The Saint Paul globe., 1904-10-22
STOCKS ARE ANIMATED
VIOLENTLY ACTIVE SECURITIES
TRADED IN UNSTINTEDLY
Practically All the Important Stocks Come
in for Their Share of the Advance
Closing Is About Steady

NEW YORK, Oct. 21--There was re-
vival of speculative excitement in stocks
today. There was some uncertainty in
the early market as to whether the mid
week reaction had been decisively check
ed by yesterdays late rally, but as soon
as this was seen to be the case the trad
ing broke into great al1lmaII0n. Inc rise
was uneven, one point and then another
being affected, but in the course of the
day very large dealings, practically all
the important stocks came in for their
share of the advance. The tide of the
market was so strong that room traders
became very bold in the operations, and
dealt in practically unlimited amounts OF
the violently active stocks. The dimen-
SionS of such operations is indicated by
the bid made during. the squirt in PENN
sylVania for any part of $4,000 shares at
l3i Is. IhlS KIND or trading IS maze On
quick turns for very small price changes,
and the trader is in and out Of the mar
ket many. times on movement, thus
adding enormously to the aggregate or
the total dealings without perhaps effect
ing any actual transfer of holdings at all.
The belief that a contract for transfer
of control Of Ontario & Western to New
Haven had been made was the principal
influence on the market. The terms of
The contract remained matter of SurmlSe
and left room for the astonishing spec
ulation in the stock. It was assumed
that the terms offered to the majority in
teFest would be extended to all holders OF
stock and the runors of the terms point
ed to prices we'll above the market or to
dividend guarantee that would be
equivalent to a substantial enhancement
of the value of the holdings. The jump
IN the local fractions was extended and
deal rumors regarding that group were
the influence, III spite of official denials
of any mergers Much influence was ex-
erted also by the assertion that a, CAM
paign for a rise in these stocks and in
Peoples Gas had been undertaken by
famous operator who had lead many sue
cessfUl movements in his career.
Union Pacific Up
The renewed advance in Union Pacific
after period of hesitation had as more
substantial basis the consideration of the
details Of the annual report, which was
regarded as testifying to the extraordinary
prosperity and strength of that system.
These special movements had far reach
ing sympathetic effect through the list.
1t would be tedious to attempt to detail
tAe days movements otherwise, as they
embraced practically every part of the
list. The United States Steel stocks shar-
ed at one time in the day s upward move
ment but they were late in getting start
ed and did not hold well. Analgamated
Copper was affected by disappointment
that the dividend had not been raised on
yesterday S declaration. A sharp break in
Pressed Steel Car was due to ruInors that
dividend hopes We're to be disappointed.
The speculation was fOStered by the eX-
tremely easy money market, quotations
being marked down for both call and time
loans. The currency movement indicates
DuC a UIIhlBg loss IN cash, and the gam
which failed of reflection in last weeks
bank statement is looked for effect in. to-
morrow's statement by the working of
the average system. The great volume of
the room trading made the profit taking
in the last hour quite heavy. The result
was an irregular movement during the
final hour, and a considerable curtailment
OF best prices, the leading Western stocks
losing practically all Of their gains. The
closing. however, was about steady.
Bonds were firm. Total sales par
value, Sc, 705 coo. United States bonds
We're unchanged on CALL