The Montgomery advertiser., 1902-10-15
WALL STREET REVIEW
STOCKS AT THE CLOSE OF MAR
 KET WERE FIRM.
Belief That Coal Strike is in Fair Way for Settlement Caused General Good Feel
 ing

NEW YORK, Oct. l4.-The over night devel- ! opments in the coal strike aroused a cheerful | sentiment in Wall Street today and the
 opinion was expressed that the matters were | in fair way of adjustment. The monetary | situation was momentarily lost sight of in l the optimistic feeling that prevailed at the l opening and stocks were eagerly bought at advances of from 1 to points over yester- Recent speculative favorites in which the pool liquidation had been heaviest were most
 fin demand, especially the coalers and trans continental stocks. Individual orders for
 blocks of from 900 to 4ooo 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
 heavy buyer encouraged the bull interests to
 renewed efforts in driving the shorts to cover.
 The inquiry embraced all classes of stocks.
 but the largest advances were centered in the Some comment was aroused over the fact that the active coaers did not advance pro portionatey more than other stocks although the demand for them was heavier than at other points. Early prices showed such a handsome profit to the traders who bought early yesterday in the semi -demoralized mar ket that they commenced to unload quickly. Commission houses were well represented in | the early demand. but the volume of realz
 ing sales soon exhausted their orders and prices relapsed all around.
 Before noon the opening substantial ad- vances had been pretty generally reduced to a | fraction and even cancelled in some impor- | tant stocks. The downward movement of prices was accelerated by 2 per cent. call | money rate which recalled to i-iind the fact | that the monetary situation had to be reck- | oned with in an effort to create bull mar | ket Dealings then subsided into merely nom | inal proportions for long time. but there | was steadily increasing undercurrent of strength which eliminated in a 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 Pa cifcs. Reading, Pennsylvania Atchison. Sugar | and Amagamated Copper were bought heavily | and there was large absorption of various minor stocks. The rally in prices was stimu- | lated by break in money rates from 2 per cent, the highest in the forenoon. to per cent.
 The action of the coal operators in agreeing to submit the questions at issue with the min CTS to a Board of Arbitration to be named by President Roosevelt freely discussed dur ing the day and all news bearing the sub ject absorbed with the keenest interest. London purchases of stocks were consid- erable and this. combined with more liberal offerings of commercial bills caused 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 | So7 7oa, a77. which was a reduction of about | SI2,OOo. 900 from the corresponding figures | of last year. This indication of the lessened | demand abroad for some of our staple product | explains in measure the recent hrmness of | the foreign exchange market despite the ore
 dollars gold was withdrawn from the Bank l of England today for exportation to Egypt
 and it was announced that the price of Ameri-
 can eagles was advanced Hd and bar gold
 %d. This will tend in the event of any indi-
 cation of gold imports from here to shift the | demand to continental markets.
 The sub-treasury statement shows that the | banks have gained nearly S2 900 900 from
 that institution since Friday and it is be- | lieved that the position of the banks has been
 materially strengthened by the early liquida-
 tion in stocks yesterday It Is expected that | the resumption of the mines will necessitate | the forwarding of considerable money to the | anthracite regions.
 In the final dealings the stock market com- | menced to feel the weight of the traders | profit taking sales but the demand was suf- | hciently large to prevent much impression | on prices and the closing was generally firm | The bond market today strengthened with
 the course of stocks and fairly active. Total
 sales (par value), S3, 600, 900. United States
 new As declined per cent. on last call.