its satisfaction
over the outcome by creating strong
and active market for American securi-
ties there and supplemented 1t WIN
some large buying orders here.
Prices Shoot UP.
Prices opened with a rush upward and
huge blocks Of stocks were bought at ris-
ing prices. The opening in the coalers
was wide and there were 5000 shares
Of Pennsylvania purchased on fractional
point throughout the active list and after
a temporary setback, the rise was re-
neWed with vigor and advances OF two
and even three points became numer-
Gus. .,i~
The buying movement embraced all Of
the usual favorites and at times was
heavily centered in various groups, par
ticularly in the Pennsylvania group. The
pronounced strength Of the market
brought out the usual crop of rumors re-
garding special stocks, particularly Nor
six points to so on reports of an in
creased dividend. Much of the heavy
buying throughout the list was credited
to a heavy operator who has recently re-
turned to the street, after an absence
abroad.
\ After the first burst of enthusiasm over
the favorable aspect of the coal strike
situation the street began to regard that
incident as a secondary factor in the mar
ket and commenced to discount the eX-
pected easing up Of the monetary s1tua-
ton through the rumored bond purchases
garding this developed during the day,
but there were very many circumstantial
accounts touching the transaction. 1t
would be about SIS, 600. 600. which would
be rendered by a syndicate on satisfac-
tory terms. Professional traders We're
inclined to regard the heavy buying as
foreShadOwing an early announcement or
the transaction.
Room Shorts Cover.
Room shorts showed much concern over
the heavy absorption of stocks and COW
cred pretty extensively in many OF the
leaders. The market at times showed
some hesitation while realizing was in
progress, but where this process was go
ing on the effect was largely counter
balanced by heavy buying at other
points Monetary conditions today were
more favorable to borrowers and there
were more liberal offerings Of time
money below recent rates. Prorni-
were the Pacifics, Louisville & Nashville,
Sugar, Illinois Central the high priced
coal stocks and ST. Paul. The latter
was marked up above 100 on a REVIVAL
of reports Of closer relations with Union
Pacific. which stock was also conspicuous
ly strong.
Sterling exchange rates today were
somewhat steadier, owing. to rather
smaller volume Of commercial bills. The
ernmental institutions were scanned with
interest, in view of some expectation
here that there is an early likelihood or
gold exports. The reports from the
Bank of France and the Bank of ELS-
land showed some contraction in re-
sources, but the proportions Of the lat
ter's reserve to liability rose to As. II
per cent, against 1888 per cent last week
Trading was in immense volume In the
closing hours, and there were many
wards taken, one block Of 5000 shares
of Norfolk & 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. To-
tai sales, par value, $4,315,0O0 United
States new As coupon advanced "a per
cent on the last call.
Stocks.