Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-15
CHEERFUL ON CHANGE.
.rrrrv OPTIMISTIC IN view
HkLL slF'H
OF STRIKE SITUATION.
oll Is RUN SHORTS TO COVER
u,e Enormeus-rriccsG encra1ly
.d,nnccd-Thcn Reaction, and
close i. with violent Buying
Movement in Progress.
us-rrices Generally
,,o~emcnt in Progress.

,-rw YORK. October 1.-THE over
developments in the coal strike sit
..>usea a cheerful sentiment in
Nh street today. and the opinion was
-oesed list ae matters at issue were
fet- way OF adjustment. -Vhe none
sj,,ation was momcntarily lost sight
,be optimistic feeling that prevailed
,be opening. and stocks were eagerly
-. Al advances from / to ( points
- yesterdays final prices. Recent
,.,,ative favorites in which the pool
,.,;5a.ion had been the heaviest. were
-,a,, IN demand. especially the coalers
- ,r4ascontinental stocks Individual
dos for blocks of from 1000 to 400
sr,-es were taken at advancing prices
.rsltag was in enormous volume
.t-orar3u, Tire readiness with which
wires responded 10 the good news, COM
,to.s Win The appearance Of London as a
i,,5ver. encouraged the bull interests
-srryred Efforts in driving the short
,-.s~asts 10 cover The inquiry eTnbra ced
~ classes Of stocks, but tie largest ad-
.~--as- we're conferred in the highest priced
,-gss some comment was aroused over
~ faer that the active coalers did not
.s-sale rsoporticnateiy more than other
s.-,ts although the demand for them was
b.s,le- than al other points. Early prices
s5a,ys6 such g handsonls profit TO the
,ra5ers who bought early yesterday in the
,s-,f-denoralized market that they COM
-rsrced 10 unload quickly. Commission
hcr,sss were we'll represented in the early
demand out the volume OF realizing sales
soon exhausted their orders and prices re-
Isosed I'll around. Before noon the open
tnr substantial advances had been pretty
generally reduced 10 a fraction and even
Tguaa!le5 in some important stocks.
Alp PER CENT. CALL MONEY RATE.
The downward movement of prices was
accelerated by the Il per cent. call money
rate. which recalled 10 mind the fact that
he monetary situation had TO be reckoned
with In an effort to create a bull market.
Dealings then subsidized into merely nonai-
nal proportions for long time, but there
vas q steadily increasing undercurrent of
g.-ength which eliminated in a violent
bus!ag movement again in the closing
hour. which carried the entire market to
the best prices of the day. Prominent
LEADERS, such as ST. Paul. the Pacifcs.
Reading, Pennsylvania, Atchison, Sugar,
and Amalgamated Copper were bought
heavily and elere was a large absorption
Of various minor stocks. The rally in
prices was stimulated by a break in money
rates from Il per cent, the highest in the
forenoon. 10 per cent. The action Of the
coal operators in agreeing to submit the
questions at issue with the miners to a
board Of arbitration TO be named by Presi-
dent Roosevelt, was freely discussed dur
ing tbs day. and ali news bearing on the
subject was absorbed with the keenest
interest. London purchases of stocks were
considerable. and this, combined with
more liberal offerings of commercial bills.
caused a rather sharp decline in sterling
exchange rates. In the final dealings the
stock market commenced to feel the
weight of the traders profit taking sales,
but the demand was sufficiently large to
prevent much impression on prices, and
the closing was generally firm.
The bond market to-day was strengthen
ed with the course of stocks and was fair
y active Total sales, par value. So, 6o0.-
ia
United States new As declined J. per
cent on the last call.
MONEY AND EXCHANGE.
Money on call firm at 5G12 per cent:
closing bid and asked 5@7. Prime mercan-
Tile paper 6 per cent.
Sterling exchange weak, with actual
business in bankers bills at 1850 for de-
mand and at 4.S259as. s26z5 for sixty-day
bills, Posted rates. 4.S3la and 4.S61a; COM
1erclal bills, 4.M. I59z.s2E5
Bar silver, 50l5; Mexican dollars. 4oH.
Government bonds easier: State bonds
hacrve; Railroad bonds, firm