The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-23
NANIPULA ON
STOCK EXCHANGE
There Was a Quick Relapse After
Opening High.
PRICES WERE BID UP AGAIN.
Tho Else. However, Was Not Well
Maintained, and tho Market
Closed Active and Below
tho Best Level.
lHr Associated Pre,s.l

NEW YORK, Jan. 22e.-Thc influences in
the stock market resolved themselves TO-
cay in SeVcraI instinct component parts,
which operated in conflict part OF tho
time ana never in clearly defined concert
There was a paipaDIe effort TO open
prices high. In tact. brokers' in a mum
Der of stocks admitted the receipt OF
orders to make first prices AS high as pos
sible This is a lamiiiar device OF traders
who have gone long of stocks during j
rise on one day to get the grea test posi-
bic benefit from the OUTSIDE demand at
tracted by the rise IN selling out.
The quick relapse after the opening IN
prices OF the stocks which were most
palpably manipulated yesterday disclosed
Tho operations OF this class St paul ana
Northern Pacific were conSpicuouSiy al
fected in this way, the former opening
up 2A and the latter rising almost as
much and then running off again TO near
last nights level The same stocks came
into prominence again late in the day.
after the news had been received OF queen
EiCtoria'S eath.
This event had been so definitely fore
seen that there was little reason to eN-
pcct that its actual announcement Would
cause any marked depression III the mar
kt.t hut apparently there was Il Speculd-
tive clement who feared the possibility OF
selling induced by the Queen ceath.
After that event was reported there was
pause in the activity of the market, as
though awaiting its effect on prices, ana
:
work to bid ~ prices again. Ihe} iitied
ST Paul an extreme ~ over last night
Northern Pacific 2fS and the granSerS,
Pacifics trunk lines and more promlheh1
stocks generally from l to points
Tho same traders were active IN sugar
all day. making the extreme advance IS
on the other hand. the sensational move
,nenf in Missouri Pacific was brought 10
a sudden stop after i '-point Jump at
the opening and the Wais-.sh stocks also
fell back The extreme decline III MIS-
souri, Pacific was TIS. and il closed at n
not loss of 81. This action OF the STOCK
natural caused some increduilty regard
ing the many rumors in circulation yes
tcrCiav of a coming consolidation OF the
Southwestern railway systems and buying
lyv prominent capitalists for control
The others of the Southwestern group
were however. We'll sustained, and the
..hsorntion of WaEtSh debentuTe ponuS
continued on an enormous scale ana al
a price level above that. OF yesterday
Missouri Pacific was in urgent demand III
the loan crowd and commanded as hlSll
nc /. nor cent premium for use by the
shorts This gave color TO the peiISt
which was avowed by some OF the tfaGer,
that the buying OF the stock had resulted
i'm A corner leaving "a very heavy snort
interest with their requirements unpro-
Nidcd for Araalgamated Copper again
moved widely. gaining nearly ) at the
opening and then falling back 3Hs / ne
steel stocks We're comparatively neg
Iected but the undertonc WAS weak III
spite OF the less threatening utterances
authorized by trade masnates. Federal
Steel fen away -9s, and other members OF
the group from ! TO IL after small open
The late notable rise was not well main
tafncd, especially in the stocks. which
were bid UP most aggressively. and the
closing was active and rather easy below
the best The level Of prices at the close
was. however. substantially higher 'hah
estimated. .,-4
Further gold exports had little effect
ON the market. as money continues easy
sales were less than a million for the ilrst
" VT,hash dabeutllres led the bond mar
ket. The Texas Pacifics rose x on light
transa ctions otherwise the market was was
dull Total sales par value, - 0%ziVo y
United States refunding IS deemed 5
per cent. and the ;5's coupon advanced
j. per cent. on the last call
Total stock sales, $4,000 shares.