The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-10-16
SHARE MARKET is LOWER
EARLY MANIPULATION FOR RISE
SPEEDILY OVERCOME.
Pennsylvania and Southern Pacific
the Market Leaders-MOnetary
Conditions Unsatisfactory.

NEW YORK, Oct. 1.-THE movement Of
prices in to-day's stock market lacked
clearness and coherency at all times. Open
ing weakness gave way to period OF
strength which was met by profit taking
and the resulting reaction was vigorously
contested by aggressive manipulation of
Pennsylvania. The whole market finally
gave way 10 wea kness and closed at G
level lower than yesterday, net losses
reaching a point or over in some of the
leading prominent stocks. The only ag-
gressive force for rise in the market
was what might be called the formal in
vitation issued by the archmanipulator
in the street TO the public TO follow his
leadership in a speculation for the rise,
with suggestive glance towards Southern
Pacific as an available market leader. This
invitation made its appearance in irregular
form with an appropriate demonstration in
the market to herald it. AS the author has
been associated in the Wall-street mind
with the organized support of the United
States Steel stocks, those stocks shared in
yesterdays demonstration, but the Sc
quence to-day was less convincing. South
ern Pacific indeed started off with a furry,
and St. Paul adopted preliminary advance
of IA. Other stocks to respond We're few,
and the obvious fact that heavy realizing
was going on in the Pacific group of stocks
and st. Paul served still further to disin-
cline the public to accept the invitation to
speculate. y movement in Pennsylvania
which developed later and which carried the
stock up two points, was nominally due to
traffic movement over the company's lines
but the remembrance of old associations of
the author of the invitation referred TO,
with market movements of this stock,
aroused suspicion of possible cOnnec-
ton on his part with the movement. The
buying was COngested but so also was the
selling, one brokerage house being credited
with sales of 10000 shares. The last price
of the stock showed only a fractional rem
nant of the extreme advance. Last week s
proprietary company to hold control of
Great Northern preferred, Northern Pa
cific and Burlington and ito release large
amounts OF tied-up capital" has entirely
eVaporated, as has the release of this capt.
tai is seen to be contingent upon the in
vesting public taking the minority portion
of the stock Of the projected new COM
pany off the hands Of the projectors. The
renewed heavy demand for currency from
the cotton centerS was a disturbing factor
IN the late trading. On the other hand a
rise in exchange at Chicago TO lOc premium
marked the cessation of the demand from
that quarter. There were no payments for
| bonds by the subtreasury to-day, the be-
lated settlement Of that account has APP
parently been completed and the govern
ment institution has withdrawn 81, 800 go
from the market since Friday.
Railroad bonds were active and generally
firm. Total sales, at par value, were 81
10000. United States bonds were all I'M
changed the last call.
Following the days share sales and
the recorded nTipp chances