The sun., 1902-10-10
FINANCIAL AND COMMERCIAL.
New YORK, Oct. Q.

The stock market was dominated to-day
by the belief that the coal strike was ap-
preaching its end Tho sole possible io,n-
dation for the belief was the conference
between Senators Plat, Quay and PEN
rose and the labor leaders and an inde-
Unable impression spread through Wall
Street that this time the conferences would
amount TO something The impression
was heightened by the know ledge that a
large block Of Reading first and second
preferred shares had been privately trans
ferred by market operator 10 purchaser
believed TO represent the Pennsylvania
Railroad Company. Many spectators as
serted that il the PENNSYLVANIA Rail-
roaC9 Nompsnv was in possession OF the
Reading property its management would
be disposed 10 adopt different policy
toward the strikers than the one al
present In force. Such an argument IL, OF
course, preposterolus. II quite leaves out
OF account the great question Of the right
OF an owner Of property TO Its possession
and peaceable Use. which has been raised
in the present controversy as never before
In our country; and il l. based upon the
unreasonable supposition that the man
agement Of the Pennsy lvania Railroad
Company-even admitting what iS "a yet
extremely uncertain, tina Pennsylvania
interests are in control ~ the Reading
shares-can be indifferent To- the proper
adjustment OF such an issue. II may be
stated authorta,ively that the position
Of the owners Of the coal mines has not
changed and will not change. and that they
hn
battle for principle. The present inter-
ference Of politicians in the matter is only
another instance Of the prolongation Of
the difficulty caused by the harmful med
ding Of outsiders.
The coal stocks were naturally the feat
ures Of the speculation, all the high priced
coaers showing large gains, and the Read
ing, Erie and other stocks o. the class
making substantial advances. The rail-
road stocks were strong, though the SUBJ
stantial buyers Of the last few days were
absent. and II is evidently not the purpose
Of these interests 10 follow their purchases
into general advancing market. The
news OF the day Was not quite so favorable
as yesterday. The weekly reports of the
Bank OF England and the Bank Of France
showed diminished resources The foreign
exchange market was irmer the strength be-
ing due, il was stated, 10 inquiry for remit
tances against the approaching London set
tlement. Chicago exchange on New York fell
heavily indicating an increase in I he demands
Of the interior for funds The declaration
OF the post poned dividend OF 81 per cent.
on the Southern Railway preferred shares
was. of course. pleasing 10 the stockholders
of the company. although there had been n o
doubt that such action was near at hand.
A notable rise in the Pacific Coast ISSUES
occurred after the announcement of an
increase in dividends Of from to 5 per cent
upon the second preferred and common
stocks Of the company, bul a. these are
stocks in which there is little general inter-
est the market effect Of the event was small
Banker, declared that they saw no change
in the money situation and that all views
as to the future of the stock market and the
relative cheapnesS of part ocular securitie :
az present prices must be modified bv the
high rates for the use of money that would
undoubtedly prevail for long time. Call
money did not loan below per cent. and
in the aft arnoon many renewals were made
a. between II and Is per cent, although
these higher rates We're attributed by some
10 calls for money which must be paid to-
morrow ON an installment of subscriptions
10 the Information Mercantile and Marine
Company's stock issue. Time loans were
quoted at 8 per cent. for from four TO eight
months and az 9 per cent. for one year,
and the quantity Of money Offering a, these
terms showed no abundance. Such con-
dilion Of affairs is not favorable TO active
speculation in securities, and a. there has
been large retirement of the short inter-
%, a. stocks have already risen from two
10 three dollars share from their lowest
point, conservative Judgment was, at the
close of the day. tha unless obvious prog
ress ~as made toward tie settlement Of
the coal strike the rise in prices would 60
li'le further