The San Francisco call., 1901-10-16
EASTERN MARKETS.
Ne1V York Stock Market.

NEW YORK, Oct. 15.-The movement of
prices in to-day's stock market lacked coher-
ency at all times. Opening weakness gave way
to a period of strength, which was met by
profit-taking, and the resulting reaction was
vigorously contested by aggressive manipula-
tion Of Pennsylvania. The whole market fin
ally gave way to a weakness and closed at a
level lower than yesterday, net losses reaching
a point over in some of the leading stocks.
The only aggressive force for rise in the mar
ket was what might be called the formal invi-
tation. issued by the arch-manipulator in the
street, TO the public to follow his leadership
glance toward Southern Pacific available
market leader. This invitation made its dp
pearance IN circular form yesterday, with an
appropriate demonstration IN the market 10
herald it. AS the author has been associated in
the Wall-street mind with the organized sup
port of the United States Steel stocks, those
stocks shared in yesterdays demonstration, but
the sequSnce to-day was less convincing. South
ern Pacific, indeed started off with a furry,
and st. Paul made a preliminary advance OF
IA Other stocks to respond were few and the
obvious fact that heavy realizing was going on
in the Pacific group of stocks and st. Paul
served still further to disincline the public 10
accept the invitation to speculate. A move
ment in Pennsylvania which developed later.
and which carried the stock up points, was
nominally based upon the heavy traffic move
ment over the company's lines, but the remem-
brance OF old associations OF the author of the
invitation referred to with market movements
of this stock aroused a suspicion of possible
connection on his part with the movement.
The buying was congested, but also the
selling, one brokerage house being credited
with sales of 10000 shares The last price of
the stock showed only fractional remnant of
the extreme advance. Last week S enthusiasm
over the alleged plan of a proprietary company
to hold control of Great Northern preferred,
Northern Pacific, Burlington and the release
OF large amounts of tied-up capital has n
tirely evaporated, the release of this capital
is seen TO be contingent upon the investing
public taking the minority portion of the pro-
Jected new company off the hands of the pro-
jectors. The renewed heavy demand for cur
rency from the cotton centers a disturb
ing factor in the late trading There were
transfers through the Sub-Treasury of $500, 600
to New Orleans and of $500, 600 to St Louis On
the other hand a rise in exchange at Chicago
to Ice premium marked the cessation of the
demand from that quarter. There were no pay
ments for bonds by the Sub-Treasury to-day
the belated settlement of that account having
apparently been completed, and the Government
institution has withdrawn 81, SOC, 600 from the
market since Friday. The downward tendency
in sterling exchange was checked and London
was seller of stocks in this market There
was somewhat feverish speculation in Anal
garnated Copper, which lifted the stock over a
point, then drove it down 3 points and left it
with net loss Of Y. Total sales. H. 100 shares
Railroad bonds were quite active and gener-
any hrm. Total sales, par value s., ZIG, co.,
United States bonds were alI unchanged on
the last call. W