The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-24
RANGE OF PRICES
WAS QUITE WIDE
Net Changes Were Small and Evenly
Divided.
THE MARKET PROFESSIONAL.
Transactions We're on :, Very Large
Scalc-SIi-ht Rally in Last Hour
Saved List from Much Larger
Shown. of Net Losses.
By Associated Press,

NEW YORK. Jan. 23.-The market
demonstrated quite conclus.Veiy It's pro-
fessional character today. IT was dis-
tinctiveiy a traders market. The trading
was done by powerful spectators with
ample resources; the transactions We're
a very large scale. ana the price move
ment Was much wider tfan in an ord1-
nary room traders market but the
method of operations and the net results
were much the same
4 scrutiny of the net changes Tor the
day Will show that except in q few stocks
they are small and pretty well mixed be
tween gains and losses. Yet at one time
the whole list was at level We'll over
yesterdays final prices. The realizing
movement in the last hour was sufficient
70 wipe out almost all of the earlier ad-
vances. and only the slight rally saved
losses than is actually the case Buying
by room shorts To cover was largely re-
sponsibIe for the final rally.
The concentrated nature of the buying
and the identity of the brokers by whom
1t was done, especially in the stocks
which We're picked out for the greatest
show of strength. were warrant for the
conviction that the speculative leadership
was in the hands Of the cotcrie which
made demonstrative change from the
bear to the bull side of the market dur
ing the course of Mondays trading. The
selling during the last hour was also
OF very concentrated character, but
was by different brokers from those who
executed the early buying orders. The
deduction that large speculative profit
taking was being made IS not strained
one.
The consistent weakness of Missouri
Pacific, which fell at one time So points
below Yesterdays high level. LEFT little
room for credencc in the rumors of Il
big railroad consolidation and gave color
to the report that a large interest in The
stock had been secured by private par
ties. Such early gains as rs in St. Paul.
"a in Baltimore and Ohio, rs in Peoples
Gas and others nearly as substantial
We're completely wiped out in the late
reaction. The decline from the highest
reached S2s in St. Paul 2@s in Brooklyn,
81. in Delaware and Hudson. ~ in Baiti-
more and Ohio, and Manhattan. and from
to = points in a large number of active
stocks The steel stock reacted, but
gained later Pressed Car rose Ga, while
the preferred :;3s. All the most prominent
members in the group gained from L to
3 points.
rise. but the fact that disturbances which
threatened the steel trade viii be settled
by the few individuals who control the re-
sources in that trade at present naturally
makes them available for speculative
manipulation.
The exports for to-morrows steamer
had q chilling effect on late speculation,
in spite OF the continued large flow of
money 10 this centre. Money continued
very steady
Wabash bonds the market for railroad
bonds was generally firm Total sales.
par value. 81 100000. United States 3s
advanced u per cent on The last call.
To-day's total stock sales were 1,0S3,9o0
shares.
MONEY AND ENCHANGE.-Monev on
call easier at 14G215 per cent; last loan
1& per cent: prime mercantile paper. 31a
d4l4 per cent Sterling exchange firm.
with actual business in bankers bills at
81 S714G74 STas for demand and at S4.S:i5s
for sixty days; posted rates, S4.S4@iSil3
and 81 IS: commercial bills. 4.S154II3. SCI.
Mexican dollars, 4Sl4. Government bonds
strong; State bonds inactive; railroad
bonds firm.