The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-11-18
WALL STREET NEWS
Market Opens with Slight
Drop in Union Pacific.
SPECTATORS HELD TO BLAME
Alleged Manipulation OF stock said
20 BE ia Accord with Plan 20 Drive
street Hears Many Other RamOrs
Which Are Discredited.

view York. Nov 17.-If the zeal purpose
to-day or those responsible for what may
be softly called the manipulation OF the
present stock market was 10 hasten along
the movement OF a complete acquitting
OF the market by other professional spec
ulators and the public generally. ii was
admirably adapted TO secure the end de-
sired. For a long time past the course
followed in the main has been 10 open the
market at an advance. then to sell as
many stocks as could be done quietly
through the middle Of the day. and to
rush up prices again with great fury and
violence and a large increase In the vol
ume OF transactions in the closing half
hour or twenty minutes OF business.
As criticism was being passed that this
course was becoming more or less mo-
notonous. the market to-day was opened
down e points IN the Union Pacific COM
mon shares In which the United States
Steel common. the pool holdings for the
rise. are concentratedl. It is true that
this drop was ascribed by some observers
to proht-talIing consequent upon rumors
that Union Pacific stock was about 10 be
listed in Paris. Another explanation was
that the selling was caused by rumors
that the stock was not 10 be listed while
a third story ran to the effect that the
two or three brokers who have been doing
most OF the buying In the market recent
~ were absent from the stock exchange
at the beginning or business and that a
drive was made at values by speculative
bear oneratcrs.
Listing RumOr Is Old.
As 10 the listing IN Paris story. II has
been heard for more than year back
about nearly every prominent stock on
the security list, and even If true. would
have in no way accounted for such an ad-
vance in Union Pacific as has occurred.
Probably II Union Pacific common was
IN fact listed on the French Bourse, deal
ings in IL there would not have amounted
10 more than 700 or 5000 shares daily.
which would hardly be Il valuable ad-
junct TO trading In this market
Wall street to-day laughed at all other
explanations Of the weakness OF the mar
ket this morning except the one obvious
fact that dealings in two OF the most
prominent stocks had no longer become
those OF "a market" at all, and the ad-
vice given by many conservative houses
10 their customers conceded with the de-
termination of q further number OF pro-
fessional operators TO keep out for the
time being Of a game in which pretty
nearly everybody was being ''milked" for
The benefit OF a few powerful. daring. and
INSCRIPTIONS spectators.
Money Market Secure.
The weekly returns OF the Bank OF
England and the Imperial Bank OF Ger
many to-day made good showings. and
so Ear 20 emphasize the conclusion
so Ions ago reached in the financial dis
trict that no trouble need be anticipated
in the international money market this
year.
Indeed. all Indications favor a relatively
easy money market for a considerable
further length of time. Sterling exchange
rate. however, went through some lively
gyrations, owing, il was said. 20 a great
development speculation lately in sterling
bills. The rate for demand closed five
points higher to-day
Final prices on the stock exchange was
in tie main down, Union Pacific being
of nearly two points. United States Steel
common one. and Reading ! 3-4