The Washington times. (Washington [D.C.]) 1901-1902, 1902-10-15
STOCK PRICES ADVANCE,
MONEY SCORESDECL|NE
Uncertainty, However, Sue
oeeds to the Buoyancy OF
the Opening Hours on the
Stock Exchange.
Traders Become Suspicious
of the Rise-Foreign EX-
change Weak, But Rallies
at the Close.

NEW YORK, Oct 1.-THE spirit o.
prophecy did not need to descend thi:
morning upon any observer of the stool
market to enable him to predict what
would be the course of the market to-
day. That the coal operators had asked
the President to appoint arbitrators
who should pass upon the questions in.
ton of the United Mine Workers Unior
being alone excepted, was regarded as
tantamount to the entire settlement OF
the difficulty.
Prices on the stock exchange opened
with a rush, therefore, from l to
points above those recorded at the close
of the brisk rally yesterday afternoon
The first advances, as might have been
expected, were in the high-priced coal
stocks. but there was large buying in
Union Pacific, ST. Paul, and Atchison
The strength of the two stocks first
named was due in some degree prob
ably to the news of the traffic agree
ment between their companies, while
in Atchison there is said to be a large
short interest.
Missouri Pacific Receivers.
greater fall than any other, was also
extremely quick to recover After the
opening bound. which carried prices in
some instances 8 points above the low
level touched on Monday morning. there
was profittaking on large scale. Large
blocks OF ali the active securities came
out. and those who had bought stocks
the day before on the belief that the coal
strike was about to end generally dis
posed OF their purchases
Traders generally began to sell the
market, and expressed themselves as
suspicious of the rise. Stories were cur
rent that Mr.. Mitchell would demand
that one member of the arbitration COM
mission should be formal representa-
tive of the miners; that he would in
sist upon recognition of the union, and
that various miners lodges had adopted
resolutions hostile to the proposed
terms of settlement. This led to q re-
ness kept prices steady and the marke,
dull at range fractionally below that
OF the opening figures.
Call Money Of.
At the time named, however, csll
money rates. which had held around 10
per cent during the day. fell off sharp
ly, and an upward movement in stocks
began under The lead of Amalgamatei
Copper. The St. Louis and San Fran
cisco issues and other stocks bearing tie
POOL mark became very strong. The gen.
erai market was inclined to follow the
advance. but proceeded cautiously.
Banking interests seem disposed, ap-
pareEtly, 70 buy only on declines, and
the stocks with which they are con-
Eected are, paradoxically, stronger at
lower levels than they are at higher
cnes.
Assuming that in the course of a few
days the miners will be at work the
great remaining question that the stock
market has to face is the quantity of
funds available for speculation. The set
Element of the strike will not affect this
matter in the least. Indeed, il may COM
plicate the money situation by the de-
mands made as the result of it upon
money supplies here for funds to operate
the mines and for generally increased
purchases of coal.
On the other hand, with the coal strike
out of the way the disposition TO hoard
money that had already begun to be in
evidence viii naturally appear. One de-
velopmept of the day of decided i'm
portance was that a syndicate of bank
ing houses has collected and will prob
ably further collect a quantity OF Gov
eminent bonds and will offer them 10
the Secretary OF the Treasury at
price which, it is hoped, win be ac-
ceptable. This operation. when 1t is
consurimated. will. of course. help the
money market.
Foreign Exchange Weak.
Foreign exchange was weak, although
II rallied at the close The local banks
continue to gain from the Treasury, the