The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-22
STOCK MARKET GOSSIP
A Manipulated Boom Attracting
the Public.
Fa7iacy of the Contention That This
Machfne-M Made Advance Reflects
Wall Street Confidence in Repub-
lfcan Success Possibility of a
slump During the Week.

NEW YORK. Oct. 21.-1t is possible that
there will be material setback in prices
in the stock market this week or next
but not probable. The people that en-
gineered the boom of the past week did
it for its political effect. and this would
be destroyed if q relapse should occur.
All the machinery which the controi!-
Ing interests in financial ard speculative
affairs could possibly Use has been set
in operation to bring about the higher
level of prices in the stock market.
Manipulation of the most pronounced kind
has been in evidence ever since the mar
Ect turned and began to climb upward
This in itself is not an unfarorable con-
diticn, as positive turn either upward or
downward in securities is always started
by manipulation. The public generally
buy stocks after they have reached fairly
high attitudes. and then if the outsiders
are eager enough, the mass of small or
ders afterward placed carries quotations
still higher enabling the insiders to sell
out with profit. In the present instance
the public has begun TO buy because the
public has been waiting for an upward
movement, knowing that intrinsic condl-
tions warrant bull market. The mauip-
in position to buy again if need be to
hold prices strong until the election.
1t is interesting to note that the Re-
publican newspapers are pointing with
pride at the bull movement as an indica-
tion of confidence in the election OF Nc
Kiniey. This is interesting, but not sur
prising. or what use is a manipulated
boom to hc,o Mckinley il it cannot be
pointed at Nh pride as spontaneous
III :n 1,,-
The New York Tribunes financial
page yesterday contained half column
arguing that The advance shows general
belief in Wall Street that the Republicans
will be successful in the election. The
Herald today quotes the entire article.
This half column quotes the Wall Street
'.axiom" that wall Street is the finan-
cial barometer of the nation 1t is prob
able that in all the dreary list of old
SAWS there is not one which contains less
truth and more ultruth. The stock mar
ket over periods of months and years
does reflect in measure the prosperity
CT the country and its hard times, but the
minor movements of prices more often
than not are directly at variance with
intrinsic conditions. The reason Of this
is manipulation. Just such manipulation
as started the present upward movement.
The manipulative work that has been
done has been cleverly done. The adroit-
ness of James R. Keene. the forcefulness
of John u. Gates. the smoothness of
Jcccb Field, have been in evidence con-
tinually. In a market rather narrow, ex-
cept for their own operations and the
transactions Of the followers, the trio
have been abe to accomplish much in the
way of lifting quotations. In all but in
eucing general public interest in the
market. they have been successful. So
far the public has bought hut has not
bought heavily. The coming week will
determine if 1t will do SO.