The Washington times., 1902-10-03
Temporary Halt to Specula-
ton Until Outcome of
Meeting in Washington
Can Be Learned.
lndustrials Again Attract At
tention, With Generally
Firm Prices-Net Declines
the Rule in Railway List.


: wise were in rather unsettled condi-
ticn today. Wall Street entertains the
hope that the conference in Washing
ton tomorrow will result in a settlement
of the strike. Until some definite result
is known the purely speculative ele-
ment in the market is inclined to re-
strict its commitments and await devel
cpments.
There appears to be no urgent bidding
for the anthracite stocks and their iner
tia in the market no doubt exerted some
influence toward keeping the usually ac
tive shares somewhat more quiet THAI
has heretofore been the case.
The hesitancy which was displayed
was due to additional causes than the
strike sitdation. Arbitrage houses sold
upward of 25.o00 shares of stock in this
market for London account. This fol-
of the Bank of England. Most of the
selling for foreign spectators was COM
pleted during the first hour and the
market apparently absorbed the Offer
1ngs with ease
Sterling Weakens.
The most pronounced effect was dis.
played in the sterling exchange mar
ket. where the rates advanced. Toward
the close sterling weakened because of.
the withdrawal Of one of the steam
+. urday. but closed higher than yester-
day.
In speculative sense the market was
essentially 9 waiting one. In addition
to the two conditions above mentioned,
the permanency of the relief to the
money stringency afforded by the Treas
ury Department is yet to be demon
strated. The activity of manufacturers,
merchants. and in fact all classes of
industries in the country is SO great
that the capital of business institutions
! Is being used to a full extent and the
banks are called upon for necessary ad-
ditional credits.
The bank statement promises to show
! Improvement, end will present a unique
appearance in that without much change
I'm conditions, there should be a large in
crease in surplus reserves through the
exemption of Government deposits from
the heretofore necessary Is per cent le-
gal reserve.
The bankers, however, are not will
ing to invite another period of active
speculation until the measures adopted
by the Treasury Department have dem
onstrated that the situation has been
permanently improved.
Industrials More Active.
For the first time in a week the in
dustrial shares attracted more atten-
ton than the railway issues. While
the tone was good. and prices generally
held firm, the special developments
which occurred, particularly in the in
dustrial properties, made these shares
the real leaders of the market Among
the industrial securities which made
pronounced gains were American Car
and Foundry, American Cotton Oil, Corn
Products. International Pump preferred,
american Snuff, International Silver, In
tsrnational Lead preferred, Pressed
Steel Car, Colorado Fuel and Iron, and
United States Leather preferred.
Railway shares were only fairly brisk
In their movements, and with but few
tASepLlOubs showed SIQdl net QecI1neS.
Louisville and Nashville fiuctuated rath-
er widely, finally closing with net
gain of abou; i point. Peoria en1 East
ern, on the execution of few buying
orders. rose nearly 5 per cent Nor
folk and Western, on pool operations.
which. helped by rumors of an increas-
ed dividend, advanced more than / per
cent.
Bond Market Strong.
Bonds were strong with Union Pacific
Ccnvertibies, Pennsylvania Warrants,
Oregon Short Line Fours, Green Bay
and Wisconsin Debenture BIS, and Con-
eolidated TohScco Fours the leaders.
On curb. Northern Securities, Rock
Island shares. United States Realty, and |
Montreal and Boston Copper were the
features.
New York Stock Exchange, October 2.
The following table shows the highest.
lowest. and last prices of oil stock sold
on the stock exchange to-day in smounfs |