The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-10-12
Etnancial
THE STOCK MARK ET.
Gront Speculative Activity.

New York, Oct. 11.-Great speculative
activity continued in the stock Market
to-day, but it was congested to large
extent in the transcontinental stocks,
led by st. Paul, which rose 81 points
over last night in the late dealings ana
closed l point below the best. The APP
pearance of the market suggested the
DAYS of last spring when the absorp-
ton OF a new railroad system or a new
transcontinental combination was ru-
mored each successive day and easily
accepted by the speculative world. Ihe
transcontinental railroad stocks maze
I'D the vast bulk Of to-days Market
under the influence Of yesterdays Vari-
Gus reports of the proposed plan lor
consolidating the control or Northern
Pacific, Great Northern and Burlington
in one proprietary company, Or 1t
would be more proper to say that the
crop of rumors revived by this story
was responsible for the days animated
market.
AS a matter Of fact, the official as
chalmers this morning of the accuracy
Of the published reports and the prompt
relapse in the prices of Great Northern
preferred and Northern Pacific prefer
red had a somewhat chilling effect on
speculative sentiment. The general ac-
cord 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 preferred through
which the control by the Hartman In
terests is exerted, and the assertion by
representatives of Hartman interests
that that syndicate was not partici-
pant 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 The buying of st. Paul was
quite in the old prodigal fashion of out
lay. and Union Pacific. Southern Pa
cific and Atchison were conspicuous
followers The extreme advance in
Union Pacific was "a and in Southern
Pacific "a. Rock Island was up points
at one time on light dealings. Mis-
souri, Pacific by no means kept pace
with the other transcontinental rail-
roads and the Gould stocks as whole
were laggards.
The soutlpwesterns were affected by
poor earnings for the first week in Oc-
tober. Here and there In the railroad
list and the prominent industrials there
were advances Of point or over, but
the activity and strength Of the mar
ket we're by no means general or well
distributed. The coalers and the So
called Morgan stocks, including 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
| informat ton, as the showing will de-
pend on the loan items, changes In
which are necessarily obscure. The
feeling is growing that present re-
sources of the banks are likely to prove
sufficient to meet the further require
ments of the interior for currency. The
movement by express this week fell off
over s., 900 from that of last week.
| This feeling was an influence on the
strength of the market Commission
houses reported little evidence of an in
crease 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 increased strength.
The total sales par value aggregated
| SO, $40, 000
United States fves coupon advanced
u on the last call.