The Indianapolis journal., 1902-10-17

NEWS OF THE STRIKE SETTLEMENT
is THE PARAMOUNT INFLUENCE.
Prospects of Easing Money Markets
Also FactOr-PennsyIvani and
n. a. w. Heavily Bought.

nouncement that the coal miners repre-
sentatives had agreed to submit their diff
culties with the coal operators to the board
of arbitration appointed by President
Roosevelt removed any lingering doubts
that existed in Wall street as to possible
hitch in the efforts to bring about salts
factory solution of the matter. With the
removal of this long deterrent factor as
market influence, spectators began to fig
ure on the beneficial effects on general
business that would follow the resumption
of active mining operations. News from
the anthracite region indicating that the
miners We're in jubilant spirits over the
prospect of speedily returning to work was
greeted with satisfaction, as the state
ment that the mine operators were making
preparations to resume work on a large
scale. Advices from abroad that the situa-
ton was viewed there with great cheerful
ness intensified the optimistic feeling and
caused heavy buying of the general mar
ket. London showed its satisfaction over
the outcome by creating a strong and ac-
tive market for American securities there,
and supplemented it with some large buy
ing orders here Prices opened with rush
upward and huge blocks of stocks were
bought at rising prices The opening In
the coalers was wide and 5000 shares. of
Pennsylvania were purchased a frac-
tional spread. Initial gains were well over
a point throughout the active list, and after
a temporary setback the rise was renewed
with vigor and advances of two and even
three points became numerous The buying
movement embraced all of the usual faVor-
ties, and at times was heavily centered In
various groups, particularly in the Penn
Sylvania group. The pronounced strength
of the market brought out the usual crop
of rumors regarding special stocks, partic-
ularly Norfolk & Western, which advanced
over six points to So on reports or an IN
creased dividend Much of the heavy buy
ing throughout the list was credited to a
heavy operator, who has recently returned
to the street after an absence abroad.
After the first burst of enthusiasm over
the favorable aspect of the coal strike Situ-
alton, the street began to regard that In
cident as secondary factor in the market
and began to discount the expected easing
of the monetary situation through the ru-
mored bond purchases by Secretary Shaw.
Nothing definite regarding this developed
during the day, but there were very many
circumstantial accounts touching the trans
action. 1t was reported that the amount
involved would be about SIS, 900, which
would be rendered by a syndicate on salts
factory terms Professional traders were
Inclined to regard the heavy buying as
foreShadowing an early announcement or
the transaction. Room shorts showed much
and covered pretty extensively In many
| of the leaders. The market at times
| showed some hesitation while realizing was
| in progress, but where this process was
| going on the effect was largely counter
| balanced by heavy buying at other points.
Monetary conditions to-day were more IA
vorable to borrowers and there were more
| liberal offerings of time money below re-
| cent rates. Prominent features I'm the
days movement were the Pacifics, L. & N,
| Sugar, Illinois Central, the high-pricei coal
| stocks and st. Paul. The last named was
| marked up above 100 on a revival of reports
| of closer relations with Union Pacific,
which stock was also conspicuously strong.
Sterling exchange rates to-day were
somewhat steadier, owing to rather
smaller volume of commercial bills. The
statements of the large European gov
| ernmental institutions were scanned with
| interest in view of some expectation here
that there is an early likelihood of gold i'm
ports. The reports from the Bank OF
France and the Bank of England showed
some contraction in resources but the
proportion of the latter's reserve to liabil-
| ity rose to 1911 per cent, against 1888 pei
| cent. last week.
| Trading in immense volume in the
| closing hour and there were many blocks
| OF thousand shares and upwards taken
| one block OF 5000 shares of Norfolk &
around were quite generally lifted to the
best, and the closing was very active and
| strong.
The bond market showed pronounced
| strength in sympathy with stocks Tota
| sales at par value were $43l5,O United
| states new fours, coupon, advanced II Del
cent. on the last call
The following table shows the range O,
stock priceS on Thursday.