Omaha daily bee., 1902-10-17
NEW YORK STOCKS AND BONDS.
Strike settlement Cnuses Very Heavy
Buying In Gene ,nI Market.

NEW YORK. oct. 16.-The formal an
nouncement thai the coal miners represent
tatives had agreed to submit their difficult
des with the coal operators to the board
II arbitration. appointed by President Roos =
VET removed any lingering counts tina,
existed I'm Wall street as TO the possible
hitch in the efforts TO bring about a satls-
factory solution of the matter.
With the removal OF this long deterrent
factor as a market influence, Spectators
began to figure on the beneficial effects on
general business that would follow the re-
sumption of active mining operations.
News from the anthracite egion Indicating
that the miners were in tubilant spirits
over the prospect of speedily returning to
work was greeted with great satisfaction,
as was the statement that the mine opera
tors were making preparations to resume
work on a large scale. Advices from abroad
that the situation was viewed there with
great cheerfulness intensified the optimistic
Keeling ana caused heavy buying OF the
general market. London followed its salts
faction over the outcome by creating a
strong and active market for American Sc
curlties there and supplemented II with
some large buying orders mere. Prices
opened with a rush upward and huge blocks
opening in the coalers was large and there
were 5000 shares Of Pennsylvania pur-
chased on a fractional spread. Initial gains
were. well over a point throughout the ac-
tive list and after a temporary setback the
rise was renewed with vigor and advances
OF : ana 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 Pennsylvania group. The pronounced
strength of the market brought out the
usual crop of rumors- regarding special
which advanced over 8 points to so on re-
ports of an increased dividend. Much of
the heavy buying throughout the list was
credited to a heavy operator who has re-
Gently returned to the street after an alb
sence abroad. After the first burst of en-
thusiasm over the favorable aspect OF the
coal strike situation the street began to re-
gard that incident as a secondary factor in
the market and commenced to discount the
expected easing IN of tho TOnnpfarv gIt11n-
ton through the rumored bond purchases
by secretary Shaw. Nothing definite re-
there were very many circumstantial ac-
counts touching the transaction. 1t was re-
about Sl5,0OO.O00, which would be rendered
by a syndicate on satisfactory terms. Pro-
tessional traders were inclined to regard
the, heavy buying as foreshadowing an
early announcement of the transaction.
Room shorts showed mucn concern over
the heavy absorption of stocks and covered
pretty extensively in many of the leaders.
The market at times showed some hesita-
ton while realizing was in progress, but
was largely counterbalanccd by heavy buy
ing at other points. Monetary conditions
and there were more liberal offerings of
time money below recent rates. Prominent
features in the days movement were the
Pacifcs, Louisville & Nashville, Sugar. I'LL
nois Central, the high-priced coal stocks
and st. Paul. The latter was marked up
above 100 on a revival of reports of closer
relations with Union Pacific, which stock
was also conspicuously strong. Sterling
exchange rates today were somewhat
|teadier, owing to a rather smaller volume
of commercial bills. The statements of the
large European governmental. institutions
were scanned with interest, in view or 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 re-
sources, but the proportion of the latter's
reserve to liability rose to 45.T per cent,
against 1898 per cent last week. Trading
was In immense volume in the CLOSING hOIr
and there were many blocks of 1000 shares
and upwards taken, one block of 5000
shares of Norfolk & Western changing
hands at so. 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, par value, "a ,315,0O0. United States
new Is, coupon, advanced Il per cent on the
last call.
The following are the closing prices on
the New York Stock exchange: