The Washington times., 1902-10-17
NORFOL KAND WESTERN
LEADS IN THE ADVANCE
Western Operator Resumes
Rushing Tactics and Large
Contingent Follows His
Course in Market.
Call and Time Money Re-
fleet Coming Purchases of
Bonds by the Secretary of
the Treasury.

lllG lICdoQiy y.
NEW YORK. Oct 16.-The security
market today was active and strong
Nearly all the prominent stocks on the
list rose in price 81 or more share.
and in some instances sensational ad-
yances were scored The general causes
of the movement we're obvious-the
final acceptance by the leaders of the
striking miners of the terms offered by
the operators, practically insuring the
resumption of work in the coal regions
in few days, and the expectation OF
direct and immediate reduction of the
high rates for the use of money recent
ly prevailing in Wall Street by the dis
tribution by the Secretary Of the Treas
ury of large sum Of money as the re-
suit Of purchases by him of Government
bonds.
Call money, undoubtedly foreshadow-
ing this distribution, was even easier
during the day than yesterday, nearly
all loans being renewed on the stock
exchange in the morning at I per cent.
while money was freely put out in
the afternoon at per cent. Time
money also softened, which is more sig,
nificant
Spectators Jubilant.
The run of spectators. mercurial as
ever. were forgetful of the blue Mon
day with which the week opened. The
talk heard everywhere was that pool
liquidations and forced closing out OF
weak accounts was over and that with
the coal strike ended and the vaults OF
the Treasury now finally flung wide open,
there was no telling how high prices
might climb. Only the restraint still
imposed by commission houses pre-
vented a runaway market, but 1t was
jubilantly declared that If the an
nouncement of the Treasury's bond pur-
chases came soon, as 1t was believed 1t
would come. the banks would at least
''lose their grip on the situation.
1t should perhaps be stated for the
benefit of those who have not been close
observers of Wall Street affairs that
the speculative community and the
banking community have not been on
friendly terms Of late The spectators
aver that the banks have unjustly and
wholly unwarrantedly magnified the
dangers of the financial situation and
they welcome any event which will ex-
tend the bounds that, rightly or wrong
ly, the banks have set.
Buying N. & W.
The torch that fred all this combus-
tibie material in the market was the
enormous buying of Norfolk & Western
common in his accustomed rushing"
manner by a noted Western speculator
who returned from Europe yesterday
The ostensible basis for this action was
what has long been the practical GER
tainty that the annual dividends en- the
stock would be raised from 2 per cent
to per cent at the next meeting of the
directors at which a dividend can be de-
clared
The operator in question supplemented
his action by an interview in which he
declared himself profoundly bullish on
the entire stock market, and as 1t is
well known that the resources Of this
speculator and those of his followers,
which have at no time been small, have
recently been increased by the proceeds
paid into their hands by the success
full coup in Louisville and Nashville, the
speculative element in the street was
strongly inclined to follow the market
path thus indicated, just as they did in
the summer.
Norfolk and Western common, before
the day was over. sold at so. rise
OF 6M points above its close yesterday
and of 10& points above the low figure
touched by it last Monday. Chesapeake
and Ohio and the stocks of the other
soft coal roads were strong in sympathy.
The Detroit Southern. Colorado South
ern, st. Louis Southwestern, and other
issues, which were notable objects of
manipulation in the summer campaign,
were also taken in hand The remain
ing short interest in the market, 1t is
needless to say, rushed to cover and
sentiment was excitedly bullish at the
close. With the ease of money foreign
exchange hardened perceptibly.
The Bond Purchase.
While up to the close of business no
announcement was made concerning the
Treasury's bond purchases. there are
the best reasons for believing that such
announcement will not be long delayed
and that such delay as has already oc-
CURED is simply because Of the desire
Of those offering the bonds to collect
es large quantity of them as possible
and not because Of any hitch in negotia-
tions with the Secretary as to the price
at which bonds should be taken.
The financial measures authorized by
Secretary Shaw in the last few weeks
prove that the opinions commonly held
in the past as to the inelasticity of our
Treasury system must experience some
revision. Perhaps better way to put
Il would be that these measures prove
how piiabie the laws governing the
operation OF the banks and the Treasury
may become under determined efforts
IN given directions.
New York Stock Exchange, October 16.
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