The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-15
Was Not Aggressive at Any Time
and Was Restricted to a Few
Stocks, Notably St. Paul and
the PaCifiCs
EARLY WEAKNESS
WAS OVERCOME
But as the Level of Prices Rose
Over That of Saturday the Fol-
lowing of Those Who Sought to
Advance the Market Decreased
st. Paul Was the Leader

New York, oct. 14.-Efforts by large
speculative interests to sustain and ad-
vance the stock market continued in
evidence today. They succeeded in over
coming the early weakness, but as the
level of prices rose over that Of Satur-
day, their following decreased and the
advance lost it's force. 1t was not ag-
gressive at any time and was restrict
ed to a few stocks, notably st. Paul and
the Pacifics.
The elimination of a large proportion
of the short interest as a result of the
advance late last week deprived the
market of an important element Of
strength 1t was evident that a sus-
tanned advance at this time would
have to depend on the efforts of the
larger financial powers. These ele-
ments were supposed last week to have
embarked on a campaign for the ad-
vance owing to inside information of
plans to settle the Northern Pacific
tangle. But apparently, last week s
reports on that subject were not well
founded, or were at least premature.
The suspicion has gained force that the
circulation of those reports was a
manipulative measure against the
shorts or was designed to test the effect
upon, speculation on the actual an
m0uncements of some such measure.
The prevalent rumor of an assign
ment by the financial powers of the
control of St. Paul to Union Pacific as
compensation for a REIMBURSEMENT of
the control of Northern Pacific to the
MOrgan-Hill interests, does not find
great credence. Such a settlement
would not provide for the neutraliza-
ton of the Burlington system as a COM
petitor of Union Pacific, which was the
vital contention of Union Pacific
throughout the quarrel. Nevertheless,
St Paul showed itself the most sensi-
tive stock in the market today, falling
early in the day Ia below Saturday
and rising later to "a above. The rest
of the market followed the movement
in St. Paul, though over a lesser range
throughout.
In spite of favorable interpretations
of Saturdays bank statement, there is
some uneasiness persisting Of the safe
ty of the money market for the rest of
the season. The seemingly acute de-
mand for funds at Paris awakens con-
siderable surmise as TO the extent of
the demands TO be satisfied at that
centre. The prevailing ease of money
III 1LDlluJu II QGptlluGHA uppll lllt Id
amounts of French capital loaned in
that market and heavy Withdrawals
from London may have serious effects
The whole tone of foreign markets con-
tinues much depressed. At the same
time it is noted that the rise in sterling
exchange here has been checked.
Today's action by the Bank of Eng
land in advancing the price of Ameri-
can eagles even indicates some appre-
hension of a future demand for gold
from New York. The notable decline
in the movement Of grain over the rail
roads exercised some depressing influ-
ence on the market The closing was
unsteady but at top prices for num-
Der of stocks.
There was a decrease in the demand
for railroad bonds and the movement
of prices was irregular. Total sales
par value $2,000000.
United States bonds were all I'M
changed on the last call.