The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-14

NEW YORK, Oct. 13.-The violent
and almost uncontested break in prices
of stocks this morning and prac-
tically complete recovery this after
noon is the history Of today's market.
The closing prices showed a sprink-
ling of net gains among some of the
most important stocks on the list,
reaching point in Reading and On
tario & Western. At one period before
noon there were ragged declines OF all
the way from 1 to IL points from Sat-
urdays level, many Of the leading spec
ulative stocks having lost to points
in the two hours of trading.
The sentiment in the street seemed
mixed before the opening between the
contending influences of the reports
that settlement Of the coal strike had
been arranged and the admonition con-
tanned in the Saturday bank statement
that there must be further contrac-
lions of loans placed in the stock mar
ket.
Strongest Influence of All. @
The latter influence swept away all
other considerations, and with the ex-
ception of a momentary rally after the
opening, due to the taking of bear prof
its by Saturdays short sellers, the
market pursued steady downward
course under a continuous stream Of
liquidation. 1t was evident that fur
Their selling out on the part Of some Of
the large speculative pools was going
on. presumably under pressure of the
demand from money loaners for repay
ment OF loans. The Gould Southwest
ems and some of the stocks in which
the So-called Western contingent have
operated largely were notably affected.
The recent tendency of high-priced
investment stocks which had been
pushed to an extraordinary level to
break violently on small sales, con-
tinued in evidence in the cases Of
American Express, United States Ex-
press, LackaWanna, Delaware e Hud-
son, Great Northern preferred, Cen
eral Electric and similar stocks. When
the liquidation first showed signs of
decreasing, the bears caused a sharp
rally by covering of shorts, after which
the market lay sluggish and neglected
for an hour. The speculative senti-
ment then yielded to the influence of
the hopeful feeling that the consult
ings and activities of the financial and
operating powers Of the great anthra-
cite companies would lead to substan-
tial results in the settlement of the coal
strike.
Faith in Strike Settlement.
Any admission of a change in the
deadlock was impossible to obtain, and
Tie uIlFdrylnS dSSGFl1On on the part OIL
the operators dealt only with the pos
sibility of improving the output Of the
mines under protection of the military
by seceders from the strikers. But the
action of the market reflected the faith
that developments were forthcoming
locking to a settlement. Reports re-
ceived over Sunday of the receipts of
the. several parcels Of gold from Eu-
rope and of an expected arrival within
two weeks at San Francisco of 81 $780,
900 additional Australian gold were
powerless to offset the depressing in
f1uence of the bank statement.
Money went to Is per cent soon after
the opening. Sterling exchange broke
sharply. but discounts in London re-
spcnded with an advance. The COM
ing weeks syndicate requirements
which foot UP some $4,000, 900, were
considered formidable in view of the
money situation. This includes an
other $17,000,000 payment on the pur-
chase of control Of Louisville & Nash
vile, $21,000,000 on account of new
Baltimore s. Ohio stock, and $4,000, 00G
on account of Pennsylvania's 3k per
cent convertible warrants. The mar
ket closed with the rally in full force
and prices at the top level.
Bonds weakened and recovered in
sympathy with stocks. Total sales, par
value, $4,645,000. United States new
and old As declined u per cent on the
last call.
Stocks.