The Detroit times., 1908-08-22
MANIPULATE ION At
OPENING Is
WILD
EXCITED COVERING STARTS
WITH ROCK ISLAND, N. Y. CEN
TRIAL AND ERIE STOCKS AS
LEADERS.
sy 7. c. sAoTwELL.


NEW YORK Aug. % Wild nanip-
ulatioE Was seen at the opening OF
the stock market today and excited
covering was started with Rock Isl
aud New York Central and the Erie
stocks as the leaders. Amalgamated
was moved up in the first few min
ujes from 20 "a 10 20 In ten min
LIS -dEanped- back to - - ! al laLsr
resumed its advance In Snelters
there was an advance OF more than
mo points New York Central jumped
from lOl 5-S 10 l03 81 The Rock
Island stocks advanced one point each
This manipulation frightened the
room traders and The market then be
came very dull II, is the general
opinion that pool OF Rock Island
officials is heavily short % the mar
ket and that the rumor or receiver
ship for the property originated II
ne headquarters OF the company. Ali
members of The Rock Island group
igorousIy deny thaT rnTy arr short
OF stocks.
On the curb market business was
very light There was nothing OF I'M
portaEce in any issue
Apart from the Rock Island situa-
ton. which is perhaps no great iactor
in the trading, considering the extent
oi the decline in that group, the pres
sure on the Hill stocks IS the most
disturbing feature OF the market Both
Great Northern and Northern Pacific
gave evidence today Of organized sup
port. hut the bear attack was decided
IL formidable
The head or a brokerage house. a
close personal friend of James J.
Hin admits that he is in the dark IS
10 an extra distribution on Northern
Pacific. RE thinks that the matter
will assume an entirely different as
pect after the election, as there Will
SIN 0e eight weeks before It will be
necessary 70 includt the new stock
holders In a special distribution.
II was evident that someone was
feeding out copper stocks today when
ever the market would take them
While there has been 10 arbitrage hnss
mess worth mentioning. there has been
some independent foreign selling
which gives the impression that there
has been an attempt 10 distribute
Amalgamated Copper and Anaconda
tn Paris and london anti that saeh
stocks tend 70 come back 10 TINS
market.
In the last half hour, the feature oil
THE market was the appearance o'
large blocks OF stock. The market re-
/ Aected a somewhat oversold condition
and prices made new high records toi
I the day. Steel common showed ths
most activity. a fact which contribute
ed largely 10 strengthen the market.
In the last Is minutes. a concerted
bear drive was made and the marker
turned weak. the attack beginning
| in Hartman issues and extending
Throughout the list
-- 44,44,--Ae.af- element finds II -dithcull
work TO dislodge. the bull crowd and
drive down the market with pronts
To themselves. They made onslaushls
today. but these were met by Wen
organized effort to force an advance
and thereby to shake out NUMBER oil
shorts. The fight was severe ana the
I eIfdeaVOTs of the bHIIs Wefe Hol sue
! cessfll there being a break IN the
market arising from the knowledge
of the contest which II had endeavor
"a 10 keep quiet. The close, there
/ fore was erratlc and marked by er
rattle recessions. whereas from the
opening and up 10 the last hour the
fluctuations had been quite marked.
I In is seldom that the Standard vi
: brokers have been more aggressive
Iand tE1sir followers Rave not tafd fffofe
stress upon the extent of the short In
I terest than they are doing al the
present. Against this. IL must be al
mitted that a supposed bear account
/ OF 1905 900 shares was covered In the
first hour without advancing the mar
/ ke' more than a point or so.