The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1904-10-23
A%MALGAMATED ADVANCES
MORE THAN FOUR POINTS.
STRENGTH SHOWN BY LOW
PRICED RAILROAD STOCKS.
Million Shares Changed Hands in
Two Hours-St. PauFs Slump
Gave Irregular Tone to
the Closing.


New York, Oct. -~-Specuiation ia the
stock market Continued much on the same
lines Us during the week. In the neigh
borhood Of 100000 shares were sold dur
ing the two hours Of Saturdays session.
st. Paurs sudden break to II below yes
terdays figures. just al the close, gave
a decidedly irregular appearance to the
closing.
Ontario and Western also lost a point
from yesterdays gain, either on account
Of speculative p~roft-taking. or because
the price had reached the level covered
by the contract for transfer Of control.
On the other hand. very aggressive
strength was shown by a number of low
priced railroad stocks. with Erie the lead
er OF the grouo: The extreme rise in this
A~malgamated Copper made a brilliant
advance Of over four points to the high
level Of the year. There was large and
apeake and Ohio. Southern Railway and
Great Western. the first three rising
about a point. and the last 2 points. L.
5 Steel preferred was unable to
wa true of Pennsylvania, which came
late into the movement.
CASH INCREASE UNEXPECTED.
The irregular tone OF the market is in
dicated by the above movement. which alb
sorbed the bulk of the trading. The bank
statement showed n larger ash increase
than was indicated by the currency move
ment, the average system Of computation
thus Working to correct the discrepancy
In the other direction In last week state
ment. The loan increase of less than a.
10000 was considered moderate in view of
the activity Of the speculation during the
week The net result Is the FIRST recov-
plus reserve since hat decline set in from
value. N.5s,0o1.
The volume Of dealings In stocks has
than a million and a half shares a day,
and the question Of the active interest in
the market Of a large following outside of
Wall street has become no longer de-
hatable.
As : normal response to this develop
ment there has teen a free distribution OF
holdings to the newcomers In the market
Dsos ane on sp Pee nle2io. ~no saw a i.r i've
market showed the effect Of this realizing
and by midweek was subjected to q sharp
In consequence OF the Increasing
an influential party among soid-out bulls
who favored a reaction for the purpose Of
shaking out weak holdings OF the new
long interests snd of afording an oppor-
tunity to get back stocks at a profitable
lower level Of prices.
SPECULATIVE ENTHUSIASM.
Tho eagerness Of waiting demand re-
strained the reaction. and the market con-
tinued to manifest q strong ahsorptive
power. There was nothing in the weeks
news to discourage the rise in the market
and the good news Of the week had little
bearing on the specific movement Of
prices. But speculative enthusiasm ran
prominent throughout, as is usual 10
great speculative movements
Amongst no weeks incidents. much at
tenfion was given to an address delivered
by a banking oficiai whose views were
regarded as representative OF those held
by n OF the most powerful group Of
capitalists In the country. The substance
OF this address has been a matter Of dis
cussion In the financial district for a week
or more. from certain reports tina had
gained circulation OF its optimistic char
acter. and much stress was laid upon the
conviction expressed by the speaker that
the country faced a prospect for tho next
ten years promising as great q growth
and expansion Of prosperity as that which
set In ten years ago. But speculative en-
thusiasm was slightly dashed by the ad-
monitory tone adopted towards the pres
ent conditions in the stock, market and
the asserted belief that the height 10
which prices OF stocks had at present at
tained was greater than was warranted
by any Development as yet in conditions.
which was rather hopeful for the future
thar actually restored to a high level of
prosperity.
Significance was attached also to the
warning contained In this address against
an assumption alleged to be current In
some banking quarters that modern con-
ditions had charged the old law of polit-
zeal economy. which mad banking with
cash reserves an unsafe process.
An impression along the same lines vas
caused by the assertion OF the Comp
troller Of the Currency in a public ad-
is that all national bank failures are due
to excessive .oans to one interest or group
OF interests. generally owned or con-
by the officers Of the bank itself.
CALL MONEY AT : PER CENT.
The dominant influence was caused by
the fact that one on call could be had
at , per cent or less. while time loans
running well into next rear were obtain |
able at 81. per cent. a condition Of h
money market not known in the month of
p 3sse0e The m st Hem return rSsK i for n the week ssa Of
the Imperial Bank OF Germany n the
In consequence Of foreign dis
relieved the apprehension that had
vance in the German banks discount rate
hat obstacles would be offered to the |
Of gold from abroad in case of !
by New 1Ork- Ralroad Of0ciaIS |
from all sections OF the country were
united In reporting a notable expansion
Of the movement OF merchandise OF all |
kinds, and a promise of an early rcsump- |
tfcn of the grain movement with the |
Of a new crop
pads for August and September was point |
ID out and the fact that the improvement
ras due to retreHchment tn operating ex-
,enses up to that point was onset by the
rise in gross earnings for the two
geeks Of October thus far reported.
An excited demand for pig iron. the
of large orders for railroad equip
nent and the export demand for
Upper pointed to the welfare OF the metal
Industries.
News of q less definite kind played a
,art in HI violent movements In special
focks. Ontario and Western was said to
ave passed to b control OF the New
fork and New Haven. The much-taiked-
4 merger of New York traction proper
ies Was reported to be achieved. A new
for Erie was supposed to repre-
emit important new interests in that prop
rty, Involving important plans for the
OF thai property. A dividend
or Reading was alleged to be determined
MARKET RIFE WITH RCNORS
or even greater influence were the daily
nd hourly rumors Of opening of specu-
alive campaigns in and another stock
weli-known operators. accompanied by
Ietailed assertions of the extent to which
me credence in such tips WAS fostered By
regularity with which some Of them
Tere accomplished. thus tucftiug the faith
{ skepticaI spectators who haye been
ystznders but attentive ohserYess Of the