The daily morning journal and courier., 1901-01-24
Estma mr,al.
Its Professional Character Demon-
-
 THE STOCK M.iKKEY.

Its Professional Character Demon
 New York, Jan. 23.--rhe market demon strated quite concusvely its professional character to-day. It was dstinctively q
 traders market. The trading was done by powerful spectators with ample resources l and the transactions were on a very heavy
 scale and the price movement much wider than in any ordinary room traders market.
 scrutiny of the net changes for the day will show hat except in a few stocks they
 are small and pretty, well mixed between
 whole list was at level well over yester-
 days final prices. The realizing movement In the last hour was sufficient to wipe out almost all of the earlier advances and only large showing of net losses. Buying by room shorts to cover was largely responsi-
 ble for the final rally. The concentrated nature of the buying and the identity of rant for the conviction that the speculative leadership was in the hands of the coterie which made q demonstrative change from the bear to the bull side of the market selling during the last hour was also of q very concentrated character, but was by different brokers from those who executed the early buying orders. The deduction tldL urge speculative pFOUI I1Klng was De- ing made Is not Il strained one. The con sistent weakness of Missouri Pacific, which fell at one time 1-2 points below yester- days high level, left little room for cred
 railroad consolidation and gave color to the report that large short interest in the stock had settled by private agreement. There was distinct shifting of speculative interests from the railroads to the indus trials, and it was the evidences of realizing in the railroad list under cover of the new strength In the industrials that caused the break In the market. Such early gains as ? IA in Baltimore and Ohio, ? 5-s in Peo. ple's Gas and other substantial gains were completely wiped out in the late reaction
 The declines from the highest reached sit, ? 1-2 in Delaware and Hudson, ? 1-4 in Baltimore and Ohio and Manhattan, and from 1 to ? points In large number of active stocks. The steel stocks reacted again in the late dealings, the leaders ris- ing to the best at the close on heavy ab sorption. Federal Steels gain was 5 7-S. Pressed Steel Car rose an extreme 6 IA while the annual meeting was in session and the preferred 3-S. All the most prom inent members in the group gained from I to points. There was no news to account for this rise, but the fact that the disturb be settled by the few individuals who con trol the resources in that trade at present makes them available for specula- tive manipulation. The volume of the gold exports for to-morow's steamer which rose 10 $3,950,000, had q rather chilling effect on the late speculation, in spite of the con- tinued large flow of money to this center. The gains by the banks on sub-treasllry op- arations alone thus far this week are only S650 900 below the figure of the gold export | Money continued very easy in all depart l nents of the market
 With the exception of reaction in Wabash | bonds the market for railroad bonds Wos | generally firm. Total sales par value $4,- s00 000.
 United States threes advanced IA per ,ent on the last call.
 Closing Prices.
 Following are the closing prices reported l y Prince X Whitiy. Bankers aud Brokers, | ,2 Broadway, New iork, and 15 Center st.,