The Savannah morning news., 1901-10-16
STOCKS AND BONDS.
Market Yields to Weakness and
Closes Lower.

CtOscs Lower.
New York, Oct. 15.-The movement
in prices in to-day's stock market
lacked clearness and coherency at all
times. Opening weakness gave way to
a period of strength which was met by
profit taking, and the resulting reac-
ton was vigorously contested by ag-
gressive manipulation of Pennsylvania.
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 a rise
in the market was what might be
called the formal invitation, issued by
the arch-manipulator in the street to
the public to follow his leadership in
speculation for the rise, with sug-
gestive glance towards Southern Pa
ciffc as an available market leader.
This invitation made it's appearance in
circular form yesterday with an appro-
pirate demonstration in the market to
herald it. AS the author has been as
ISOLATED 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 a prelim-
mary advance of IA. 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 Pennsyl-
vania which developed later and car
ried that stock up 2 points, was NOM
inally based upon the heavy traffic
movement over the companys lines,
but the remembrance of old associa-
tions of the author of the invitation
referred to with market movements of
this stock aroused a suspicion of a pos
sible connection on his part with the
movement. The buying was congested,
but so also was the selling, one broker
/ age house being credited with sales of
/ 10000 shares. The last price of the
stock showed only fraction of the ex-
IRENE advance. Last weeks enthusiasm
over the alleged plan of a proprietary
company to hold control of Great
Northern preferred, Northern Pacific
and Burlington. and to release large
amounts of tied up capital was en-
tirely evaporated, as the release of this
capital is seen to be contingent upon
the investing public taking the minor
ity portion of the stock of the projected
new company off the hands of the pro-
jectors.
The renewed heavy demand for cur
rency from the cotton centers was a
disturbing factor in the trading late
in the day. There were transfers
through the sub-treasury of $4,000 to
New Orleans and of $500, 900 to st.
Louis. On the other hand, an advance
A.
premium marked the cessation of the
demand from that quarter. There were
no payments for bonds by the sub
treasury to-day, the be1ated settlement
of that account having apparently COM
pleted, and the government institution
having withdrawn 100000 from the
market since Friday. The downward
tendency in sterling exchange was
checked and London was a seller of
stocks in this market. There was a
somewhat feverish speculation in
Amalgamated Copper, which lifted the
stock over a point then drove it down
8 points and left 1t with a net loss of II.
Railroad bonds were quite active and
generally firm. Total sales, par value,
81, III, 900. United States bonds were
all unchanged on the last call.
Total sales of stocks to-day were
III 900 shares, including: Atchison, IT,
300: do preferred, 800; Baltimore and
Ohio. $500: Erie, 72,7O0; Metropolitan,
1920; Missouri Pacific, 14.10o; Norfolk
and Western, 5.400: New York Central,
1920; Pennsylvania, $4,000: ST. Paul,
$4,000; Southern Pacific. $1,000; Union
Pacific $500; Wabash preferred. $500;
Amalgamated Copper, $4,000: Brooklyn
Rapid Transit, $500; Glucose Sugar, s.
200; Pacific Mail 500; Sugar, 1880;
United States Steel, q, 900; do preferred,
10,145.