The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-31
SOME NET GAINS SAVED
STOCKS WE'RE IRREGULAR UNDER
PRESSURE OF MANIPULATION.
A Few Stocks in All Glasses Closed
cal Trade suffers n Check.

At New York yesterday money on call
was steady at I$.92 per cent.
Prime mercantile paper, 31z441s per cent.
Sterling exchange was strong. with actual
business in bankers bills at s46AQ4.S77s
for demand and s4S41sd4s4A for sixty days:
posted rates. $s5q4. ssh; commercial bills.
S4.s3Aa4S3%.
Silver certificates were 6S1aQ64c; bar sill
yer. 6O1sc; Mexican dollars. 471zc. Bar sill
yer at London was 27&d an ounce.
The days market was made up of move
ments in special stocks. evidently under the
operations Of speculative cliques. who
brought manipulation to bear to aid the
movements. An overwhelming proportion
OF the total business was concentrated in
less than a dozen stocks. st. Paul, Steel
and Wire and Southern Pacific continued
very prominent. but they were supplement
ed by large dealings in Rock Island and
some of the Southern stocks. The first five
minutes of trading were sufficient to DEM
onstrate that very powerful support was in
the market. The heavy offerings of St.
Paul were freely bought and it's decline was
checked at $50. The same was true in
Northern Pacific and In the steel stocks.
The official color given to denials of the So
called st. Paul deal and the explicit asser-
tions that 1t was off brought large specu-
lative selling of the stock, and the state
ment on behalf of the Steel and Wire direc-
tors, given out after the close of the mar
ket Tuesday. was a weakening influence in
the steel group. When the determined and
effective support at these two threatening
Of fha craaQ
lation was strengthened and the prompt ad-
vance in Rock Island and other stocks later
I'm the day served to sustain prices in the
general list. Selling to realize was going
on actively under cover of the strength in
active stocks and the market was highly
irregular all day. Under the influence OF
the first upward squirt in Rock Island.
which rose extreme 3%4, there were gen.
eral recoveries, ST. Paul and other leading
stocks rising above Tuesday night. The fact
that the buying of Rock Island was by
brokers identical with the support in Steel
and Wire aroused some distrust OF the
movement, and the subsequent advances IN
special stocks were not notably responded
to in the general list. st. Paul sold on later
to 1i91a and closed with a net loss of a point
Southern Pacific suffered from heavy real
iZing on the statement of December net
earnings, showing the extraordinary in
crease of 1852, l39 over December OF last
rising 6h on top of Tuesdays gain of 5la
No authentic information could be secured
during trading hours as to the source OF
this buying, but 1T was made the occasion
by SPECTATORS for advancing the stocks OF
various railroads which might be benefited
by securing control, including Southern
Railway, Louisville. Chicago & Alton ana
Kansas City Southern. Late In the day the
steel stocks were marked up vigorously
after resisting the decline all day. The rise
in Steel and Wire from the lowest reached
3ss in the preferred 2h and in Federal steer
2K There were gains of l to 112 by some
other members of the group. The engage
ments of gold for export by to-days steam
err make a total of 81, ZOO, which is con-
siderably less than the preliminary esu-
mate.
Prices of bonds were well sustained on
good absorption. Total sales, at par value
were e. 955 900 United States bonds were
all unchanged on the last call.
Following are the days share sales and
the closing bid prices: