Evening star., 1901-10-24
Stocks We're Irregular, With Strong
Bearish Tendency.
INDUSTRIAL LIST QUITE WEAK
Due to a Decision Of the Illinois
Supreme Court.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK, October 24.-Early trading
In today's stock market reflected a rather
liberal supply of selling orders from out
of-town sources. The stocks which had
been advanced most In yesterdays market
were freely sold to take profits. and prices
ran on about I per cent in Union Pacific
st. Paul, Missouri Pacific, Sugar and
Amalgamated Copper. The selling In the
two issues last named forced even a
greater decline later in the day.
While reactionary tendency was dis
closed In the stocks named It soon became
evident that the leaders OF the recent ad-
vance were making the coal stocks strong
as cloak for profit-taking elsewhere. Erie,
Reading, Delaware and Hudson and Lscks-
wanna, especially the higher-priced roads.
made sharp gains under a limited volume OF
business. The room adhered strongly to
the belief that a considerable demonstra-
tion is to be made in this group.
In the present skeptical condition OF the
street there is a tendency to construe every
advance as part of a plan of manipulation
TO facilitate the marketing OF long stock
There have been some few incidents during
the week which have had a tendency 20
overthrow this view of the situation. Union
Pacific, Tor example. was sold literally at
one time by houses which had previously
been active in the opposite direction, and q
new short interest was created In conse-
quence
After selling down ! per cent a new de-
mand was encountered and the movement
seemed to have some subs tance to Il beyond
the mere whims of a manipulative interest
There was no question about the heavy
realizfng, but there was an equally positive
reflection of demand on a scale down
In Chicago and Great Western there was
a sudden rush Of buying orders, sent in by
the pool, but long stock came out at the
advance.
This selling was not eouaI n ovar,hroyv
ing all of the gain and neither did it dis
pose of the possibility that the road would
De bought out as the only means OF pre-
venting rate cutting in the grain country
An advance in Colorado Fuel and iron in
the face of weakness in the Steel stocks
was put down to manipulation based solely
on an effort to market the minority hold
ings of the Gates party.
An attempt TO get control of the property
by the Interest named is said to have failed
and now market for their holdings is
pelng made. The time is hardly ripe for
forcing this property into the trust on
terms profitable to either
The market for the high-prIced invest
ment shares and the recent inquiry for
bonds are features Of announcement but
II is hardly the time for any sustained
advance In the general market.
The money situation is by no means clear
and one day of ease gives way to a restrict
ed supply of money the next. The financing
of the Philadelphia coal transaction NAV
take a considerable sum OF money to that
city and curtail the resources of the local
banks to some extent. IL is too early to
predict the changes I'm the bank statement
but the prospect is not reassuring
The heaviness of the industrials was a
feature today, the selling of Peoples Gas
on an unfavorable tax decision leading nm
to mixed selling elsewhere. The Traction
stocks were strong and weak by turns un-
der demand In which the professional ele-
ment was conspicuous. The net charge.
for the day were irregular and sentiment
at the close was badly mixed