Evening star., 1901-10-17
There Was a Better Tone in Stocks
Today.
AmaIgamated Copper Gained
Strength on Assurances.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK, October 1I.-Opening prices
reflected the presence of supporting orders
and some demand from the short interest.
The southwestern group which closed
weak In yesterdays market was supported
by inside interests for a time and the room
was inclined to disbelieve the previous sto-
ries OF delay IN consolidating these lines.
Later in the day the strength was con-
strued to be purely artificial, and new SELL
ing forced a further decline
The Incorporation of a new Chicago. Bur
lington and Quincy Railroad Company was
taken to indicate the beginning OF opera
ticns In the northwest, and had a favorable
influence on sentiment As q matter OF
fact few know anything al all about the
purpose OF the new company and no really
substantial transactions were based on this
undertaking.
The room is willing to believe that the big
men are planning some wonderful transac-
tions and 1t is easily scared into admitting
Its error in being short of the market An
advance In Northern Pacific preferred and
unusual activity In the neighborhood OF 10I
was also construed to be a forerunner of an
early announcement of the financing of the
burlington operation.
The trading in this stock whatever of
real substance may have promoted the un-
dertaking earlier In the day. was a profess
sional operation in the interest of quick
profits. The market responded easily to
the demand, and the street was again
given assurances that interest in higher
prices can easily be inspired once money
conditions are satisfactory.
The best evidence of soundness however
was reflected in the bond market and in
strictly investment class of stocks Spleen
did buying was recorded throughout the
investment department and high prices for
such issues must force an advance in all
the stocks of well-managed roads proyid-
ed that no stringency In money is recorded.
The advance OF $50 per share in Lake Shore
yesterday was followed by a conservative
demand for all the Vanderbilt issues to
day.
Northwestern was advanced points
while all the so-calIed Junior issues were
well bought by commission houses. Clearly
there is more than a little truth In the
rumors Of greater Vanderbilt line Della
ware and HudsG. and Lackawanna were
strong on good earnings. and a fantastical
story or the former property being divided
between Erie and New York Central was
circulated to meet the demand for a mys-
tertous incentive to Improvement
The coal stocks were steady TO strong as
group. while Ontario and Western had a
special development Of a favorable charac-
ter In the settlement OF the Scranton coal
strike.
Amalgamated Copper was advanced uu-
der assurances that no serious cut in mar
ket rates for the product is contemplated
The Steel stocks were irregular under con-
f1icting reports of current business and the
Traction shares were duh under room trad
ing.
In banking circles there is a feeling OF
confidence in the future of the market, but
immediate activity is discouraged simply on
the ground that a reviving situation should
not be overtaxed. More money is needed
and must be had in hand. and not in pros
pect merely, as at present, before any ma
terial recovery Will be sanctioned except in
few stocks at a time.