The Washington times., 1901-10-12
ST. PAUL LEADS THE RISE
A Fairly Sensational Advance
Made in the Market.
other Railways Follow I'm the Up
ward Trend-Northern and south
crn Pacific Strong-GcnernI EIec-
trfc Makes Substantial Gains.

NEW YORK. oct. list Paul common
led the stock market up today in fairly
sensational advance. II has been mat
ter of comment in technical discussion of
stock market affairs for number Of days
that ST. Paul has been acting in rather
singular fashion. 1t oftertimes failed to
participate in upward movements in the
market at large, and indeed this erst-
while leader seemed in danger of falling
into general disrepute. That the stock
has by no means lost its influence upon
the remainder of the market was dis
closed abundantly today, for beyond ques-
tion its advance was one of the main
factors in the rise in prices throughout
the list At the opening of business there
seemed to be some disappointment at the
absence of any confirmation of yester-
days rumnrs respecting the Northern
Pacfic-G Great Northern arrangement, but
the first prices, nevertheless, showed gen
eral gains in contrast with yesterdays
final figures.
The markets undertone of strength was
not shaken by the explicit but perhaps
technical denials that anything Of the
nature of the Northern Pacifc-Great
Northern arrangement was contempia-
ted, although in consequence of those
denials there was a sharp reactionary
movement in Great Northern preferred
With the course of the morning the strik-
ing upward movement in st. Paul set in,
and 1t was then that the market at large
began to display the most pronounced
evidences of buoyancy. Very little that
was explanatory of the strength of st.
Paul came TO light. but reports were cur
rent that the stockholders would very
soon be compensated for their disappoint-
Tnent at the absence of ar advance in the
dividend rate in September by the issue
of valuable stock rights.
There were a number of noteworthy
movements in the railway list aside from
ST Paul. Northern Pacific and Southern
Pacific were exceedingly strong, as was
New York Central. Indeed most Of the
higher priced shares advanced smartly,
notable instances being Rock Island and
the higher priced anthracite coal stocks.
Among the lower priced issues Southern
Railway. Erie, and the Readings We're
notably firm. There was, however, moth
ing IN the way of novelty presented in
explanation of these movements. The
local traction stocks were inclined to lag
behind the remainder of the market and
little of interest transpired in the indls-
triai quarter.
The so-called specialties were firm. w IN
an extremely sharp advance showing in
General Electric As already noted, while
there was some disappointment expressed
that no definite information was obtain
able in regard TO the Northern Pacific
Great Northern matter, the absence of
news in that respect had only a negative
effect upon prices. So far as the railway
list was concerned, its course was evil
IDENTIFY dominated almost exclusively by
the rise in st. Paul
The trading was in larger volume than
for a long time, and the strong tone of
the market was maintained with but little
alteration, despite the still somewhat con-
tracted outside interest. London exercised
a favorable influence on this market,
sending in a much higher range of prices
for American stocks and buying here on
balance over thirty thousand shares of
various issues.
There was no alteration in money mar
ket or sterling exchange conditions. the
former remaining easy and the latter firm
Expectations that the banks would make
a strong showing in their weekly report
tomorrow seemed TO be commonly enter
tanned and might be cited as among the
factors in the strength displayed.