The Montgomery advertiser., 1902-10-17
WALL STREET REVIEW STOCKS WERE STRONG ON GOOD
 ADVICES. Indications of Early Settlement of Coal Strike Sent Securities Up With Rush-Money Con-
 ditions Favorable.

NEW YORK Oct. I6.-The formal announce ment that the miners representatives had agreed to submit their difficulties with the coal operators to the Board of Arbitration appoint ed by President Roosevelt removed any lin- gering doubts that existed in Wall Street as to possible hitch in the efforts to bring about a satisfactory solution of the matter.
 With the removal of this long deterrent fac- tor as market influence. speculators began to figure on the beneficial effects on general business that would follow the resumption of active mining operations. News from the an- in jubilant spirits over the prospect of speed- fly returning to work were greeted With great satisfaction as was the statement that the mine operators making preparations to resume work on a large scale.
 Advices from abroad that the situation was viewed there with great cheerfulness ntensi- buying of the general market London fol- lowed Its satisfaction over the outcome by American securities there and supplemented 1t with some large buying orders here.
 blocks of stocks were bought at rising prices The opening in the coalers was wide and there were six thousand shares of PennsylYania purchased on a fractional spread. Initial gains were well over point throughout the active list and after temporary setback the rise was renewed with vigor and advances of 2 and even 3 points became numerous. The buying movement embraced all Of the usual favorites and at times was heavily centered in various groups, particularly In the fehn-
 The pronounced strength of the market brought out the usual crop of rumors regardins special stocks, particularly Norfolk and West ern, which advanced over points to So 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 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 secondard factor in the market and com. the monetary situation through the rumored bond purchases by Secretary Shaw: Nothlng definite regarding this development during the day, but there were very many circums stantial accounts touching the transaction. It was re- ported that the amount involved would be about Sl .000, 900. which would be tendered by syndicate on satisfactory terms. Profes- sional traders were inclined to regard the heavy buying foreshadowing an early an- nouncement of the transaction
 Room shorts showed much concern over the heavy absorption of stocks and covered pretty extensively in many of the leaders. The mar ket at times showed some hesitation while realizing was in progress. but where this pro- ces was going the effect was largely coun- terbalanced by heavy buying at other points.
 Monetary conditions today were more favor able to borrowers and there were more liberal offerings of time money below recent rates. Prominent features in the days movement were the Pacfcs, Louisville and Nashville. Sugar Illinois Central. the high priced coal up above 90 on 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 or large european ioVel h- mental institutions was scanned with inter est 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 proportion of the latter's reserve to liability rose to 45.77 per cent against 43 3S per cent. last week. Trading was in immense volume in the closing hour and there many blocks of Q thousand shares and upwards taken, one block Of b, 900 shares of Norfolk and Western changine hands at 30. Prices all 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. Total sales (pal value). S4.3 ,ooo. United States new 4' coupen advanced k per cent. the last call New York Stock List