The San Francisco call., 1904-10-09
STOCK MARKET
CLOSES STRONG
Prices Waver Until Appear
ance of Bank Statement,
After Which They Advance
REVIEWS ARE CHEERFUL
Many RumOrs That Recently
Disturbed the Dealers
Pass Out of Consideration

NEW YORK, Oct S.-The stock mar
ket made a strong demonstration TO
close the week and dissipated the re-
dictionary appearance which had fol-
lowed the weeks opening strength.
The features to-day We're United
states Steel preferred and the South
westerns The movement in the for
mer was apparently in connection with
the saneuine forecasts by persons hav-
ing Official connection with the trade.
Ihe rise in the Southwesterns was at
tr1buted to the increasing estimates of
the corn and cotton yields, which find
currency in financial circles. Union
Pacl11c's showing of net earnings for
August was helpful to that stock.
The market was sluggish and rather
irregular until the appearance of the
bank statement in apprehension of
what its effect would be, and prices
wavered about the time it appeared,
but the final dealings brought active
buying and the market closed strong
and active
Revised estimates were in circulation
this morning, which prepared senti-
iiANiAt ANl Tic nSdNlGi uCNllllC III NdS.l
reserves than was indicated by the
known movements of currency. Tho
Increase in loans, although small.
served to discountenance the view OF
heavy market liquidation during the
week. The enormous credit balances
of more than SIT, 600, 900 at the Clearing
house of one of the great banks re-
awakened the surmises of great trans
actions among the controlling interests
in the railroad field.
REVIEWS ARE CHEERFUL.
The weekly mercantile reviews were
cheerful to a degree that went far to
corroborate the growing belief in sub
stantial business revival, and the ex-
pansion of the weeks bank clearings
the country over was additional evil
dence for this view. The reduction in
surplus reserves to 12,636. 800 brings
that item below that for the corre-
spending period last year for the first
time this season, the figure for last
year having been $16,577 ,125.
Total sales of bonds, par value ST.
775,0
Speculative excitement has been
largely in evidence during the week
and violent price movements have re
suited from the curious activity of the
trading. With the progress of the
week it became clearer that a very
large distribution of speculative hold
ings had been achieved, and the re-
dictionary tendency awakened sus-
picions that the powerful operators
who had been churning up the market
in the course of their campaign, had
disposed of large holdings and secured
their profits. Such being the case, the
efforts TO stimulate a further advance
in prices might be expected to be dis
continued, and it was even feared that
the forces which had made for the rise
might turn their efforts toward the
side of reaction and seek a profit on
the short side as we'll as secure an op-
portunity to get back their holdings
at a lower price level. The suspicious
attitude of a large element among the
professional operators was aggravated
by the lack of confirmation of most of
the rumors which put prices up.
RUMORS AROUSE DISTRUST.
An advance in prices is likely to be
well held until the knowledge becomes
pupHc property, Wnen some selling 10
take profits usually causes a reaction.
Many of the rumors recently prevalent
have passed out of consideration with
out any confirmation, and the extrav-
agant character of many of these ru-
mors has served to arouse distrust
Those of the past week have continued
to deal principally with the transcon-
tinental railroad situation and have
pointed to workout of a comparative
harmonization of control by a settle
ment of the Northern Securities con-
test st. Paul was the center of the
excitement from the opening on Mon