The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-10-17
LARGE ORDERS IN
A Buying Wave in Wall Street from
the Outside Soon After the
Opening.
Large Realizing Sales Follow-A
Bull Movement in Steel Stops
a Decline.

New York, Oct. 17.--The market showed some
slight 1rregularity at the opening under the in
huence of traders realizing and outside buying
orders inspired by the demonstration of strength
yesterday Fluctuations were of the msrest frac-
ttons either way, except in some Of the soft coal
stocks, Baltimore g. Ohio rising a point and
. na1e Erie
19A, with $500 shares changing hands, Yes.
terday's close was TON. Dealings in all the
leading stocks were In large amounts and there
was good distribution OF trading.
The tone Of the market did not remain undecid.
ed long, as large orders poured in for Baltimore
Ohio, Norfolk & Western, Missouri Pacific and
st. Paul. and their resultant sharp rise helped
Ohio was the leader in point Of activity and
strength and rapidly advanced 97s to 109A. 9th.
er soft coal stocks, including Hooking Valley and
Chesapeake & Ohio rose strongly in sympathy
but the anthracite coal stocks did not register
more than fractional improvements. Norfolk &
Western advanced to S0H, but later reacted tt
fraction below last night. Gains in number
OF less important stocks reached point Oh
more, and there were exceptional improvements
of 8 in Canada Southern. 8M In Wheeling &
Lake Erie second preferred, in New Haven and
81 in Iowa Central preferred. Large realizing
sales caused reaction before II o'clock, point
In Baltimore & Ohio. Chesapeake & Ohio, Man
haitian and Sugar. =
Dealings were comparatively small during the
second hour, and prices receded slowly in some
cases to below last night. notably for Louis
vile, Sugar and Pennsylvania. Subsequent large
buying Of United States Steel started the general
buying movement in other Independent steel prop
critics and Tennessee Coal. Republic Steel stocks
and Colorado Fuel responded with gains Of 9
point or more. The rise In United States Steel
stocks was confined to large fraction. but
their strength had a stimulating effect on the
general market, which hardened again at noon.
Bonds were steady, and moderately active at
noon.
A furious buying movement developed in st.
Paul and in an incredibly short time the stock
was marked up over four points to 194A. Large
Union Pacific, Southern Pacific Missouri Pa
cifc and Atchison, all Of which reached the top
prices Of the day. There was not much Of q
response In the Coalers or specialties, but the
general market was strong on the formal an
nouncement from Washington that United States
| accepted at the subtreasury at 1874 and interest
to date. These bonds were bid for on the first
call on the stock exchange to-day at 1871 e.
When the demand for st. Paul slackened, real
from the highest. The general market was not
affected by its reaction and improved decidedly
in spots. The soft coal stocks were bid ur
again strongly, and there was an active demand
for colorado 3 Southern which i rose to s4
There was an outbreak Of heavy buying iii
the eastern trunk line stocks, led by New York
Central and Pennsylvania, which advanced to
1885 and 1861 respectively. Heavy dealings
occurred also in the Southwestern group, st.
ceptional rise Of over 4 points. Expectations
that some large blocks of bonds will be turned
into. the subtreasury to-day under Secretary
Shaw's offer contributed to heavy buying for
long account all through the list. The closing
was active and strong. -:
Stock quotations reported, for The Journal by
Watson Co., brokers, Chamber Of Commerce,
Minneapolis, MINI. Closing figures are bid.