The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-18
ACTIVE DAY In STOCKS
HEAVY TRANSACTIONS IN LEADING
ISSUES AT RISING PRICES.
Soft Coalers I'm Heavy Demand ms q
GrOup-ReIief Made Manifest for
the Money Market Stringency.

NEW YORK, Oct. 17.-Another. day OF
rising prices characterized the stock spec
ulation to-day. and the degree OF conn.,
dence that prevailed was in notable con-
trast to the depressed feeling that existed
at the beginning of the week. The formal
announcement that Secretary Shaw had
agreed TO purchase all bonds of the issue
of 1925 presented to the subtreasury to-day
and tomorrow was effectual tonic to
the market 1t was stated that block or
s5,0OO,0O0 had been accepted, and 1t was
predicted that fully twice as much more
would be Immediately turned in by a syn
dictate at 1874 and interest, which would
net about 13S. All told. it was expected
that the tenders under this offer would
result in the release of about So
100000 of treasury funds, which would be
speedily available to the local money mar
ket. With this prospect of new material
in sight to continue active operations the
pools went to work with considerable con-
fidence and bid up their favorites notably.
The call-Inoney market showed great ease
to-day, and there was confident expecta-
ton that a good bank statement would be
issued tomorrow, which would contribute
toward further ease next week. The pre-
came out about even in the operations with
the subtreasury and the interior, but the
completion of some syndicate transactions
this week is expected to reduce the loan
account decidedly. Active operations by a
noted speculative clique was said to be
based on the money received from the
Louisville & Nashville settlement, and it
was pointed out that the early closing of
the Rock Island capital rearrangement
would release large amount of money
which has been tied up in arbitrage oper-
ations between the old and new securities.
The usual crop of rumors respecting this
or that stock was put to good usage dur
ing the day, but the most tangible asser-
ton was that a favorable traffic alliance
had been effected between st. Paul and
Union Pacific. Not much was heard of the
rumored increase in the Norfolk & West
that stock was largely shifted into other
quarters. The soft-coal stocks, as group,
were notable feature of the day. and an
IL Ohio caused an increased demand for
| other stocks of this class. Heavy opera
tons were resumed in Norfolk & Western
| az the opening. but after a rise to 500 the
stock was liquidated heavily and sold un-
| der yesterdays close for 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 settle
ment with the miners is worked out. Trad
ing was furfously active during the first
| two hours, and when the list showed some
disposition to lag st. Paul was brought
4 forward as leader. Immense blocks of
this stock were taken, lifting it AS to
| 1914. Large orders were placed stimuli
.taneousy in other transcontinental stocks,
| and there was a ready response in all other
i parts OF the lists. While there was some
shifting OF interest from one group to an
other, the lessened demand for special
| stocks did not undermine the strong tone
| which permeated the entire list. The
/ United States Steel stocks became promi-
| nent after a long period of neglect, and
| their rise started an active demand for
| various other Independent iron and steel
| stocks. The high-priced specialties were
| not much OF a factor in the market, but
| there was an increased demand for many
| low priced stocks, especially those in the
| middle West and Southwestern territories.
| professional traders quite generally shift
| ed their operations to the long side and
| were active in driving some of the stub
| porn shorts to cover. Late in the day a
| heavy buying movement developed in the
Eastern trunk lines, led by New York
| Central, and there was a more general in
| curry Tor the higher-priced railroads, in
| Guiding Illinois Central and the grangers.
| Top prices showed a fair sprinklng of
gains, reaching two points and over, and
| there were many of a point or more. The
close was active and strong, but some of
the Leading features of the day were below
| the best
Railroad bonds sympathized moderately
with the rise In the stocks, and there was
heavy buying in the speculative issues.
iotai sales at par value were 81, 100000.
The following table shows the range of