The San Francisco call., 1904-10-18
New York stock Narket.

NEW YORK. Oct 1.-THE animation which
frew up In the speculation in the latter part
90 LAST week showed further Increase TO-DAY
From start % finish Of the Stock Exchange
there vac practically 20 cessation Of the active
business the floor which taxed the resources
for recording transactions at times and kept
the faculties o. the brokers at a tension
throughout the day. Large crowds were try
ING 70 90 business a. the posts where the
active stocks were dealt In While great
confusion was apparent all times the rec
ord OF the days results shows that the mar
he vas onoer intelligent direction and that
the largest operations were conducted accord
Ing 70 q fixed plan. The opportunities with
which the heavier buying and the strongest
advances occurred with the most important
selling AZ other points evidence OF the
sklllful leadership existing The days move
ulents. 20 that extent. had artificial chzrac-
ter But the speculative element in the
l1et has evidently lost much OF it's dread OF
his experienced leadership and artificial de-
vice IN the market which has been plain to
be- seen throughout the long advance which
preceded the present growing interest 1t is
seen there IS skillful conduct of the buying
and selling facilities. the digestion Of the sell
ing sno the advantage OF The buying even in
healthy and normal market The growth OF
the number u participants must be accepted
aE an index ~ the increase OF faith in the
health and the uaturalncss OF the present mar
kot. The dealings OF Monday are specially
relied upon 20 disclose the proportions Of any
new interest. owing 10 the natural tendency
new week. the amount of weekly reviews and
letters that 90 out OF Wall street from CON-
tionsl accumulation OF orders that result from
the two-asy interval over Sunday. Last weeks
bcoyant closing gave general hopes Of a large
increase u such new orders and the market
quickly demonstrated that the hope was not
CiEa pDClrtcd. fke selling out 20 take soect-
ialive profits che advantageous terms AZ
f1rccd By this new demand was equally a
matter OF course. The buying came from many
different quarters, and an Important propor-
ton OF IL came by cable. The most notable
buying and the greatest strength were !n
United states steel preferred and to a less
extent - tlle ctrnnlcn- IN Reading, Missouri
Plrifc anc Analga mated. and less effectively
iu pennsylvania and Erie. Next 20 these points
o. staength the NEST notable feature in the
market WAS The manner in which the selling
g. ta.lze profits held back and even depressed
Union Paciac, Southern Pacific and Rock
Island There was specific effect from the
new developments Of the day. except as they
offered nothing 70 disturb the confidence which
has reached the proportion o. enthusiasm with
the outburst or the speculative spirit
lioBey continued easy and heard
10 express fear that IL would not 90 30
ird shnitely. Railroad officials expressed them
selves Ia sanguire terms over the outlook for
traelo.-- sugar vas marked down and Copper
was marked Cp- Sterling exchange was Strong
and The Continental markets wcfe somewhat
diatuf bod By the RUSSIAN reverses. The profit
taking had is great effect IN the last hour
of ne market aud made its CLOSING consider
ably b63oW he lowest prices.