The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-12
MARKET WAS
LIVELY AGAIN
Speculation However, Became
Narrowed Down Chiefly to
Continental Stocks
Which Were Active All Day
STORIES OF COMBINATION
OF INTERESTS STILL RIFE
Belief Now Prevails That Banks
Have Resources Sufficient
to Meet All Further Demands
From the Interior - Good
Statement Expected

New York Oct. '11-Great speculative
activity continued in the stock market
today but it was congested TO large
extent in the tTans-continental stocks,
led by st. Paul, which rose s ga points
ever last night in the late dealings and
closed l point below the best. The ap-
pearance of the market suggested the
days of last spring, when the absorp-
tion of a new railroad system or new
trans-continentaI combination was ru-
mored each successive day and readily
accepted by the speculative world.
The trans continental railroad stocks
made up the vast bulk of todays mar
ket under the influence of yesterday s
various reports of the proposed plan
for consolidating the control of North
ern Pacific, Great Northern and Bur-
lington in one proprietary company or
itwould be more proper to say that
the crop of rumors revived by this sto-
ry was responsible for the days ami
mated market.
As a matter of fact. the official dis
Chalmers this morning of the accuracy
of-.the published reports, and the
prompt relapse in the prices of Great
fie preferred had a somewhat chilling
effect on the speculative sentiment. The
general accord of the current rumors
in allowing that the stock of Northern
Pacific itself was not yet provided for
in the plan, the alleged provision for
the retirement of Northern Pacific pre-
ferred through which the control by
the Hartman interests is expected and
the assertion by the representatives of
Hartman interests that that syndicate
was not a participant in the plan
seemed to open up vista of renewed
contention. But as the day progressed
there was a revival of old rumors that
Union Pacific was to acquire st. Paul
in exchange for new bonds.
Rock Island was up four points at
one time on light dealings. Missouri Pa
ciic by no menas kept pace with the
other trans continental railroads and
the Gould stocks as a whole were lag
CARDS. The southwesterns were affec-
ted by poor earnings for the first week
in October Here and there in the rail-
road list there were advances of a point
or over. but the activity. and strength
of the market were by no means gen
eral or well distributed. The cOalers
and the so-called Morgan stocks, in
GLIDING the United States Steel stocks
seemed to be little affected and moved
narrowly.
Expectation of a good bank statement
was general, founded more on the tone
of the money market than on actual
information as the showing will depend
on the loan item, changes in which are
necessarily obscure. The feeling is
growing that present resources of the
banks are likely to prove sufficient to
meet the further requiremtnts of the
interior for currency. The movement
by express this week fell off over 49,
900, 900 from that of last week. This
feeling was an influence on the strength
Of the market. Commission houses re-
ported little evidence of an increase
of outside interest in the market and
the principal buying was attributed TO
large speculative interests.
The railroad bond market was quite
active and showed increasing strength.
Total sales par value $780, 600. United
States fves coupon advanced IA per
cent on the last call.