The Washington times., 1901-10-30
MARKET TURNS UPWARD.
A General Recovery Scored in AL
most All Departments.
CuImination OF the Declines in Steel
and AmaIgamntcd Copper Reached
The Michigan Central Rises and
The Junior Vunderbilts Follow

NEW YORK, Oct 29.-Intornal stock
market conditions showed an almost com
plete reversal of form in contrast with
those prevailing yesterday, but except for
the correction Of some of the mistaken
notions prevailing then, there was no sig
nificant alteration in external circum-
stances. The recovery in prices this
morning was materially helped by the ap-
parent elimination Of the decline in such
influential stocks as Amalgamated Cop
per. the United States Steel shares and
st. Paul and Union Pacific. To no small
extent the general weakness in yoster-
days market was plainly enough attribut-
able to the particular weakness in the
stocks cited.
Aside from what professional Wall
Street calls assurances from leading
interests" that there would be no reduc-
tion in the selling prices for copper, the
rally in Analgamated was unexplained,
save by technical causes. Nothing was
heard today of the threats of opposition
companies organizing to fight some of the
constituent plants of the United States
Steel Corporation, and perhaps in conse-
quence there were covering orders in these
stocks which are fairly effective market
wise. The rally in st. Paul and Union
Pacific, It is hardly necessary to say, was
chiefly owning to the correction OF yes
terdays eXtTavagant and apparently IN
founded rumors respecting the status Of
the negotiations looking to settlement
of the so-called Northern Pacific situation.
The market, outside of the stocks cited,
showed number of other interesting
movements some of which were fairly
sensational. Thus, Michigan Central,
which rose rapidly in yesterdays demor-
allied market. scored 4 further advance
today of p points. Not unnaturally, the
junior Vanderbilt issues reflected the
striking advance in this stock, although
10 much smaller extent Still, substan-
tial gains were scored in Canada South
ern, Cleveland, Cincinnati, Chicago and
St. Louis, and the Nickel Plate issues.
Other notably strong features of the
railway list were Delaware and Hudson.
Lackawanna. New York Central, North
western, and the anthracite coal stocks
The local traction shares were likewise
exceedingly strong although their ten
dency was not definitely explained by any
new development, and so far as one
franchise tax litigation is concerned. it
might be noted that Consolidated Gas was
rather sluggish.
The London market for American stocks
was plainly Influenced by the serious de-
cline in the New York market yesterday.
ana materially lower range Of prices
was furnished from that quarter, and fol
lowed up by selling orders here which
aggregated about l5.00J shares of stock.
\ number OF very interesting returns Of
railway tra:iic for September were sub
mittcd. including those OF the Erie Read
Ing and Northern Pacific companies.
There was little alteration in the money
market conditions. and sterling exchange
continued steady. There appears to be
in progress a much freer interior move
ment Of cotton, but exports of gold on
Thursday We're still reckoned among the
probabilities.