The Montgomery advertiser., 1902-10-18
WALL STREET REVIEW
Rising PRICES CHARACTER
lied STOCK SPECULATION.
Announcement That Treasury Will
a. Purchase Bonds of 1925 Acted
as q Tonic-Values Active
X and Strong.

NEW YORK. Oct. I7.-Another day Of ris-
ng prices characterized the stock speculation
vailed in notable contrast to the de-
Dressed feeling that existed at the outset of
The formal announcement that Secretary
shaw had o agreed to purchase all bonds OF the
OF sSS at tns S S to
e was stated that block Of $4,000 600 had
eeen accepted and 1T was predicted that fully
twice as much more would be Immediately
turned in by a syndicate at 1874 and inter-
est which would net about 1888 All told it
. was expected that the tenders under this offer
would result in releas of about $50. ooo. ooo
treasury funds which would be speedily avail
ep W,, to tn. the local money market, T., .,,
70 continue active operations the pools went
70 work with considerable confidence and bid
market showed great ease today and there
was confidnt expectations that a good bank
statement would be issued tomorrow which
would contribute toward further ease next
week The preliminary estimates showed that
,t Es ont aDour even on m the %p
but the completion Of some syndicate trans
lotions this week Is expected to reduce the
1. Active operations by noted speculative
cliaus was said to be based on the money re-
/, Nement and was pointed out that the early
! closing OF the Rock Island capital rearrange-
sment would release a large amount of money
(which has been tied UP in arbitrage opera
kions between the old and new securities.
The usual crop Of rumors respecting this
tho day, but the most tangible assertion was
that q favorable alliance had been effected
6etween st. Paul and Union Pacific, but not
much was heard of the rumored increase in
the Norfolk and Western dividend and yester-
Gays interest in that stock was largely shifted
INTO other quarters. -
8 The soft coal stocks as a group were a not
able feature Of the day and an early rise OF
almost 4 points in Baltimore and Ohio caused
nm increased demand for other stocks OF this
class.
Heavy operations were resumed in Norfolk
and Western opening, but after rise
% son the stock was liquidated heavily and
All OF the dav. Hut little interest was dis
played in the anthracite coal stocks and there
Eas some disposition to reduce dealings IN
fhem until the actual settlement with the
miners IL worked out.
Trading was furiously active during the
Arst two hours and when the list showed some
disposition to lag. St. Paul was brought for
ward as q leader. Immense blocks OF this
~ csssr. taken nsGes tS
other trans continental stocks and there was
y ready response in other parts s OF the list.
from one group to another. the iessenea de-
nand for special stocks did not undermine the
The United States Steel stocks became promi-
aent after a long period of neglect and their
Uther judgement iron and steel stocks The
high-priced epecialties were not much Of fac
tor in the market but there was L an increased
those in the Middle West and Southwestern
Territories. , ,, ,..,
their operations to the long side and were
active in driving some of the stubborn shorts
20 cover Late in the day heavy buying
movement developed in the Eastern trunk
lines, led by New York Central and there
was a more general inquiry for the higher.
priced railroads, including Illinois Central and
the Changers.
reaching points and over and there were
many OF a point or more.
ii The closing was active and strong, but some
Of the leading features Of the day were below
the best. -,
Railroad bonds sympathized moderately with
che rise in stocks and there was heavy buying
IN the speculative issues Total sales (pal
value), IS. 600. 600. United States old as anc
new as coupon advanced and the new
as regular X per cent. on the last call.