The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-10-11
WALL STREET BOOM
IMPRESSIVE ADVANCE IN STOCKS
LED BY GREAT NORTHERN
PREFER RED
RUMoRS OF CONSOLIDATION
81
story Aaoat That 2 ,stock-owning
Corporation Is to Take over
Northern Pacific and
Great Northern.
RUM0RS OF CONSOLIDATION
Closing.

Closing.
Bar silver, New York ......... SIX 57s.
Call money, New York, g;.....3-3A 3-354
NEW YORK, Oct. 1G-There was a
| notable revival of speculation in the
stock market today, following the way
ering- and hesitatfng movement OF the
last day or two. Pretty much every de-
partment of the market became affected
in an increasing way, and in the late
market the dealings became fairly buoy
and and closed active at the top level
This sudden outburst of speculation at a
reversal of recent sentiment caused a
circulation of many runners and gave
rise to superstition of some important
development in the financial world not
yet disclosed to the public. Rumors cen
tered about supposed further develop
mentS in the Northwestern railroad
world and early took the form of
plan for, adjustment with the Canadian
Pacific which might eliminate compert-
tlon. Another report specifically formu-
lated was that proprietary corporation
was to be formed to consolidate the own
erSh1p of Great Mort hern and Northern
Pacific on the basis of 200 for Great
Northern preferred and 125 for Northern
racine common, Northern Pacific pre-
ferred to. be retired at par. The trans
continental stocks. which had been some
what neglected in the early strength
lapsed into activity and strength. Great
Northern preferred jumped points TO
1861, Northern Pacific preferred and
Chicago & North-W estern 3, st. Paul 2%
and Union Pacific ~. There was a re-
newed heavy demand for the Erie stocks
also which lifted them 134 to points
This elimination of the days buIiisn
tendency caused rush to cover by the
pears. The demand from this source
showed state bordering on demoraliza-
ion on the part of the large short inter-
est In the market. The majority of ac-
I'VE stocks are point or more higher
The coalers showed the first marked
evidence of strength, New Jersey Central
jumping points and others Of the group
to T. Amalgamated Copper and Sugar
We're very active and strong at advance
OF about points each, the short inter-
est playing an important part in their
movement. The opening of the market
gave no prennonition of the days move
ment, many Important stocks opening
unchanged on ]istless trading Very
large speculative interests obviously had
the market in hand They seemed to be
actuated by a belief that the resources of
OF enc banks were not sufficient to pro-
VIDE for the seasons demand from the
interior for money. = Taking the ground
that the fall demand1fore money has been
the only repreSsive influence on the mar
ket, these interests ina6gurated an ac-
tive buying movement Tor recovery of
the market. Several unfavorable factors
were completely ignered.T Some of these
were the notable strength of sterling
exchange, which was efnpha sized today:
softness IN the London market for raw
copper, the threatened extension of the
trade war between the American Sugar
Rennlng company and the beet sugar in
terest, decidedly less sanguine views of
the years outlook for the iron industry.
declining ratio of increase of railroad
earnings, and various minor factors
which have been influential of late
There was decided increase of actiy-
lty in the railroad bonds market and
prices generally advanced Total sales
par value, $4.7S0,000. United States new
Is advanced Il per cent on the last call.
STOCKG