The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-10-18
gittattcial.
THE STOCK MARKET.
Another Day of Rising Prices.

New York. Oct. 17.--Another day of
rising prices characterized the stock
speculation to-day and the degree of
confidence that prevailed was notable
contrast to the depressed feeling that
existed early in the week. The formal
announcement that Secretary Shaw
had agreed to purchase all bonds of the
issue of 1925 presented at the sub-treas-
ury to-day and tomorrow gave an eff
fectual tonic to the market. 1t was
expected that the tenders under this Of
fer would result in the release of about
500, 900 treasury funds. With this
prospect in sight, the pool operators
went to work with considerable conf
dence and bid up their favorites nota-
bly,. The call money market showed
great ease to-day and there We're conf
dent expectations that good bank
statement would be issued tomorrow
Active operations by noted specula-
tive clique was said to based on the
money received from the Louisville and
Nashville settlement and it was point
ed out that the early closing of the
Rock Island capital Encouragement
would further release a large amount
of money. The usual crop of run1ors
respecting this or that stock was put
out during the day, but the most ,tangi-
BILE assertion was that favorable traf-
fic alliance had been effected between
st. Paul and Union Pacific. The soft
coal stocks as group were a notable
feature of the day and an early rise of
- 1r,k A TO-, De-
caused an increased demand for other
stocks of this class. Heavy operations
were resumed in Norfolk and Western
at the opening but after rise to so 94
the stock was liquidated heavily Lit
tie interest was displayed in the an
thracite coal stocks and there was some
disposition to reduce dealings in them
until the actual settlement with the
miners is worked out. Trading was flu
riously active during the first two hours
and when the list showed some DISPOSE
ton to lag St. Paul was brought for
ward as leader. Immense blocks of
this stock were taken, lifting it is
to 1874 Ia. Large orders were placed
simultaneously in other trans contineh-
tai stocks and there was a ready re-
Spouse in all other parts Of the list.
While there was some shift of interest
from one group to another the lessened
demand for special stocks did not I'M
dermine the strong tone which per-
meated the entire list. The United
States Steel stocks became prominent
after long period Of neglect and their
rise started an active demand for va
rious other independent iron and steel
stocks. There was an increased de-
nnand for many low-priced stocks, espe-
cially those in the middle west and
southwestern territories. Professional
traders quite generally shifted their
operations to the long side. Late in the
day heavy buying movement devel-
oped in the eastern trunk lines led by
New York Central and there was a
more general inquiry for the higher
priced railroads, including Illinois Cen
trail and the grangers, prices showing
q rise of points and over. The clos
ing was active and strong.
Railroad bonds sympathized moder-
ately with the rise in stocks and there
was heavy buying in the speculative is
sues. Total sales par value $3,900,000.
United States old fours and new tours
coupon advanced IA and the new tours
registered IL per cent. on the last call.