The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-18

NEW YORK, Oct. 17.-Another day
of rising prices characterized the strike
speculation today and the degree Of
confidence that prevailed was a notable
contrast to the depressed feeling that
existed at the outset Of the week. The
formal announcement that Secretary
Shaw had agreed to purchase all bonds
Of the issue Of 1926 presented at the
subtreasury today and tomorrow was
an effectual tonic to the market. 1t
was stated that a block Of 100000
had been accepted and it was predicted
that fully twice as much more would
be Immediately turned in by a syndf-
cate at 1879 and interest, which would
net about 1873. All told it was expected
that the tenders under this offer would
result in the release of about $20,OO0,00O
treasury funds, which would be speed
lily 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 consider
able confidence and bid up their favor
ties notably. The call money market
showed great ease today and there
was confident expectation that good
bank statement would be issued tomor-
row, which would contribute toward
further ease next week.
Condition Of the Banks.
The preliminary estimate showed
that the banks came out about even on
their 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 Louis
vile & Nashville settlement and was
pointed out that the early closing Of
the Rock Island capital Encouragement
would release a large amount of money
which has been tied UP in arbitrage
operations between the old and new
securities. The usual crop Of rumors
respecting this or that stock was put
to good usage during the day, but the
most tangible assertion was that a IA
vorable traffic alliance had been eff
fected between st. Paul and Union Pa
cific. Not much was heard Of the ru-
mored increase in the Norfolk & West
ern dividend and yesterdays interest
in that stock was largely shifted into
other quarters
The soft coal stocks as group were
a notable feature Of the day and an
early rise of almost 4 points in Balti-
more & Ohio caused an increased de-
mand for other stocks Of this class.
H aavy operations were resumed in
Norfolk 6. Western at the opening, but
after a rise to S0A the stock was
liquidated heavily and sold under yes
terday's 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 deal
ings in them until the actual settle
ment with the miners Is worked out
Trading was furiously active during
the first two hours, and when the list
showed some disposition to lag St
Paul was brought forward as leader.
Large Sales of st. Paul.
Immense blocks of this stock were
taken, lifting it 4B to 194A. Large
orders were placed simultaneously in
other transcontinentaI stocks and
there was a ready response in all other
parts of the list. While there was some
shifting of interest from one group to
another, the lessened demand for spe-
clal stocks did not undermine the
strong tene which permeated the en-
tire list. The United States Steel
stocks became prominent after a long
period Of neglect, and their rise start
ed an active demand for various other
Independent iron and steel stocks. The
high-priced specfalties were not much
of a factor in the market, but there
was an luCFGdSGu uGuldIlu LUZ IIldIly
priced stocks, especially those In
the Middle West and Southwestern
territories.
Professional traders quite generally
shifted their operations to the long
side and were active in driving some
of the stubborn 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 more general inquiry for the
high priced railroad, including Illinois
Central and the Changers. Top prices
showed a fair sprinkling Of gains,
reaching points and over, and there
were many off a point or more. The
closing was active and strong, but
some of the leading features Of the
day were below the best.
Railroad bonds synpathized mod
erately with the rise in stocks and
there was heavy buying in the specu-
lative issues. Total sales, par value,
SO, 100000 United States old As and
new IS coupons advanced II, and the
new As registered u per cent on the
last cali.