The Washington times., 1902-10-10
Heavy Purchase of Reading
Preferred .Rumored to Be
for Pennsylvania Roads
Interests.
Foreign Exchange Firmer
and Money Situation Un-
ohanged-Rise in Prices
Temporarily Halted.

NEW YORK. Oct. s.-The stock mar
ket was dominated by the belief that
the coal strike was approaching it's end
The sole possible foundation for this
belief was the conference between Sen
ators Platt. Quay and Penrose and the
labor leaders.
1t was heightened by the knowledge
that large block Of Reading first and
second preferred had been privately
transferred by a market operator to a
purchaser believed to represent the
Pennsylvania Railroad Company. Many
SPECTATORS asserted that If the Penn
sylvania Railroad Company was in pos
session o; the Reading its management
would be disposed to adopt a different
policy toward the strikers than the one
at present in force.
Coal stocks were naturally the feat
ures of the speculation. all the high
priced coalers showing large gains.
Reading, Erie and other stocks Of the
class making substantial advances. The
railroad stocks we're strong. The sub
stantial buyers OF the last few days
were absent. and it is evidently not the
purpose of those interests to follow
their purchases into general advanc-
ing market.
The news of the day was not SO IA
vorable as yesterdays. The weekly re-
ports of the Bank of England and the
Bank of France showed diminished re-
serves. The foreign exchange market
was firmer, the strength being due, it
was stated, to inquiry for remittarces
against the approaching London settle
ment. Chicago exchange on New York
fell heavily, indicating an increase in
. the demands of the interior for funds.
The Southern Dividend.
The declaration of the postponed divi-
dend of 21l per cent on the Southern
Railroad preferred shares was. of course,
pleasing to the stockholders OF the COM
pany, although there had been no doubt
that such action was near at hand.
notable rise in the Pacific Coast issues
occurred after the announcement of an
increase in dividends of from to per
cent upon the second preferred and
common stocks of the company. but as
these are stocks in which there is little
general interest, the market effect was
small.
Bankers 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
must be modified by the hiSh rates for
the use of money that would undoubt-
edly prevail for long time. Call money
did not loan below per cent, and in
the afternoon many renewals were made
at between II and Is per cent, although |
these higher rates were attributed by |
some to calls for money which must be |
paid tomorrow on an installment of |
to the International Mer- |
camille and Marine Companies stock is
sue.
Money Not Plentiful.
Time loans were quoted as s per cent |
at from four to eight months. and at 6
per cent for one year, and the
quantity Of money offering at those
terms showed no abundance Such a
of affafrs is not favorable 70 1
active speculation in securities. and as
there has been a large retirement of tho
short interest. as stocks have already
-isen from 81 to SO share from their
owest point, the conservative~iudgme
IT the close OF the day was that unless
obvious progress was made toward the
settlement of the coal strike. the rise in
prices will go little further.
New York Stock Exchange, October 9.