The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-09

NEW YORK, Oct. s.-There was de-
cided relief today from the pressure of the
result was sharp recovery in the prices
of stocks. The demand to cover short
contracts by the bears was a consider
able factor as the recent heavy declines
have made operators on that side of the
market bold and quite active. There was
some show of enthusiasm in the early
buying and considerable gains were es-
tablished. The enthusiasm, however, did
not last the day out, and the bears re-
gained some confidence and ceased their
efforts to recover. Some points of
strength persisted to the last, notably
Union Pacific, but the market generally
became somewhat apathetic and closing
prices were generally below the best
A StiHenlng in the money rate late in
the day to 10 per cent and heavy sell
ing movement in Amalgamated is due
to the decline in price of copper, both in
New York and London.
Has the Corner Been Turned?
The considerable Strengthening of the
position Of the banks as result of the
weeks liquidation and several develop
ments today tending toward the replenish
their cash resources gave rise to the
query whether the corner had been turn
ed in money stringency so that some con-
fidence might be felt that forced liquida
ton of stocks had come to an end. The
earlier view was that this might be hop
ed for with some confidence, but the Wa.V-
ering course Of prices later in the day
showed that this opinion was shaken. The
mere fact that today'S volume Of deal
ings ran to but little over half a million
shares compared with an average of
about a million during the recent days of
weakness, shows that the recovery was
lacking in strong impetus.
The banks also showed no disposition to
deviate from their recent determination
not to extend credits to stock market Gus
payment due today of nearly $4,000, 600
on account of the subscriptions to the
syndicate for taking over the Louisville &
Nashville. This represents SO per cent
is payable a week from today. A 80 per
cent installment has been called by the
ship combine syndicate for about SIS, 00O,-
GOO and payable this week. Pifty per
& Ohio stock calling for $21, 250,0 900 are
payable on Oct. II.
UnsettIement May Continue.
These large syndicate requirements may
be the cause of the continued unsettle
ment in the money market in spite of the
900 of Australian gold at San Francisco
was made payable at the sub-treaSury
here today. Large requirements for the
payment of New York taxes have been
of the market.
Reassuring reports of health of Russell
Sage were a quoting influence in the
money market. Foreign exchange con-
tinued its downward course and some loan
bills were sold in that market. 1t is be-
ieved also that the morning strength
shown by Americans in London is due to
re-purchases there by American sellers in
this market to get the benefit Of the
cheaper money rate for carrying stocks.
But there was some buying here today for
London account which helped to weaken
exchange. The continuing diversion of
government receipts except customs into
bank deposits affords relief from the sub
treasury drain. There were some hopeful
expressions current over the coal strike
outlook today which helped sustain the
market. Union Pacific was supported with
price.
The bond market was more irregular
than stocks and developed points of weak
ness as the day progressed. Total sales,
par value, SO, sos, goo. United States new
As advanced a per cent on the last call.
Stocks.