The San Francisco call., 1904-10-16
ACTIVE STOCKS
CHANGE HANDS

NEW YORK, Oct. 15.-The excited
manner Of the speculation which ap-
peared in the stock market yesterday,
marking the throwing off Of the re-
straint which held the market in check
during the earlier part Of the week,
continued to-day. Buying orders for all
securities poured in in great volume
and from many sources. In the prin-
cipal active stocks enormous blocks fire.
Quently changed hands, marking the
concentrated character of the opera
tions in them. This was especially true
Of United States Steel preferred, Penn
sylvania, Southern Pacific and Louis
VILE and Nashville. The opening in
United States Steel preferred was Of
10000 shares sold simultaneously at
variations OF g in price. The accom-
panying large operations in Pennsylva-
MIA and in Southern Pacific were at
tributed to the revived interest in the
market of a veteran operator who
made a favorite of those stocks in pre-
vious movements and who was intrust-
ed with the management of the 1ota-
ton Of the United States Steel securi-
very feverish in the final dealings,
rushing up to 137 by half-point jumps
and relapsing by the same intervals to
1851. The churning UP of this stock oc-
casioned a belief of revived operations
in the stock under the auspices which
resulted in the passing Of control.
That there was enormous profit TAX
ing, conducted parallel in the advances
in special stocks, was very obvious, not
only in the uneven manner Of the rise.
but in the actual reactionary tendency
at some points, notably among other
specialties which came into new prom
inence during the week. The bank
statement showed only a small part in
the expected cash gain. The market
closed excited but somewhat irregular.
Total sales of bonds, par value, $3,-
925, 900.
A broad and active market has pre-
vailed during the week for all varieties
Of securities, and the average tendency
has been upward through the opposi-
ton Of some very heavy selling of
stocks to realize profits on the rise.
Speculation has shifted from one to an
other quarter of the list, the low-priced
share Of attention as the week pro-
gressed. The foundation Of the market
was the practical making of the grain
crops, the continued promise of an un-
usually large cotton crop and the con-
tinued ease Of money, in spite Of the
large Withdrawals of currency for the
interior.
The Governments estimate Of the
condition of corn on October 1 is
usually accepted in the trade as a
definite basis for estimating the final
yield for the crop, as the portion re-
naming unharvested and liable to
damage from frost is then so much re-
duced as to offer small danger Of Sc
riously diminishing the final output.
An indicated crop on the Govern
ment's estimate of 2,245, 000.G COO bushels,
or upward, leaves no ground for alarm
that were caused by the early expert es-
Inmates of the 1000, 600, 900 bushels. or
less. and the improvement during Sep
tember of the spring wheat promises an
addition ito the exportable surplus of
that cereal. The effect of this news
was directly stimulating upon all the
grangers and directly upon the whole
surplus reserves Of the banks and the
prospect of its continuance yet for sew
eral weeks caused a momentary hard
ening of money rates early in the week.
There was, besides, a receipt Of over
2,0OO,o 600 OF Australian gold, and
the Sub-Treasury has contributed a
considerable sum to the local money
market by reason of the monthly rise
in the tide Of pension disbursement
The abundance of money and the high
prices ruling are made the occasion for
much discussion of the general effect
of the influence in the production Of
gold in the last few years and of the
issuance of the war loans by creating
great credit funds for disbursement in
the worlds markets. The flood Of un-
varied rumors regarding combinations
and new controlled railroad world has
considerably abated and has left a
more healthy appearance to the mar
ket. The speculative issues in the bond
market have been very active and have
made some sensational advances. The
tone for investment bonds has been
firm.
United States As have advanced II
per cent during the week.
-S