The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-10-17
Financial.
TIE STOCK MARKET.
illumination of Short Interest-A Heavy
Close.

| Close.
! New York, Oct 1.-THE stock market
TODAY demonstrated convincingly now
large a short interest had been eliminat-
edinthe course of yesterdays wholesale
demand for stocks and the supporting
influence of this element deprived the
bull pools Of a very effectual source OF
strength. The campaign for the rise
was by no means abandoned ON the
contrary very powerful and resourcetul
efforts were made towards continuing
the upward movement of prices Inc
notable baying of the day was in Union
Pacific in which thousand share lots
were frequently recorded on the tape.
RI was the advance in prices that
brought out these offerings, and they
were confidently absorbed by the brok-
ers having the advance In charge On
the FREQUENT reactions the volume of
dealings, both in this stock and in
others which were manipulated for
rise, fell away notably, leading to re-
current periods during the day. Nor
folk and Western gave most conspicu-
GUS evidence of concerted efforts for
/
movements by the bull party did not
become prominent until after very large
selling to realize had been accomplish
ed The greater part of the first hour
was given up to activity. and some
what WaVering upward movement,
marking the feeling of the outside de-
mand by those who had accumulated
stocks at the lower level. The taking of
profits during this period must have
been on a very large scale. The subse-
quent efforts to resume the advance
met with a number of drawbacks and
| the heavy undertone of the market
gained force as the day progressed The
closing was distinctly heavy with
prices below the best and net losses in
| some important stocks while the strik-
ing net gain were confined to compare
lively few cases. Partly as a cause
and partly as an effect, there was
recurrence of some of the depressing
sentiments regarding the speculative
future, which have long overhung the
market The fact emerged with some
clearness that the large short interest
which was driven to cover yesterday
had been actuated to take the bear side
by drawing an analogy with the CORE
spending period In the last presidential
campaign, when the stock market was
violently disturbed and rapidly declin-
| ing The sudden Frightening IN the
money outlook by reason of Saturdays
bank statement and the gold import
movement gave the bufls an opportuni-
ty for q swift turn against their oppo-
nents. There was some positive weak
ness in People Gas, a result of the
proposition for municipal control of the
selling price of the product, and some of
, the steel sticks gave evidence of depres-
sion. There were recessions in the an
| thraelte coalers on the delay in the
strike settlement. These and other like
minor considerations would have been
| ineffective in Yesterdays rush to buy.
But in the pause to-day they had added
influence. One large engagement of
gold for import was announced but
there Is a striking falling off in the
number of cotton bills Offering in the
exchange market, which promises to re-
duce the accommodating credits from for
eign cotton buyers The violent reac-
ton in the price of cotton has checked
the export demand, pending more set
tied conditions in the trade But while
this has diminished the cotton bills of
exchange, there is correspondent fall
ing off in the recent large demands
from the south for money Money
market conditions in New York remain
ed unchanged to-day, but there was
some renewal Of an apprehension that
later money stringency might not be
entirely avoided
The bond market showed a continu
ance of yesterdays improved conditions
prices generally advancing on an en-
larged demand. Total sales par value
S2,170,000
United States refundng Is when is
sued and the old As advanced "A per
cent. on the last call
NEW YORK STOCK Market.
opening, Highest, Lowest Quotations
hn Now U,Ya