The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-10-16
Ttnancial
THE SIOCK MARK EFT.

Closes at Level Lnwer Than Monday,
New York, Oct 15,-The movement of
prices in to-day's stock market lacked
clearness and coherency at all times.
Opening 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. But the
whole market finally gave way to
weakness and closed at a level lower
than yesterday, net losses reaching a
point or over in some Of the leading
prominent stocks, The only aggressive
force for rise in the market was what
might be called the formal invitation
issued by the arch manipulation in the
street to the public to follow his lead
ership in speculation for the rise, with
a suggestive glance towards Southern
Pacific as an available market leader.
This invitation made It's appearance in
circular form yesterday, with an APP
propriate demonstration in the market
to herald it. AS the author has baen
associated in the Wall street mind with
the organized support of the United
States Steel stocks those stocks shared
in yesterdays demonstration. But the
sequence to-day was less convincing.
Southern Pacific indeed, started off
with a furry, and st. Paul made pre-
liminary advance of IN. 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 to accept the invitation to
speculate.
A movement in Pennsylvania which
developed later and which carried the
stock up 2 points was nominally based
upon the heavy traffic movement over
the company's lines. But the remem-
brance of old associations with market
movements Of this stock Of the author
of the invitation referred to aroused
suspicion OF a possible connection on
his part with the movement. The buy
ing was congested, but so also was the
selling, one brokerage house being cred
tied with sales of 10000 shares. The
last price of the stock showed only a
fractional remnant of the extreme adj
vance.
Last weeks enthusiasm over the al
u.
hold control Of Great Northern prefer
red, Northern Pacific and Burlington
and ito release large amounts Of tied
up capital has entirely evaporated as
the release of this capital Is seen to be
contingent upon the investing public
taking the minority portion of the stock
of the projected new company off the
hands of the projectors.
The renewed heavy demand for cur
rency from the cotton centers was n
disturbing factor in the late trading. |
There were transfers through the sub
treasury Of 100000 to New Orleans and |
of $500, 900 to st. Louis. On the other
hand, rise in exchange at Chicago to
10 cents premium marked the cessation |
of the demand from that quarter. There |
were no payments for bonds by the |
sub-treasury to- day the belated settle |
ment of that account having apparent
ly been completed and the government |
institution has withdrawn $780, 900 |
from the market since Friday. The
downward tendency in sterling ex-
change was checked and London was a
seller of stocks in this market. There
was a. somewhat feverish speculation in |
Copper, which lifted the
stock over a point, then drove it down
8 points and left it with a net loss Of
per cent.
Railroad bonds were quite active and
firm. Total sales par value
81, 10, 900.
United States bonds were unchanged
on the last call.