The San Francisco call., 1904-10-02
STOCKS MAKE
GOOD SHOWING
Increased Vitality Notice
able on Wall Street at
the Close of the Week
IN TRADING

NEW YORK, Oct. 1.-The stock
market gave another striking demon
stration of it's absorptive power to-day.
The movement of prices was rather
commonplace, but the volume Of
transactions and the wide distribu-
ton of business throughout the mar
ket gave evidence of a vitality greater
than at any time during the week.
The appearance of the unfavorable
bank statement was the signal for an
outburst of violent activity and COM
prehensive advance in prices.
The loss in cash was not so great
as foreshadowed by the weeks outgo,
but the loan expansion kept UP the
deposit item and the reserve require
ments so that the level of the surplus
declined some $6,659,10o. But ster-
ling exchange was weak again and an
inward movement of gold at an early
date seems highly probable. The grow
ing ease of the London money mar
ket Will add to this probability. United
States steel preferred was again the
feature Of the market, and the plac-
ing of bets that the price would cross
that Of the second mortgage bonds
was evidently intended to convey the
impression that the conversion of pre-
ferred stock into these bonds was in
course of resumption.
Another jump in Northern Securi-
ties on the curb also kept alive the
impression that a settlement of the
conflict among leading interests in that
company was being made. Profit TAX
ing was in evidence at various times,
but the demand was sufficient to alb
sorb it readily. Growing confidence in
the eneralindustrial and business out
look played its part in the broadening
and strengthening market. The total
sales of bonds, par value, reached
$2,080, 900.
A broad and active market has pre-
vailed this week. The price movement
has been irregular and at times re-
dictionary, giving an impression of a
settling of the level of values to a
lower average. A closer analysis,
however, reveals that prices are rather
higher, if anything, than at the close
of last week. There has been a very
large volume Of sales to realize profits,
and the evidence of the little damage
to prices which has resulted, is accept
absorptive power and the underlying
strength of the market This result
has not been attained without skillful
maneuvering and manipulation by ex-
perienced operators and the employ
ment of lavish means. The rotation of
the supporting tactics from one set
of influential stocks to another has
left few important groups unaffected,
hut in orfa in,
large volume has gone hand-in-hand
with the lifting in another.
The market has been comparatively
free from disturbing factors in the way
of news, and the strength has had the
help Of a continuous stream Of rumors
more or less plausible, but which have
been conspicuously lacking in confirm
alton. The most persistent of these
rumors have had to do with the great
transcontinental group of railroads.
There were numerous rumors of a
compromise agreed upon by the op-
posing interests in the Northern Sc
curities Company, which would allow
an immediate distribution of the as
sets of the company.
The poor showing Of net earnings
for August of the Atcheson and frank
avowal of the annual report of the
need for large additional capital is
sues for the extension of the system
weighed on that stock.
Bonds have moved irregularly in
sympathy with stocks. United States
rs. the IS and the old is have ad-
vanced Is, and the new As have de-
clined A per cent on call since last
week.
READ OCTOBER SUNSET MAGAZINE and