The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-10-02

NEW YORK. Oct stocks recovered
vigorously again today, the last prices
showing advances of to points for the
principal active stocks. The dealings were
highly professional and the movement was
not free from suspicion of manipulation.
But the effect upon sentiment seemed to
be, for some reason, more cheering than
the rather forcible lifting of prices on
Tuesday There may have been some
buying for support in todays market also.
but the great banking interests were not
conspicuously in the dealings.
On the other hand an overextended
short interest was very important factor
in lifting prices. The opening dip in
pennsylvania and New York Central was
attributed to bearish manipulation Louis
vile seemed to suffer from the liquidation
OF account and pressure upon that stock
reappeared from time to time during the
day. While the demand for stocks SEEM
est as indicated by the large borrowing
demand in the loan crowd last night, the
rising level of prices brought no signs OF
liquidation which has been SO persistent
and urgent for long time past.
Most Decisive Influence.
1t was this fact that had the most de-
cls1ve influence upon sentiment, notwith-
standing the recognition of the fact that
a very small outside demand was repre-
sented in the days dealings. These
those of yesterday. London helped some
what towards the advance, the turn of the
month there having relaxed the rate con-
siderable, and there was some investment
buying of cOnSolS, which had q good re-
covery. The Bank of England statement
did not make a strong showing, but the
fact that the bank rate was not advanced
and the absence of failures which were
feared, caused a cheerful sentiment. A
notable feature of the day was the violent
break of about 80 points in demand
sterling here. under pressure of very large
offerings of commercial bills and dearth of
demand.
Large wheat clearances were reported
for the day. and the completion of the
cotton corner led to considerable commits
sion house buying in that market The
establishment of normal conditions in the
cotton market is expected to have very
important results in the outward move
ment Of that staple, and this led to very
free offerings of cotton bills In the ex-
change market. The early demand for
stocks was especially. notable amongst the
coalers, which was helped by the strong
statement of net earnings for August by
the Lehigh Valley and the admission OF
E. H. Hartman to the Erie directory
Hope for Steel.
The expiration of the original period for
the United States Steel conversion Syndi-
cate, and intimationS that the majority Of
subscribers had accepted the extension of
the syndicate aroused hope that the re-
the market by those DESTROYS of retiring
from the syndicate would now be relaxed.
The offering of specifications by the Penn
sylvanta company for work on it's terminal
project had an effect on the United States
Steel stocks. as this work involves a large
requirement for steel products. Natural
relief, was felt that the preparation for
the October dividend and interest dis
bursements have been completed while the
government bond redemption and revenue
deposit operations are yielding handsome
returns to the money market, promising
continued exemption from -stringency.
Even time money was called slightly
easier, although not quotably changed, and
the Western demand for currency seems
to be still deferred.
The bond market was firm and the Unit
ed States Steel second 5s were bought on
an enormous scale up to IL Total sales
par value, $4,S70, 900. United States IS
registered and the old As declined u per
cent the Is IL per cent and the F3s coupon
1 per cent on the last call. y
HIosInr let