The Saint Paul globe., 1903-10-03

NEW YORK, Oct 2-The stock mar
ket made good headway today against the
public announcement of the financial en-
barraSSments in Baltimore. This news
caused a rather feyerish tone in the early
dealings and evidence of liquidation was
assigned as result. For the most part
1t was believed that the public announce
ment served to explain some past events
In the market rather than to threaten
future results. Some of the stocks which
nave been weakest during the past week
ana subject to reeurrent liquidation are
now known to have been sold by local
banking house which held them as coll
lateral for loans TO the embarrassed
houses
The apparent mood of Wall street has
been so fearful of mysteries and so prone
to eXaggerate them that explicit informa-
tion, even of an unfavorable character, is
rather welcomed. Professional traders
are inclined to buy a market when bad
news Is out. AS the day progressed it
became manifest that there was no acute
pressure of stocks, and on the contrary
a well-defined party of professional opera
tors was inclined to buy. Commission
houses also reported some slight demand
from outside sources.
Steel Bonds Are Marketed.
There were some very heavy blocks of
United States Steel bonds marketed
which could have hardly been other than
syndicate holdings. but there seemed a
good demand at the same time for the
preferred stock. The inference was
the two securities had been resumed by
the extended syndicate
A rumor was current that the market
management of this operation had been in
trusted to the same operator who con-
Quoted the original f1otation of the Unit
ed States Steel stocks. While this rumor
was without confirmation it had it's effect
upon the speculative sentiment of the
highly professional market. The pros
pect of a strong bank return helped the
late market, indications pointing to a
gain in cash by the banks of 81, 500, 900 to
$1,000, OGO. The regular interior movement
took from New York about s., 500, 900 on
balance, but the redemption of govern
ment bonds and the payments on account
or new gold. including Australian gold
received at San Francisco, more than Off
set this loss. It Is evident that the prin-
cipal movement Of currency is still to the
cotton region, and exchange at Western
points fails to show prospect of an early
demand from that quarter This causes
the Indulgence of hope that the deposit
or government funds at Western points
may tighten the demand for currency from
that quarter. 1t Is also suggested that
the lateness of this demand may allow
some refiux of funds from the cotton
region IN time to help meet it.
Rise In Call Money.
There was a sharp rise in call money
late in the day which may have been con-
nected with the winding up of the syndi-
cate affairs of those withdrawing from
cate. ~ s.'ls, s.7.i:asF - = '--N-
Sterling exchange rallied sharply from
yesterdays decline. but the large increase
in wheat and corn exports over last week
indicated growing supply of exchange.
Union Pacinc with decrease for Au-
gust of $143.812. was well supported. A
sharp drop of over a point in st. Paul
just before the close with an Immediate
fractional rally had the appearance of
bear drive, but it unsettled the closing
and made it irregular.
The bond market was still made up
largely of United States Steel 5s but the
tone was pretty firm. Total sales, ; par
value, $5,4S5.0 900. United States 3s coupon
advanced Y per cent on the last CALL
Closing List. iDG4 "a