The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-09-28
UP TURN IN STOCKS
FEELING OBTAINS THAT Low
POINT HAS BEEN REACHED IN
TIDE OF DEPRESSION
ADVANCES WERE GENERAL
Average Net Gain over Thurday's
Close Approximates One Point
Bankers Expect Increase
in Cash Reserve.
Closing.

Friday. Thurs
Bar silver, New York 1865. 5SA 581A
Cali money, New York ...3-4 "A
NEW YORK, Sci 27-Professional on
orators in stocks Aad the market pretty
much to themselves today but they
found various matters of encouragement
The disbursement of the bears, wi h
all the bad news in sight disposed of. was
correspondingly great and their buying to
cover their shorts was an important in
nuence. The uncertain fluctuations of the
Copper stocks in the early dealings kept
the market unsettled, but the pressure
OF liquidation in them, as we'll as else
where in the market, was materially
Aghtened and they shared in the late gem
eTal Improvement of the market A sharp
rally in the price of spot copper in Lon
don had an important bearing, no ONLY
on the status of these stocks in the spec
uIative market, but on the copper trade
outlook. 1t was reported that the Anal
gamated Copper company was support
ing the spot copper market in London.
Whatever the cause of the rally yester-
days contention that copper could be
imported at a profit was disposed of and
the fear that the Amalgamated company
would have to cut the pr-ce of it's product
was less acute. The stock sold ex-diyf-
dend and more than recovered but
closed with a net gain of only N The
recent notable buying of the Vanderbilts
was resumed, the conviction growing that
an early plan of merger would be an
nounced. New York Central rose 31s and
the junior Vanderbilt group from to 81.
In the liberal speculative mood, Della
ware & Hudson, Buffalo, Rochester &
Pittsburg and probably some of the more
obscure railroad stocks that moved dur
ing the day We're embraced in the plan
by the faith of operators. A very large
number of inconspicuous stocks was
made active and advanced all the way
from l to 14a. Among those in this cate
CORY were the Minneapolis ST. Paul e.
Sault Ste. Marie stocks, the Duluth,
South Shore & Atlantic, the Keokuk &
Des Moines, Des Moines & Fort Dodge
the Iowa Central, Evansville & Terfe
Haute, Minneapolis & st. Louis, Toledo,
st: Louis & Western and Kanawha &
Michigan stocks The coalers and trunk
lines responded early to the influence of
the Vanderbilt movement and the leading
specialties, including the various steel
stocks and the local fractions showed ev-
ldence of strength, but it was not until
late in the day that the recent leaders
among the gEangers, Pacifics and South
westerns moved strongly upward. The
level of prices of the day shows an
average advance of nearly a point. The
promise of a favorable bank statement
caused the late strength of the market
The movement of currency to the inte-
rior is nearly 5000, GOO less than last week
while the receipts by the banks are al
most as much greater. The subtrea sury
has contributed to the money market
s., 293, co., notwithstanding deposits with
that institution for transfer to the inte-
rior of over 81, coo, co., The gain on this
account is due to the fact that the gov
eminent has paid out for redemption of
bonds at New York this week no less
than s4,S20,181. The net result to the
banks on all accounts indicates a gain in
cash Of considerably more than 81, COO, go
Bankers generally expect large loan
contraction as a result of the weeks
liquidation in stocks, promising a notable
regeneration of the surplus reserve.
There was a good demand for railroad
bonds. which were slightly. irregular To-
States bonds were all unchanged on the
last call