The daily morning journal and courier., 1905-10-25
gt1ranctaL.
TEsTERDAT's STOCK MARKEE
Conclusive Evidence of Wholly Profess
 sional Character of Upward MOve-

Conclusive Evidence Of Wholly FFofeS-
 sional Character of Upward MOve-
 iment. .s.
 New York, Oct. A.-Pro5ahly the chief importance to be atta ched to to- days stock market is the !igll- it throws upon the preceding markets. The, days reaction with entire lack of any change in news made pretty con- elusive evidence of the wholly profcs- sionaI character of the up ward move ment. The demand for stocks in the loan department of the stock exchange was not more than nominal to-day, in- dicating the large reduction ill the out standing short interest. The conclu- sion was accepted as reasonable there fore that yesterday'sI million share market was due to the coIloil:ej ef. fects of the retreat of sL considerable short interest and to the taking of profits by the party of professional speculators which had conducted the operations for the advance. A small increment of outside demand attract ed by the spurt in pric css facilitated the movement to take profits. The joint effect was an extensive closing up of outstanding speculative con- tracts so that the market of to-day was left clear for new ventures. The hesitating disposition as to the direc- ton to be taken by the new commit ments was responsible for the Waver- ing of prices, and the shrinkae in the Volumge of business. The check to the advance in view If the further easing of the monay rate was dis. appointment to that speculative senti- ment which has held the conviction firmly that money string aIcy which was the only thing that would restrain a rise in prices of stocks as result of the great activity and prosperity in all branches of business affairs. The fact that yesterdays early advances had carried the average level of prices to the highest of the year, and, in fact, to the highest record prices as & whole, was a subject of comment, and doubtless an occasion for pause. The low grade of some of the secur- ities which were being rushed forward into prominence was also a subject for grave questioning. The results of the profit taking to-day in some of the re- gently revived stocks was fairly ludic- rous. An example ill Standard Rope and Irvine, for which a sudden demand yesterday carried the price up to $2 share on par value of s100. On a movement to take profits to-day the shares fell to $1.
 Selling for London account was quite a factor in the days weakness, and the approach of a stock exchange settle ment there was held to explain the selling.
 There were small changes in the money market. The special points of strength in to-day's stock market were without explanation and were believed to be attributable to operators tactics for the purpose of sustaining the mar ket against the realizing in progress. The hard and soft coalers were the conspicuous examples of such stocks. Their sustaining influence was effect i've in limiting the decline and restor- ing some part of the losses. The mar ket closed heavy.
 Bonds were firm. Total sales, par value, s, ,555,000.
 United States bonds were all un- changed on call.
 NEW FORK STOCK MARKET. Opening, Highess, Lowest Quotations
 On the New York Stock Exchanga reported by Prince & Whitely. Bankers and Brokers. 52 Broadway. New. York and 15 Center street, New Haven. Conn.
 &4vs>. Open. High. Low. Closa