The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-17
WALL STREET
IS JUBILANT
Market Active, Especially in
Pennsylvania Group.
LONDON FEELS INFLUENCE
Situation Viewed With Cheer
fuIneSs and Optimism.

nouncement that the coal miners repre-
sentatives had agreed 10 submit their
difficulties with the coal operators TO the
board of arbitration appointed by Presi-
dent roosevelt removed any lingering
doubr that existed in Wall street as 70
the possible hitch in the efforts to bring
about satisfactory solution OF the mat
ter. With the removal OF this long deter
rent factor as market influence. spec
ulat5rs began TO figure on the beneficial
effects on general business that would
follow the resumption Of active mining
operations. News from the anthracite re-
sion indicating that the miners were in
Juoilant spirits over the prospect OF
speedily returning 10 work was greeted
with great satisfaction. as was the state
Jnent that the mine operators were max
ing preparations to resume work on a
large scale
A1vices from abroad that the situation
was viewed there with great cheerfulness
intensified the optimistic feeling and
caused heavy buying OF the general mar
ket London followed its satisfaction over
the outcome by creating strong and
active market for American securities
there and supplemented it with some
large buying orders
Prices opened with rush upward and
huge blocks Of stocks were bought al ris-
ing prices. The opening in the coalers
was wide and there were 5000 shares OF
Pennsylvania purchased on a fractional
spread. Initial gains were well over a
point throughout the active list and az
ter a temporary setback the rise was re-
newed with vigcr and advances Of ,
and even points became numerous. The
buying movement embraced all OF the
usual favorites and al times was heavily
conferred IN various groups, particularly
il the Pennsylvania group.
The pronounced strength Of the mar
ket brought out the usual crop OF runors
regarding special stocks. particularly
Norfolk and Western, which advanced
over points 70 so. n reports Of an in
creased dividend. Much Of the heavy buy
ing throughout the list was credited TO
a heavy operatsr who has recently re-
turned to the street after an absence
abroad
After the f-st burst of enthusiasm over
Tie favorable aspect Of tie coal ctrike
situation, the street began TO regard chat
incident as a secondary factor in the mar
ket and commenced to discount the ex-
pected easing up OF the monetary situation
through the rumored bond purchase by
Secretary Shaw. Nothing definite regard
ing this developed during the day. but
there we're many circumstantial accounts
touching the transaction. IL was reported
that the amount involved would be about
So 000. 0O0 which would be rendered by
syndicate on satisfactory terms Profes-
sional buyers were inclined TO regard
the heavy buying as foreshadowipg an
early announcement of the transaction.
Room shorts showed much concern over
the heavy absorption OF stocks and COW
cred pretty extensively in many Of thn
leaders The market a 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 20 buyers and there were more
liberal offerings Of time money below re-
cent rates.
Prominent features in the days move
mcnts were the Pacifcs. Louisville and
Nashville. Sugar Illinois Central. the high
priced coal stocks and St. Paul. The lat
ter was marked up above 100 on a revival
OF reports Of closer relations with Union
Pacific which stocks was also conspiou-
ously strong
Sterling exchange rates today were
somewhat steadier owing 70 q rather
smaller volume OF commercial bills. The
statements Of the large European govern
mental institutions We're scanned with in
terest In view Of some expectation here
here 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 70 LA
bnities rose to 4577 per cent. against 2.3s
per cent last week.
Trading was In immense volume in the
closing hour and there were many blocks
Of a thousand shares and upward taken
one block OF 500 shares q Norfolk and
Western changing hands ~ 81 Prices
all around were quiet. generally lifted
TO the best. and the closing was very /
active and strong.
The bond market showed pronounced /
strength in sympathy with stocks Total I
sales. par value. s43l5.0o9. United States I
news A.. coupon. advanced = Per cent /
on the last call.
Closing quotations Of stocks were as I
follows