The San Francisco call., 1904-10-30
STOCK MARKET
REANIMATED
Clearing of European War
Cloud Puts New Life Into
Wall Street Speculation
BIG ADVANCE IN PRICES
All Effects of Threatened
Anglo Russian Collision
Are Entirely 0bliterated

aIc EUl1rtlg ODlltefdIcu
NEW YORK. Oct 2s.-With the ef-
fective clearing up of the threatened
international complications abroad, the
speculation in stocks here broke into
renewed animation to-day, and the
rise in prices was renewed with as
much animation and assurance as with
the opening Of the week. There was
no indication that such a thing as an
! Anglo Russian war had ever threaten
ed, and the final prices to-day were
In some conspicuous cases the highest
OF the week and of the year. The ad-
vance was even more comprehensive
and more evenly distributed than in the
market of the earlier part of the week.
Such weakness as was shown was due
II specific causes except for the sud
oen losses Of its gain by st. Paul in
the final dealings, which made the
close slightly irregular and gave the
market an appearance OF action be-
tween contending fFcces TO determine
the closing tone. TIE determined sup
Port Of the forces behind the market
generally prevailed, however, and the
closing was very animated. OF the
weak spots in the market, that Of On
tario and Western was due TO the
doubt thrown upon the earlier con-
viction that equal terms were TO be
offered TO majority and minority hold
ers in the purchase Of control. The
break in Metropolitan Street Railway
and in Metropolitan Securities was
quite clearly speculation on the pos
sfble future effects of the newly open
ed subway on the local transit traffic.
Amalgamated Copper, Sugar, Union
Pacific, Rock Island, Erie and South
ern Railway we're conspicuous fea-
lures, but the strength was so general
as TO leave no room for detailed speci-
hcatiOn here. The bank statement
showed the expected small change in
cash, but the increase in deposits
through the loan expansion depressed
the surplus level.
FOREIGN EXCHANGE.
The tone Of the foreign exchange
market was slightly easier, but further
exports OF gold next week are general
ly expected Total sales Of bonds, par
value. s5.275, Geo.
Speculation in stocks this week has
approached the high record level of
activity at times. and with a number
Of conflicting factors in force the mar
ket has been Of tumultuous charac-
ter. On the one hand have been numer-
aus ruinOrs Of railroad deals and on
the other alarming effect of the
Anglo-Isussian crisis. straining the re-
lauons between Russia and Great Brit
ain by the firing upon Of the Hull fish
ing feet by the Russian men-of-war.
The latter factor. coming upon an
extended speculative situation, caused
an effect in the New York stock market
more acute than in other markets much
more vitality concerned in the outcome,
but tsse weeks results on prices are
mixed both by reason of remnants of
the earlier strength in the market and
Of recoveries after the Anglo Russian
crisis had passed. The furious specula-
ton has centered in IF7ion Pacific, deal
ings inekhat stock rising above 200 900
shares on three separate days and to
500, 900 shares on Tuesday. The weeks
sales of this stock on the Stock Ex-
change have been considerably over l.
O00. 600 shares or as much as the total
outstanding common stock Of the COM
pany, which numbers 1.OS7, ,729 shares
No one supposed that the control has
passed, the same stocks changing
hands many times in the course of the
week. The strong side Of the week has
offered great opportunities for traders,
and this constant changing of holdings
has been a feature Of the trading.
MANY SHARES HANDLED.
Individuals and firms are credited
with handling as high as 100000 shares
Of various stocks during a day. Given
from each other, each time at an ad-
vance in prices, it will be seen that a
constant succession Of speculative
profits are indicated. but with the profit
on the whole dependent on the success
Of the final holder in distributing his
holdings above his purchase price. Sus-
picion Of enormous transactions OF this
kind was the cause Of the tenderness
Of the market and the precipitate un-
loading OF stocks in the rush to save
profits or to prevent heavy losses when
prices turned downward. The dimen-
eiOns OF the market are indicated by
comparison with the record dealings
for the week ending Saturday, May 4,
1901, which was the week Of the COM
petitive buying Of the transcontinentaI
railroad stocks which led UP to the
Northern Pacific corner and the panic
OF May OF that year. Aggregate sales
OF stocks at the Stock Exchange in the
week footed up 1855. 200 shares For the
week ending to-day the aggregate sales
have been $685., 800 shares Union Pa
cifc's prominence this week has been
due TO the supDosition that a plan of
settlement Of the long-projected conf
munity OF interest in the transconti-
dc wa heir