The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-11
Instead of Dull and ListIess Trad
ing SpecuIatiOns Suddenly Re-
vived and Stocks Made Impor-
tant Gains
CAUSE OF RENEWED
ACTIVITY UNCERTAIN
Idea Prevailed to Certain Extent
That There Had Been Some
Important Dealings in Finan-
CiaI World That Had Not Yet
Become Public Property

New York, Oct. 10.-There was a
notable revival of speculation in the
stock market today following the wav-
ering and hesitating movement of the
last day or two. Pretty much every
department of the market became af-
fected in an increasing degree and in
the late dealings the market became
fairly buoyant and closed active and
strong at about the top level.
This sudden outburst of speculation
in reversal of the recently current SEN
timent caused a circulation of many
rumors, and gave rise to a supposition
of some important development in the
financial world not yet disclosed to the
public. The rumors conferred about
supposed further development in the
Northwestern railroad world and
early took the form of a
plan for adjustment with the
Canadian Pacific which might elimin-
ate competition. Another report spec
tally formulated was that a proprietary
corporation was to be formed to con-
solidate the ownership of Great North
ern and Northern Pacific on the basis
of 200 for Great Northern preferred and
1875 for Northern Pacific common,
NoTthen Pacific preferred to be re-
tired at par.
The trans-Continental stocks, which
had been somewhat neglected in the
early strength, leaped into activity and
strength. Great Northern preferred
jumped points to 1861 Northern Pa
cific preferred and Chicago and North
western 3; St. Paul "a, and Union Pa
cific pa. There was a renewed heavy
demand for the Erie stocks also which
lifted them IL to points. This cul-
mination of the days bullish tendency
caused a rush to cover by the bears.
The demand from this source showed a
state bordering on decentralization on
the part Of the large short interests in
the market.
The majority of active stocks are "a
point or more higher The coalers
showed the first marked evidence of
strength, New Jersey Central jumping
Z points and others of the group / to 4.
Amalgamated Copper and Sugar were
very active and strong at advances of
about points each, the short interest
playing an important part in their
movement The opening of the mar
ket gave no indication of the days
movement many prominent stocks
opening unchanged on istless trading.
Very large speculative interests had
the market in hand. They seemed to
be governed by the belief that the re-
what sufficient to provide for the sea-
sons demand from the interior for
money Taking the ground that the
fall demand for money has been the
only repressive influence on the market
these interests inaugurated an active
buying movement for recovery in the
market.
Several unfavorable factors were
completely ignored. Some of these
were the notable strength in sterling
exchange which was emphasized today;
renewed softness in the London mar
ket for raw copper; the threatening ex-
tension Of the trade war between the
American Sugar Refining Company and
the Beet Sugar interest; decidedly less
sanguine views Of the years outlook
for the iron industry; a declining ratio
of increase Of railroad earnings and
various minor factors which have been
influential of late.
There was a decided increase of activ-
ity in the railroad bond market and
prices generally advanced. Total sales,
par value $47S0,00 United States new
As advanced " per cent on the last
call