The sun. [volume] (New York [N.Y.]) 1833-1916, 1902-10-17
AND COMMERCIAL.
THURSDAY, Oct. 10.

| prominent ttOcks on the list rose III IIflce
8? or more a share. and In some instances
/ sensational advances were scored The
general causes OF the movement were ola
vious- the final acceptance by the leaders
o! the striking miner. 81 the terms offered
! by the operat ors practically insuring tho
resurnption OF work IN the coal regions IN
/ few days. and the expectation 81 immediate
reduction Of the high rates for III" Use OF
money recently prevailing in Wall Street
by the distribution by the SECRETARY Of IN"
Treasury of a large sum Of money n ia"
result OF purchases by lin OF Government
bonds. Can money, Undoubtedly fore
! ,hadoHir,R This i-trihu,ioi, was even easier
during the day than yesterday. nearly all
loans being renewed on the Stock Exchange
in the morning at per cent, while money
was freely put out in the afternoon nj q
per cent Time money also softened,
which is more significant The run of
spectators. mercurial as ever, were quite
forgetful of the blue Monday with which
the week opened The talk heard every
where was that pool liquidation and forced
closing out of weak accounts were over,
and that with the coal strike ended and
the vaults of the Treasury now finally
flung wide open there was no telling how
straint still imposed by commission houses
prevented a runaway market, but II was
iubiantly declared that il the announce
ment of the Treasury's bond purchases
came soon. as it was believed il would come.
the banks would al las, lose their grip"
on the situation. L. should perhaps be
stated for the benefit of those who have
not been close observers Of Wall Street
Mar fhut h, lati ,,,,.
and the banking community have not been
on friendly terms of late. The sp, culators
aver that the banks have unjustly and
wholly unwarraniedIy magnified the dangers
of the financial situation, and they welcome
any event which will extend the bounds
that, rightly or wrongly the banks have
SGT.
The torch that fired all tins conbustblc
material in the market was the enormous
buying OF Norfolk and Western common,
ia his customcd rushing" manner, by
a noted Western Spectator who returned
from Europe yesterday. The o>tensble
basis for ;his action was what has long
been the practical certainty, As stated
in this column yesterday. that the annual
dividend on the stock would be raised
from per cent. to 3 per cent. a. the next
meeting Of the directors al which n divi-
dend can be declared Tine operator in
question supplemented his action by an
interview in which he declared himself
profoundly bullish on the entire stock
market; and "a it j. we'll known that the
resources Of this speculator and those of
his followers. which have al no time been
small, have just been increased Ly the pro.
ceed-. paid into their hands, of their sue.
ccssful coup in Louisville and Nashville
The speculative element in the Street was
strongly inclined TO follow the market
path thus indicated Just a. they did during
the summer. Norfolk and Western com
mon. before the day was over. sold az 70.
"A rise Of o.. points above lis close Yesterday
dud of l0's points above the low fgur"
touched by il last Monday. Chesapeake
and Ohio and the stocks of the other soft
coal roads were strong in sympathy. The
Detroit Southern. Colorado southern 81.
Louis Souhwestern and other issues which
were notable oh ects of manipulation dur
ing the summer were also taken in hand
The remaining short interests in the market
Il is needless to say, rushed 10 cover, and
sentiment wa, excitedly buili>h al the
close With the ease Of money, foreign
exchange hardened perceptibly
While up To the close OF business no
announcement was made concerning the
Treasurv's bond purchases there are the
best reasons for believing that such
announcement will not be- long DELAYED
and that such delay a. haS already oc-
CURED is simply because Of the desire Of
those Offering the bonds to collect as large
a quantity of them "a possible, and not
because Of any hitch in nego, lat ions with
the Secretary az 30 The price a. which the
bonds should he taken. The financial
measures authorized by Secretary Shaw
in the last few weeks prove hat the orin-
ions commonly held in the past a. to tho
inelas'icity Of our Treasury system must
experience some revision. Perhaps a better
way TO put j, would be that these measures
prove how pliable the laws governing the
operations Of the banks and the Treasury
may become under determined efforts
in given directions The gross receipts
of The Treasury for the fiscal wear have
been 20 date sl7l 100, ss4 20 Tie gross
expenditures have been $50 l,8s $40 O6
The excess OF receipts over expenditures.
or the money absorbed into the Treasury,
is sli,s8i. COS 20. A. an Onset 10 this, the
deposits of public money in the national
Ddnks nave increased IN 'lip period named
by sl5,O0O,OOo; $40 90 900 has been disbursed
in antcipa, ion of interest on he public
debt and the disbursement of a. much
more has been authorized il the Govern
ment bondholders choose 10 ask for H.
since the first of the month the bank note
circulation of the country has increased.
or preparat ions have been made to increase
il, by sl3 600, 900, as the result, of the release
Of Government, bonds held as security for
Government money deposited with the
banks, and made the basis of this additional
circulation. Now comes the purchase bv
the Secretary of the Treasury Of a large
quantity Of Government bonds az what
in all probability will be close o th,. market
price, under the clause OF the United States
statute authorizing the Secretary to devote
out Of the coin paid into the Treasury in
the shape of duties on imported goods a
sufficient sum 80 the purchase or payment
of per cent Of the ent ire debt Of the nited
States TO he made within each fiscal wear
after the first day Of July 1907. which i,