The Birmingham age-herald., 1902-10-18
MARKET HAS DAY
 OF RISING PRICES
Degree of Confidence That Pre-
 vailed Was Notable
SHAW's NEW PLAN HELPED
Gall Money Market Showed Great Ease and There Was Confident Expectations That Good Bank
 Statement Would Issue.

New York, October 17.--Another day of rising prices characterized the stock speculation today and the degree of con- fldence that prevailed was in notable contrast to the depressed feeling that existed at the outset of the week.
 The formal announcement that secre- tary Shaw had agreed to purchase all bonds of the issue of the 1925 presented at the sub-treasury today and tomorrow was an effectual tone to the market. It was stated that q block Of s5.0O00OO had been accepted and it was predicted that fully twice as much more would be iul- mediately turned in by a syndicate at l5iA and interest which would net about l9S. All told it was expected that the tenders under this offer would result in tAe release of about 00o treasury funds which would be speedily available to the local money market. With this prospect 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 today and there was confident ex- pectations that a good bank statement
 
 contribute toward further ease next week. The preliminary estimates showed that the banks came out about even on their operations with the sub-treasury and the interior but the completion of some syndicate transactions this week is expected to reduce the loan account decidedly. Active operations by q noted speculative clique was said to be based on the money received from the Louis vllle and Nashville settlement and was pointed out that the early closing of the Rock Island capital encouragement would release large amount of money which has been tied up in arbitrate 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 assertion was that a favorable alliance had been effected between St. Paul ana Union Pa eific as much was heard from the ru- mored increase in the Norfolk and est ern dividends and yesterdays interest In that stock was largely shifted into other quarters.
 The soft coal stocks as a group were notable feature of the day and an early rise of almost 4 points in Baltimore and Ohio caused an increased demand Tor other stocks of this class Heavy operations were resumed in Norfolk and Western at the opening. but after a rise to S0% the stock was liquidated heavily and sold under yesterdays close for a considerable part of the day. But little Interest was displayed in the anthracite coal stocks and there was some disposi- lion to reduce dealings in them until the actual settlement with the miners Is worked out.a Trading was furiously ac- tive during the first two hours and when the list showed some disposition to lag, Pa p11l hrOn a q a d. CT. Immense blocks of this stock were taken, lifting it 4; to 1914. Large orders were placed simultaneously in other transcontnetal stocks and there was a ready response in all other parts of the list. While there was some shifting of interests from one group to another the lessened demand for special stocks did not undermine the strong tone which permediated the entire list
 The United States Steel stocks became prominent after a long period of neglect and their rising started an active demand Tor various other independent iron and steel stocks. The high priced specialties were not much of a factor in the mar ket but there was an increased demand for many low priced stocks, especially those in the middle west and southwest ern territories. Professional traders quite generally shifted their operations to the long side and were active in driving some of the stuDporn snorts to cover Late in the day a heavy buying move ment developed 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 sprinkling of gains, reach Ing points and over, and there was many of a point more. The closing was active and strong but some of the leading features of the day were below the best.
 Railroad bonds sympathized moderately with the rise in stocks, and there was heavy buying in the speculative issues Total sales, par value, S3,900,0O0 United States is and new As coupons advanced A and the new As registered F per cent on the last call.