The San Francisco call., 1901-10-11
EASTERN MARKETS.
Neav York Stock Market.

NEW YORK Oct l0-There was notable
revival of speculation in the stock market to-
day, following the wavertng and hesitatlnS
movement of the last day or two Pretty
much every department OF the market became
affected in an increasing degree and in the
late dealings the market became fairly buoy
ant and closed 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 de-
velopment in the financial world not yet dis,
closed to the public The rumors centered
about supposed further developments in the
Northwestern railroad world and early took the
form of q plan for adjustment with the Can
adian Pacific which might eliminate compe-
tition- Another report specifically formula ted
that a corporation was to be formed to
consolidate the ownership of the Great North
ern and Northern Pacific on the basis Of 200
shares Tor Great Northern preferred and "a
for Northern Pacific common, Northern Pacific
preferred to be retired at par The transoon-
tinental stocks, which had been somewhat
neglected in the early strength, leaped into
activity and strength. Great Northern pre-
ferred jumped points to 1861; Northern Pa
cific preferred and Chicago and Northwestern g.
St. Paul 2z4 and Union Pacific 21z. There was
a renewed heavy demand for the Erie stocks
also, which lifted them 1&Q4 This culmina-
tion Of the days bullish tendency caused a rush
to cover by the bears. The demand from this
source showed a state bordering on demoraliza-
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 7 points and others of
the group l TO 4. Amalgamated Copper and
Sugar were very active and strong at an ad-
vance of about points each, the short in
terest playing an important part in their move
ment. The opening Of the market gave no pre-
monition Of the days movement, many i'm
portant stocks opening unchanged. 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 to provide for the seasons de-
mand from the interior for money. Taking
the ground that the fall demand for money
has been the only repressive influence the
market these interests inaugurated an active
buying movement for recovery in the mar
ket. Several unfavorable factors were COM
pletely ignored Some of these were the notable
strength Of sterling exchange, which en-
phasized to-day, renewed softness in the Lon
don market for raw copper, the threatened ex-
tension Of the trade war between the American
Sugar Refining Company and the beet sugar
interests decidedly less sanguine views of the
year outlook for the iron industry, declining
ratio of increase of railroad earnings and vari-
Gus minor factors which have been influential
Of late.
There was a decided increase of activity in
the railroad bond market and prices generally
advanced Total sales, par value, 81, ,7Sa 900.
United States new As advanced II per cent
on the last call.