The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-31
MORE PRESSURE ON WHEAT FROM REALZNG BULLS COME OUT
Good Buying Orders in Many Quar-.
tiers Make Them Much More
e . Ga.s a. ~
r.. a. Confident.
Covering of Shorts Offsets Later
r, Realizing and Conditions
-. j.. Are Maintained.

New York. Oct. 81.-Sentiment was more
cheerful III the London market this morning and
this Incident exercised favorable effect on the
local market. st. Paul opened up slight frac-
tion better, despite tho disappointment felt at
the failure Of the directors to issue the new
STOCK. Other standard issues sold from y to
n higher. and there were some large purchases
OF Manhattan at gain of nearly point.
Buying orders for moderately large amounts
In all quarters OF the active list
and the ready response Of the market encoura ged
the bulls to bid up prices with more confidence
1or some time. Menhattan was the leader III
point of activity and strength and its rise OF
l., ~ was reinforced by gains of point or more
Baltimore & Ohio. Northwestern, st. Louis &
San Francisco, Toledo, st. Louis & western pre-
1erred, Canada Southern, Amalgamated, Sugar,
Brooklyn Transit Colorado Fuel and General
E!ectrlc This demonstration Of strength proved
effective enough to cause some short covering
which about Offset some later realizing by the
room traders.
Operators for the long account received mo-
mentary chill when call money opened at 5h
per cent While 1T was believed that higher
rate was due solely, to preparations for tho
heavy corporate dividend and interest disburse.
900, the sentimental effect was inevita-
Die; In addition, payments for some Of the large
railroad financial ojects have to be met and
some stiffness in rates was looked for owing
to the necessary shifting of funds The reac-
tion in the stock market did not reach any mate
b aat IN the run Of stocks
Vile and northwestern which depressed them
rs and points respectively, accentuated the
heavtness elsewhere. Before noon the local trac-
ton stocks were bid up strongly again, Manhat-
tan and Metropolitan Street Railway rising 20
2h. Most OF the leading stocks recovered fully
in sympathy, but were less active. Bonds were
steady at noon.
Fresh buying orders appeared in special stocks,
but the general market was very dull and with
out important change. Reading and Chesapeake
& Ohio were prominent at advances of over a
point, while Louisville recovered to yesterday s
final figures. st. Louis & San Francisco gained
three points in ALL and the first preferred and
second preferred ruled point higher. North
western extended its loss to six points.
Bull operations were resumed with some v1gor
during the afternoon under the leadership of the
Coalers. Reading. Baltimore & Ohio, and Della
ware & Hudson led this division with two-point
gain, while other leading railroads and special
noon. Louisville made an exceptional rally from
the lowest turning an early material loss to a
gain of over point. Call loan rates held stiffly
at 6 per cent, but the preliminary estimates OF
the bank statement indicate small gain In cash
on the weeks operations.
A further advance to seven points in call
money checked the buying movement and caused
some realizing, in which Norfolk & Western lost
point. The market then fellinto dullness, but
grew tir1ner toward the close, when Manhattan
rose to near 1879. North American advanced Az
lowest on one transaction. The closing wae
dull and firm
Stock quotations reported for The Journal by
Watson & Co., brokers, Chamber Of Commerce,
Minneapolis:
Closing figures are bid.