The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-24
FEW STOCKS ARE ACTIVE
THESE ARE GENERALLY HIGHER,
DUE TO SPECIAL CAUSES.
Considerable Realizing the Adj
vance-PIethOra Of Money at the
Chief Financial Centers.

NEW YORK, Jan. 23.-There was no re-
turn Of animation TO the stock market to-
day, and the bulk of the small operations
was confined to a short list of stocks, which
advanced quite strongly from the influence
of special causes. Even in these the dom
inant professional element was evident in
the selling to take profits on the advance.
There was movement in the Vanderbilts
which was apparently stimulated by the
assertions that part of the new stock issue
OF the New York Central was to be eX-
changed for that of Cleveland, Cincinnati,
Chicago & st. Louis, but the movement
spent its force in the course of the day.
The recently prevalent strength of the To-
cal traction stocks, led by Metropolitan
Street-railway, continued for time to-day,
but the whole group succumbed TO realiz-
ing. Sugar succeeded to the leadership of
the market, and late in the day was lifted
ga points over last night. An advance OF
10 points in the price of the product and
reports of an agreement at Washington
looking TO the free entry of Cuban raw
sugar were accountable for that movement
The news that an agreement had been
reached between Western railroads and
packing house interests to maintain rates,
thus relieving the Objectionable conditions
against which the inquiry by the Inter
state-commerce Commission is directed,
had a stimulating effect on the Pacitcs,
grangers and Southwesterns. The recon-
mendatiOn in the commissions annual re-
port in favor of allowing associations to
maintain rates was also helpful influence
for Western railroad stocks. Missouri Pa
ciic led with rise of over 2 points. Deal
ings in the railroad list were on small
scale, however. Amalgamated copper
showed some strength on the growth OF
growing symptoms Of a plethora of money
at all of the great centers OF capital. To-
days reduction in the Bank of England
discount rate was contrary to expectation,
as large collections of taxes were expected
to deplete the London money market at
this time, and 1t was thought 10 be neceS-
sary TO keep UP the money rate in order
to prevent Withdrawals of French capital.
TO-days statement of the Bank of France
shows such an accumulation there as TO
offer little inducement to call home capital,
but Berlin seems the center of greatest re-
dundancy, as is shown by the fact that
money market and easing the discount rate
there, while in the very act of subscribing
sixty times over for the preferred govern
ment loans of SIS, zoo, 900, all OF which has
not prevented a decline in discount rates
at that center. Money is plentiful here
also. a remarkable development in the
local situation is the fact that very large
time loans, running into the millions OF
dollars. being negotiated at interior
domestic points for New York account.
There was continued activity among usu-
ally quiet bonds and some striking gains
were recorded, but the market generally
was irregular Total sales at par value
were s., Az, 600 United States new tours,
coupon, declined 4 per cent. on the last
call.
Following are the days share sales and
the recorded price changes: