The Savannah morning news., 1902-10-18
STOCKS AND BONDS.

New York, Oct. 17.-Another day of
rising prices characterized the stock
speculation to-day and the degree OF
confidence that prevailed was a nota-
BILE contrast to the depressed feeling
mat existed at the outset of the week.
The formal announcement that Sec
rotary Shaw had agreed to purchase
all bonds of the issue of 1925 presented
at the sub-treasury to-day and to-
morrow was an effectual tonic to the
market. 1t was stated that a block of
900 had been accepted and 1t
was predicted that fully twice as much
more would be Immediately turned in
by a syndicate at 137% 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 $4,000, 900 treasury funds, which
would be speedily available TO the To-
cal money market. With this pros
pect of new material in sight to con-
tinue active operations the pools went
to work with considerable confidence
and bid up their favorites notably
The call money market showed great
ease to-day, and there were confident
expectations that a good bank state
ment would be issued tomorrow, which
would contribute toward further ease
next week. The preliminary esti-
mates showed that the banks came
out about even on their operations
with the sub-treasury and the inte-
rior, but the completion of some syn
dictate transactions this week is ex-
pected to reduce the loan account de-
cidedly. Active operations by a noted
speculative clique was said to be based
on the money received from the Louis
vile and Nashville settlement and 1t
was pointed out that the early clos
frer Af T-lo,
rangement would release a large
amount of money which has been tied
up in abitrage 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 asser-
ton was that a favorable traffic alli-
ance had been effected between st.
Paul and Union Pacific. Not much was
heard of the rumored increase in the
Norfolk and Western dividend and
yesterdays interest in that stock was
largely shifted into other quarters
The sort coal stocks as a group were
notable feature of the day and an
early rise of almost points in Balti-
more and Ohio caused an increased
demand for other stocks of this class
Heavy operations were resumed in
Norfolk and Western at the opening.
but after a rise to SOY the stock was
liquidated heavily and sold under yes
terday's close for considerable part
of the day. But little interest was
displayed in the anthracite coal stocks
and there was some disposition to re-
duce dealings in them until the actual
settlement with the miners is worked
out Trading was furiously active dur
ing the first two hours and when the
list showed some disposition to lag.
st. Paul was brought forward as a
leader. Immense blocks of this stock
were taken. lifting it Az to 1914 The
United States Steel stocks became
prominent after long period of neg
lect and their rise started an active
demand for various other independent
iron and steel stocks. Later in the
day a 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
Central and the grangers. Top prices
showed a fair sprnkling of gains.
reaching 2 points and over and there
were many of a point or more. The
closing was active and strong. but
some of the leading futures of the day
were below the best.
Railroad bonds sympathized rnoder-
ately with the rise in stocks and
there was heavy buying in the specu-
| lative issues. Total sales, par value,
So. 600. United States old AS and
new As coupon advanced u and the
new As registered " per cent. on the
last call,