The age-herald., 1900-12-18
ILLUMINATION OF
 BULL MOVEMENT Indications Point to Transfer to
 Bear Element MANIPULATION MANIFEST "A Condition That Invariably Presents Itself at the Pinacle of a Bull campaign-The Profession
 al Element in Control.
MANIPULATION MANIFEST

New York, Dec 1.-The surface indica- tions in today's stock market all go to show that stocks were in very active course ol transfer from the hands of strong to those of weak holders. The continuation of a rise invariably presents this condition, but it is a condition which also occurs at intervals in every long sustained upward noVe gent. The conservative element, after St eins ] certain profit assured, make it ha1iti seG and .ake a profit without re- gard ths prospect of further advance. TT ! s4ght of influence then passes to the bear party and the upward course is not re- newed un>.l they have exhausted their best efforts to push the reaction to culmina- tion. What was evident today was that powerful skillful manipulation was at work to make the opening prices as high as pos sib.e to meet the flood of outside buying orders which was certain to come into the market after last weeks events. After the enormous realization was in evidence early ill the day various attempts were made to hold up the market by marking up the price of various individuals. As the fact became more and more evident that the sustaining force of these individual movements was taken advantage of to continue the unload IllS Ol HtdNy lhlSS O1-lOhS SlOSh3 hlAS PlO- festsonal element on the exchange turned to the bear side. They were successful in forcing a successful reaction, much re- ducing the gains that had been largest, and completely wiping out large number of those that had only reached moderate pro- portions. Manipulation developed at the close again to rally the market by bidding up Northern Pacific to 7S1s, a record price. The shorts were buying to cover elsewhere, so that the closing was generally steady, with the further course of the market very unsettled and doubtful Today's animated outburst of outside speculation was the log ical consequence of last weeks events. The palpabe fact that large banking and finan- cial interests were taking enormous lines of various stocks and the developments of the week, pointing to far-reaching plans and the improvement of values, was off, set for a time by the apparently dangerous condition of the money market, but the showing in the Saturdays bank statement led to the conclusion that extraordinary measures were being taken by powerful in- terests to conserve the ease of the money market against the natural drain on its re- sources.
 a Bonds were not so active as stocks and the movement of prices was irregular. Total sales, par value, $5,360000 United States 3s registered declined "A; the 2's advanced as, and the 3's coupon, A per cent. on the last call.
 ' New York, December 1.-Money on call steady 4@6 per cent; last loan, per cent; prime paper, 42i@51a per cent; sterling ex- change weak with actual business in bank ers' bills at 4S4A for demand and 4SOs@- 4S0h for 60 days; posted rates, 4S1Q4S11z and 4S5Q4S5h; commercial bills, 4SO@4S0h. Silver certificates, 64q65 bar silver, 64; Mexican dollars, 5OA. Government bonds Irregular; State steady; railroad irregular.
 
 New York Stock Market.
 [ By Private Wire to Murphy 6 Col