Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-17
NO LONGER AN ISSUE,
81 ,11, STREET ALREADY REGARDS
STRIKE AS a SECONDARY FACTOR.
BETTER FEELING PREVAILS.
Ecnvy Buyiug OF the General Mar
kct-London Creates Strong Market
for kmericans-Tradin in Inn
mcnsc Volume at the Close.

NEW YORK. October ie.-The formal
announcement that the coal miners rep
-esontativcs had agreed 10 submit their
6islculties with the coal operators to the
Posrd of Arbitration appointed by Pres!-
dent Roosevelt removed any lingering
do,,bts that existed in Wall street as TO a
nossibie hitch in the efforts to bring about
satisfactory solution Of the matter
with tho removal OF this long deterrent
factor as market influence SPECTATORS
hogan 70 figure on the beneficial effects
or general business that would follow
.ho resumption of active mining opera
lions. News from the anthracite region
indicating that the miners were in jubi-
,ly returning TO work. was greeted with
r-cat satisfaction as was the statement
,hst the mine operators were making
separations to resume work on a large
scale.
OPTIMISTIC FEELING AND HEAVY
BUYING.
ssvIces 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 showed its satisfaction over
the outcome by creating a strong active
market Cor American securities there and
supplemented with some large buying or
6e-s. Prices opened with a rush upward
and huge blocks of stocks were bought a
-ssirg prices The opening from the coal
ers was wide and there were 5000 shares
If PrrnsrIvania purchased on a fractional
sr,rsad Initial gains were well over a
mint throughout the active list. and after
a temporary setback the rise was renewed
with vigor and advances of .. and even
8 points became numerous. The buying
movement embraced all Of the usual IA
vorites and at times was heavily cen
tered in various groups. particularly in
the Pennsylvania group. The pronounced
strength of the market brought out the
usual crop Of rurnors regarding special
stocks. particularly Norfolk and Western,
which advanced over 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
recently returned to the street after an
absence abroad.
TIE STRIKE ALREADY a SECOND
AIRY FACTOR.
After the first burst of enthusiasm over
the favorable aspect of the coal strike sit
uation the street began to regard that in
ciient as a secondary factor in the mar
kct and commenced to discount the en-
pected easing up of the monetary situa-
ton through the rumored bond purchases
by Secretary Shaw. Nothing definite re-
Earding this developed through the day.
hut there were very many circumstantia1
accounts touching the transa ction. 1t was
reported that the amount involved would
he about SIS. 0c0 0o0 which would be ten
dered by a syndicate on satisfactory
terms. Professional traders were inclined
10 regard the heavy buying as foreshad-
owing an carly announcement OF the
transaction. Room shorts showed much
concern over the heavy absorption of
stocks and covered pretty extensively in
many of the leaders. The market at
times showed some hesitation while real
ling was in progress. but where this
process. was going on the effect was large
ly counterbalanced by heavy buying at
other points.
MORE FAVORABLE TO BORROWERS.
Monetary conditions to-day we're more
favorable to borrowers and there We're
more liberal offerings of time money be-
low recent rates. Trading was in i'm
mense volume in the closing hour, and
shares and upwards taken, one block of
5000 shares of Norfolk and Western
changing hands at so. Prices all around
we're quite generally lifted to the best,
md the closing was very active and
Etronc
The bond market showed pronounced
strength, in sympathy with stocks. Total
sales, par value, S4,3l5,0o0.
United States new is advanced IA per
cent. on the last call.
Total sales of stocks to-day were 1,olo,-
30 shares.
MONEY AND EXCHANGE.
Money on call easier at Gas per cent;
closing bid and asked. 5@6 per cent;
prime mercantile paper. per cent.
Sterling exchange steady, with actual
business in bankers bills at 4.S5.5544.sooo
fer demand, and al 4.S25od4.S26o for sixty
DAYS; posted rates, 4.S3 1-2@4.S6 l.; com
fncrcial bills, 4.Sl.75G4 .S2.25.
Bar silver, 80 1-2; Mexican dollars, a.
Government bonds firmer; State bonds
firm: railroad bonds strong