The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-27
COODSTRENCTHI NSTOCKS
ST. PAUL AND LOUISVILLE & NASH
VILE LEAD IN THE ADVANCE.
Liquidation Toward the Close Takes
on the Top Of the Gain-MOney Mar
ket Outlook Somewhat Better.

NEW YORK, Sept. 2S.-There was a show
of considerable strength in the stock mar
ket to-day. The principal movement was
In st. Paul and Louisville & Nashville. and
the extreme advance of 50 in the latter and
3s4 in the former had considerable sympa-
thetic effect on the railroad list generally.
There was brisk buying of Reading. nomi-
nally based on the supposition that the end
of the coal strike is near. Manhattan was
largely bought by the speculative interests
which have been accommodating the stock
for some time. There was notable dis
position to advance on the part of num-
Der OF minor low-priced industrials, es-
pecially the railway equipment companies.
During the final hour the professional
operators whose buying had advanced
prices took their profits very generally,
with the result that final prices for a num-
Der of leading stocks are from one to two
points lower than the best. Net gains are
very generally indicated for the day never
theless. The special ground for the move
ment in st. Paul was the publication of a
report that important stock subscription
privileges are TO accrue soon. Louisville &
Nashville was helped by the color Of author
ity given to a report that the control of
the system is to be lodged with the Atlantic
Coast line. This would satisfactorily solve
the problem that has much, puzzled Wall
street ever since the control of the road
was snatched from its longtime holders
as an incident in a speculative campaign.
Money rates continued high to-day, but
supply was available and the feeling was
engendered that the banks will make a
strong showing in the statement tomorrow.
The money lent In the market was said to
come from the trust companies, and in
nuentlal bank officials disclaimed any lend
Ing In the stock market on the part of the
banks. Secretary Shaw's supplementary
offer to purchase government 5 per cents
market. Like the offer to anticipate the
government interest for the fiscal year, 1t
Is felt in Wall street that the effect of this
measure will be sentimental rather than
practical. Previous to to-day the last sale
price for the fives was 104, but the ruling
quotation is 1854 bid and 106 asked, and
there were sales on the exchange at 1854
after the Treasury Department offer was
promulgated. Bond dealers are emphatic
in the expressed opinion that the secre-
tary's price will bring out no important
offerings of the bonds.
The preliminary figures of the weeks
movement of money indicates that the
banks have lost over 100000 during the
week, including payments by the subtreas-
ury and the assay office on account of gold
deposited at Pacific coast points and on
account of the ST. 100000 i'm gold bars which
arrived from Europe: Considered in con-
nection with last weeks deficit in reserves
of over 81, 600 900 Ii will be perceived that
very extensive reduction of loans and de-
post liabilities must have taken place IN
order to bring the banks reserves up to the
legal limit again. Spectators to-day pro-
fessed great confidence, however, that a
considerable surplus would be revealed b.
to-morrow's bank statement. An incident
or the day was the rather firmer tone for
sterling exchange In connection with the
lessened stringency in the money market
The bond market was firm in tone. Total
sales at par value were s3,740,O00. United
States old fours. coupon. declined u per
cent. on the last call.
The following table shows the range of
stock prices on Friday:
IGranger Farwell & Co.'s Telegram.1
Close. Up to p. m. At
Stocks. Sept. %. Open. High. Low.2 D. m.