The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-10-16
Profit Taking Was Induced by
Period of Strength and ReaC-
ton Thus Caused Was in Turn
Sharply Contested
MANIPULATION WAS
PART OF PROCEEDINGS
The Result Was Weakness With
Marked Losses in Some of the
Prominent Stocks = Demand
for Currency to Move Cotton
Was a Factor

New York, Oct. 1.-THE movement Of
prices in todaY's stock market lacked
clearress and coherency at all times.
Opening weakness gave way to a pc
Rod of strength which was met by pro-
fit taking. and the resulting reaction
was vigorously contested by agrees
sive manipulation Of Pennsylvania. But
the whole market finally gave way to
weakness and closed at a level lower
than yesterday, net losses reaching q
point or over in some Of the leading
prominent stocks.
The only aggressive force for a rise
in the market was what might be cal
led the formal invitation, issued by the
arch-manipulator in the street to the
public to follow his leadership In a
speculation for the rise, with a sugges-
tive glance towards Southern Pacific
as an available market leader. This
invitation made its appearance in cir
cular 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 today was less convincing.
Eouthern Pacific indeed started off
with a furry, and st. Paul made pre-
Hminary 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 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 to the author
Of the invitation referred TO aroused a
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
legged plan Of a proprietary company to
hold control of Great Northern pre-
ferred, Northern Pacific and Burlington
and Ito release large amounts Of tied
up capitaP has entirely evaporated
d. lHt IEltdee OF THIS CaplIdI IS seen 10
be contingent upon the investing pub
lie 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 cotton centres was a dis
turbing 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 a rise in exchange at Chicago to
10c marked the cessation Of the demand
from that quarter, There We're no pay
ments for bonds by the sub-treasury
today. the belated settlement Of that
account having apparently been COM
pleted and the government institution
has withdrawn 1850, 900 from the mar
ket since Friday. The downward ten
dency in sterling exchange was checked
and London was a seller Of stocks in
this market. There was somewhat
feverish speculation in Amalgamated
Copper which lifted the stock over a
point then dropped it down points and
left it with a net loss of IL
Railroad bonds were quite active and
generally firm. Total sales par value
s27l6,o00. L. S. Bonds were all un-
changed on the last call.