The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-15
ADVANCE WAS
not AGGRESSIVE.
Lost Its Force When Prices Rose
Above Saturdays Level.
ST. PAUL STOCK SENSITIVE.
Fell one and Quarie. FONTS, and Later
Rose Two and Quarter, Closing Tn
Steady, bat With Top Prices fo-
Number OF Stocks.
lEy Associated Press.l

NEW YORK, Oct 14.-Efforts by large
speculative interests to sustain ana ad-
vance the stock market continued. in evil
dence to-day. 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 adj
vance lost its force. It was not agrees
SlTe at any time and was restricted to
lew stocks. notably ST Paul and the
faclhcS. The elimination OF a large por-
tion OF the short interest as a result of
the advance last week deprived the
market of an important element of
strength.
1t was evident that a. sustained advance
at this time would have to depend on the
efforts OF the larger financial powers.
These elements were supposed last week
to have embarked on campaign for the
advance owing to inside information of
plans to settle the Northern Pacific tam
gle, but apparently last weeks reports
founded premature. The suspicion has
gained force that the irreleyancy of those
supports was q nanIpulatlve measure
against the shorts or was designed to test
the possible effect upon speculation of the
annual announcement of some such meas
ure. The perception emerged that meas
ureS to finance the Northern Pacific set
tlement are the great object to be obtain
cd at present. rather than laroe Interior
projects of additional consultations.
The prevalent rEmor OF an assignment by
The financial powers of the control Of St.
Paul to Union Pacific. as compensation
for REIMBURSEMENT Of the control of
Northern Pacific to the Morgan-Hil in
terest. does not find great credence. Such
a settlement would not provide for the
naturalization of the Burlington system
as a competitor of Union Pacific. which
was the contention of Union Pacific
throughout the quarrel. Nevertheless. st.
Paul showed itself the most sensitive
stock In the market to-day. falling early
in the morning az below Saturday and
rising later to 2M above.
The rest of the market followed the
movement in ST. Paul. though over
lesser range throughout: In spite of fay
orable nterpretatio tons of Saturdays bank
statement. there IVES an uneaSneSs oil
the safety Of the money market fer the
rest season. The weak tone Of foreien
the same time it is TO be noted that the
rise in sterling exchange here has been
checked To-daES action by the Eank of
England in advancing the price of
American eagles even indicates some ap-
rreherson cf a future demand fer gold
sterling exchange for the purpose Of re-
payment of foreign borrowings come to.
an end and the beiated movement of cot
ton quickly follow. there can be little
doubt that exchange would fall to the
gold import point almost at once. The
over the railroads exercised some denross-
in- influence on the market. The closing
was unsteady. but at top prices Tor q
number Of stocks
There was d decrease in the demand for
railroad bonds. and the movement OF
value. S2.01a, Geo. United States bonds
were all unchanged on the last call
The total sales of stocks to-day were
51l.GGO shares.