The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-11-22
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Bears the 1Iha Kind You Haze Always Burif
Signature "a GWAzzNI
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Yesterdays SToCK MARKET.

Marked Improvement Due In Great
Measure TO Greater Ease of Time Money.
New York, New. 21.-The marked i'm
provement shown by to-day's market
was doubtless due in a great measure
to the greater ease of time money.
There was no apparent reduction in the
rate, but the willingness of certain
large banking interests to lend for long
periods was accepted as proof that
financial conditions have once more
been placed on a substantial founda-
ton. While much of to-day's business
in the stock market was really in the
nature of short covering, there is little
doubt that the solid interests We're
heavy buyers. For the first time this
week the movement in Manhattan was
overshadowed by that of another
stock, namely st. Paul. That stock
was dealt in to the extent of over 100,-
600 shares and made a net gain of SIS
points. No plausible explanation for
the rise was advanced other than that
an early announcement of an extra
stock issue may be made. The OPEN
ing was again irregular with Manhat-
tan in the lead, though the other trac-
tons were lower. st. Paul made early
Improvement and Louisville and Nash
vile also was strong.
The reported deal in Manhattan,
which still lacks official confirmation
but is generally believed doubtless, ex-
erted some influence on the buying side
although the stock moved irregularly
throughout the day and scored net
loss of 1-2 points. The movement in
the railway shares gathered greater
force before the end of the first hour,
st. Paul, Rock Island, Missouri Pacific,
Kansas City Southern, Toledo, st.
Louis and Western and some more OBJ
Improvement. In the industrial group
Sugar, Amalgamated Copper, Tonnes
see Coal and Iron and United States
Realty were the principal features.
1t was clear that the shorts were
running to cover, especially in Copper.
The heaviness of Manhattan was prob
ably due in part to part to profittak
ing by one or more pools. The i'm
provement shown during the morning
session was more than sustained later,
| and with st. Paul still the leader the
general list continued to move upward
until at times the movement was al
| most buoyant. Buying of such stocks
as ST. Paul, Louisville and Nashville,
some of the Pacifics, Baltimore and
Ohio, Pennsylvania, Reading and Cop
per was reported to be of the very best
character and board room sentiment
was more cheerful than for some days
past. The closing was very strong and
active with prices generally at the
best. London was a heavy seller and
bought very little on the rise. Senti-
ment in London and elsewhere on the
| continent continues rather bearish
Sterling exchange experienced another
sharp advance due in part to further
sales for European accounts in this
market The price was fully 10 points
above yesterday but as sterling at
Paris also rose l centime, the markets
were about in the same position so far
as the export of gold was concerned.
Bonds sympathized with the rise in
stocks, but only to a slight extent, out
side Of the Wabash debenture BIS. To-
tai sales, par value, $2,970,000.
United States new fours declined 1-2
and the old tours IA per cent on the
last call.