The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-15
WALL STREET
IS SAILING
Over the Prospect of Coal
Strike Settlement.
STOCKS 60 UP HIGHER
Financial Outlook Is Also More
Satisfactory.

New York. Oct 1.-THE overnight de-
velopments in the coal strike situation
aroused cheerful sentiment in Wall
street today. and the opinion was ex-
pressed that the matters at issue were in
d fair way of adjustment The monetary
situation was momentarily lost sight OF
in the optimistic feeling that prevailed
at the opening and stocks were eagerly
bought at advances of from l 10 points
over yesterdays closing Recent specu-
iative favorites in which the pool liquida-
non had been heaviest was most in de-
mand, especially the coale1s and trans
continental stocks Individual orders for
blocks from 1000 to 10000 shares were
taken al advancing prices and trading
was IN enormous volume throughout.
The readiness with which prices respond
cd 10 the good news. combined with the
appearance OF London as a heavy buyer
encouraged the bull interests TO renewed
efforts in driving the short interests 70
cover. The inquiry embraced all classes
OF stocks, but the largest advances were
centered in the highest-priced class Some
comment was aroused over the fact that
the active coalers did not advance proper
tionately more than other stocks. although
the demand for tAern-was heavier than
al other points. Early prices showed a
handsome profit 70 the traders who had
bought early yesterday in the semi-de-
moralized market that they commenced
tounload quickly. Commission houses
were well represented in the early de-
mand. but the volume OF realizing sales
soon exhausted their orders and prices
relapsed all around Before noon the
ooening substantial advances had been
pretty generally reduced to a fraction
and even cancelled in some important
stocks. The downward movement OF
prices was accelerated by a u per cent
call money rate. which recalled to mind
the fact that the monetary situation had
10 be reckoned within an effort TO create q
bull market. Dealings then subsidized into
merely nominal proportions for a long
time. but there was d steadily increasing
undercurrent Of strength which culmina-
ted in a violent buying movement again
IN the closing hour. which carried the en-
tire market 10 the best prices of the day
Prominent leaders. such as St Paul the
Pacifics. Reading. Pennsylvania, Atchi-
son. Sugar and Amalgamated Copper
were bought heavily and there was
very large absorption OF various minor
stocks. The rally in prices was stimu-
lated by break IN money rates from -
per cent, the highest in the forenoon. 10
per cent. The action Of the coal opera
tors in agreeing TO submit the questions
a issue with the miners to a board Of ar
btratiOn 10 be named by President Roosa
welt was freely discussed today and all
news bearing on the subject was absorbed
with the keenest interest. London pur-
chases OF stocks were considerable and
this, combined with more liberal offerings
Of commercial bills. caused a rather sharp
decline in sterling exchange
News Of the day included the September
statement Of foreign trade statistics.
which was a reduction Of about 81. 900 600
from the corresponding date Of last year
This indication of the lessened demand
abroad for some Of our staple products
explains in a measure the recent firm
ness of the foreign exchange market de-
spite the prevailing high money rates
Nearly a million dollars in gold was with
drawn from the Bank OF England today
for expectation to Egypt and II was an
nounced that the price OF American
eagles Was advanced I'd and bar gold I'D
This VIII tend. in the event Of any indi-
cation Of gold imports from here 20 shift
the demand TO continental markets The
sub-treasury statement shows that the
banks have gained nearly s. 90 oc0 from
that institution since Friday. and Il is be-
ucYed that the position OF the banks has
been materially strengthened b. the early
liquidation in stocks yesterday II IS ex-
pected that the resumption OF the mining
operations viii necessitate the forward
ing Of considerable money 70 the anthra-
cite regions In the final dealings the
stock market commenced 10 feel the
weight of the traders proht-tsking sales
but the demand was sufficiently large %
prevent such impression on prices and the
closing was generally firm
The bond market today strengthened
with the course q stocks and was fairly
active. Total sales. par value. 3 90 00e.
United States new IS declined :. per
cent on the last call
Closing quotations of stocks were as
fnflorre