Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-18
PRICES Up FURTHER.
CONFIDENCE a NOTABLE CONTRAST
70 DEPRESSION OF FEW DAYS AGO
sHaw's OFFER A TONIC.
BLOCK of 100000 worth OF
BOND. Accepted, and 1t is Predict
ed THAT n. Much More VIII BE Inn
rcdintc1y Turned In.
-o>r,pnxcE A NOTABLE CONTRAST
RI DEPRESSION OF FEW DAYS AGO
sHaW's OFFER A TONIC.
Block of s5,ooo,ooo Worth o
CIV YORK, October l7.-Ano.her day
ucdiutc1y Turned In,

NEW YORK, October l7.-Another day
II rising prices characterized The specula-
ZION today. and the degree of confidence
mat prevailed was a notable contrast TO
,he depressed feeling that existed at the
outside OF the week. The formal an
nouncemen; that Secretary Shaw had
agreed TO purchase ali bonds Of the issue
NJ 1875 presented at the Sub-Treasury to-
dsv and tomorrow was an effectual tonic
20 the market. It was stated that a
h5ck OF 100000 had been accepted. and
1. was predicted that fully as much more
would be Immediately turned in by a syn
d;cate at 1873 and interest, which would
NOT about 1SS. All told, st was expected
mat the tenders under this offer would
res,Ilt in the release OF about $40. ooo. 900 of
Treasury funds which would be speedily
available TO the local money market With
this prospect Of new material in sight, to
continue active operations, the pools went
70 work with considerable confidence, and
t!6 up their favorites notably.
CALL MONEY WEIR EASY
The call money market showed great
Ease today, and there were confident ex-
pecations that a good bank statement
would be issued tomorrow. which would
contribute toward further ease next week.
The preliminary estimates showed tina,
the banks came out about even on their
operations with the Sub-Treasury and the
ln,erior, but completion of some syndicate
IN nsactions this week is expected to re-
Guce the loan account decidedly. Active
operations by a noted speculative clique
was said to be based on the money re-
ceived from the Louisville and Nashville
settlement. and it was pointed out that
the early closing of the Rock Island cap
ital encouragement would release a large
amount of money. which has been tied up
IN arbtrage operations between the old
end new securities.
RAILWAY RUMORS.
The usual crop Of rumors respecting
this or that stock was put to good use
during the day. but the most tangible as
scrtion was that favorable traffic all
a7ce had been effected between St. Paul
and Union Pacific. Not much was heard
al tho r-umored increase in the Norfolk
and Western dividend, and yesterdays in
ferest in that stock was largely shifted
into other quarters. The soft coal stocks
as group We're a notable feature of the
day. and an early rise of almost points
IN Baltimore and Ohio caused an in
creased demand for other stocks Of this
class Heavy operations were resumed in
Norfolk and Western at the opening, but
after rise to sos! the stock was liqui-
da;ed heavily. and sold under yesterdays
close for a considerable part of the day.
But little interest was displayed in the
anthracite coal stocks, and there was
some disposition TO reduce dealings in
them until the actual settlement with the
miners is worked out
TRADING FURIOUS.
Trading was furiously active during the
first two hours. and when the list showed
some disposition to lag, st. Paul was
brought forward as a leader. Immense
blocks OF this stock were taken, lifting 1t
"a, to 1881.
The United States Steel stocks became
prominent after a long period of neglect
and their rise started an active demand
f0r various other Independent iron and
steel stocks Late in the day a heavy
llsing movement developed in the East
Crn trunk lines. led by New York Cen
tral, and there was a more general in
curry Tor The hgher-priced railroads, in
ending Illinois Central and the Changers.
Ton prices showed fair sprinkling of
gains reaching . points and over, and
there were many of a point or more.
CLOSE ACTIVE AND STRONG.
The closing was active and strong, but
some OF the leading features of the day
were below the best
Railroad bonds synpathiZed moderately
with the rise in stocks. and there was
heavy buying in the speculative issues.
Total sales. par value, S3,9O0,000. United
States old Is, and new Is, coupon, ad-
ranced u, and the new as registered, Y
per cent. on the last call
The total sales Of stocks to-day were
il01,20l shares.
MONEY AND EXCHANGE.
Close-Money on call steady at 5@7 per
cent: closing offered at per cent.
Prime mercantile paper, 5 per cent.
Sterling exchange steady, with actual
business in bankers bills at s.S5.6064 So Go
Tor demand. and at 4.S2.55@4.S2.65 for sixty
DAYS Posted rates. 4.S314G4 .S613: CONNER
cial bills, 4.Sl.75a4. S2.25.
Bar silver, 5D+s; Mexican dollars, 40
Government bonds strong, State bonds
steady; railroad bonds firm.
BANK EARNINGS.
NEW YORK. October l7.-Total bank
c!earings S2.56l, 467, 65S; increase, 1913 per
cent; outside New York, sS59l7S ,321; in
Crease 10 per cent