The Savannah morning news., 1901-10-11
STOCKS AND BONDS.
Market Becomes Animated and Clos
ed Higher.


New York, Oct. 10.-There was a no
table revival of speculation in the
stock market to-day, following the
wavering and hesitating movement of
the last day or two. Pretty much ev-
cry department became affected in an
increasing degree, and in the late deal
ings the market became fairly buoyant
and closd active and strong at about
the top level.
This sudden outburst of speculation
at a reversal of the recently current
sentiment 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 centered about
further developments in the North
western railroad world, and early took
the form of a plan for adjustment
with the Canadian Pacific, which might
eliminate competition. Another report
specifically formulated was that pro-
prietary corporation was to be formed
to consolidate the ownership of Great
Northern and Northern Pacific on the
basis of 200 for Great Northern pre-
ferred, and 125 for Northern Pacific
common. Northern Pacific pre-
ferred to be retired at par. The
trans continental stocks which had
been somewhat neglected in the early
strength, leaped into activity and
strength. Great Northern preferred
jumped eight points to 1861, Northern
Pacific preferred and Chicago and
Northwestern 3, st. Paul "a. and I'm
ion Pacific PA. There was a renewed
heavy demand for the Erie stocks also,
xuI1f tnd 70 A M
This elimination of the days bullish
tendency caused a rush to cover by
the bears. The demand from this
source showed a state bordering on
generalization on the part of the large
short interest in the market. The ma
jority of active stocks are a point or
more higher. The coalers showed the
first marked evidence of strength, New
Jersey Central jumping seven points
and others of the group l to 4. Anal
gamated 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 market gave no
premonition of the days movement,
many important stocks opening un-
changed on listless trading. Very large
speculative interests obviously had the
market in hand. They seemed to be
actuated by a belief that the resources
of the banks were now sufficient 10
provide for the seasons 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 inaugu-
rated an active buying movement for
a recovery in the market. Several TN
favorable factors were completely ig-
nored. Some OF these were the nota-
BILE strength of sterling exchange,
which was emphasized to-day. renewed
strength in the London market. the
threatened extension of the trade war
between the American Sugar Refining
Company and the beet sugar interests,
decidedly less sanguine views of the
years outlook for the iron industry,
declining ratio Of increase of railroad
earnings and various factors which
have been influential of late.
There was an increase of activity In
the railroad bond market and prices
generally advanced. Total sales. par
value, S4,7S0, 900. United States new
As advanced " per cent. on the last
call.
Total sales OF stocks to-day were
66S. 300 shares. including, Atchison. 3d.
900; Erie 63.700; Erie first preferred,
$500: Great Northern preferred 1890;
Manhattan. 1900; Mexican National.
1880: Missouri Pacific. 10000: Norfolk
and Western. 1920; Ontario and West
ern. 5000: Pennsylvania. 10,100; Read
ing, 14,400; st. Paul 22,300; Southern
Pacific $4,000; Southern Railway. 49,
100; Union Pacific. 1890; Wabash pre-
ferred, 100; Amalgamated Copper, H.
100. Anaconda Mining Company. t1.400;
Brooklyn Rapid Transit, 29900; Pacific
Mail. 9,400: Sugar, 27.700; United States
Steel, 1880; do preferred, 10000.