The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-26
OPERATIONS FOR A RISE
CONSPICUOUS MANIPULATION IN A
FEW IMPORTANT STOCKS.
Market Was Very Narrow, However,
and the Greatest Changes Were In
Observation-Disclosures Conditions.

NEW YORK, Aug. 25.-To-day's stock
market reflected a very determined demon
stration for an advance. but effective OPP
eratiOns were confined TO a very limited
number OF stocks. The speculation was
clearly under the same auspices that
which originated in Southern Pacific last
week. and which was predicted on the re-
turn to the street Of a well-known specula-
tive leader. The holiness and the dash Of
to-day's operations was indicated by the
personal direction by this leader. The early
advance Of Southern Pacific was taken ad-
vantage Of to effect very heavy proft-tak-
ing. which completely wiped ont the OPEN
ing gains. Instead of resuming the cam
paign Immediately in the stock it was shift
ed TO its affiliated stock Union Pacific. and
TO B. & o. in the East. The sympathetic
response OF these movements was almost
wholly confined to stocks Immediately re-
lated. In the case of the B. & o. these
were Pennsylvania and c. &c o. Southern
Pacific made some recovery in sympathy
with Union Pacific.
There were gains here and there among
the grangers. but on very light transac-
tons. Northwestern's 2& point rise, in re-
spouse to the favorable annual report, was
made on single transaction. Minneapolis,
st. Paul & Sault Ste. Marie advanced vio-
lently SO without explanation and Evans
vile & Terre Haute's 81 point rise was un-
explained. In the railroad list other gains
were few and among obscure stocks. The
express stocks again made a notable adj
vance in concert, with no news to throw
light on the movement. Among the special
ties Western Union, Manhattan and Ten
nessee Coal were the most conspicuous ex
amples of strength.
It was a notable feature that a large
mass of securities OF very prominent rail-
road companies lay practically dormant
throughout the session, and there were
some prominent examples showing net
losses. This disincIination TO follow the
bold leadership proffered by the active
stocks was due to the uncertainty over the
money situation. On Saturday afternoon,
after the Stock Exchange had closed the
OOO which were deposited for the purpose,
10 interior points. To-day 100000 addi-
tlonal were deposited for this purpose. OF
this aggregate amount $4,000 go to Chi
cago and the rest to New Orleans. New
York exchange at Chicago remained at
discount to-day Of 20 cents This is pretty
conclusive evidence that the interior de-
mand for currency has set In in force Had
1t not been for the aggressive leadership
III lhe rev StrOnB STOCKS to-day IL is TO be
presumed that the stock market would have
reflected some greater apprehension be-
cause Of this rapid depletion. Last weeks
moderate replenishment OF the surplus was
wholly due to a reduction OF deposits
through loan contraction. To-day's for
eign exchange market was easier. in spite
OF higher discount rates in London lower
sterling at Paris and considerable sales
or stocks for London account here The
grain markets showed large seaboard clear
ances and there was a considerable supply
OF spot cotton bills in the exchange mar
ket. The rate for call money was also
undlsturbed, opening at per cent. and
yielding to below that rate The conspicu-
ously strong stocks closed active and at
the best, making the close generally
steady.
The bond market was not very active
outside of Union Pacific convertibles, but
was strong. Total sales at par value were
S4,979OOO. United States bonds all advanced
a per cent. on the last call
The following table shows the range of
quotations on Monday:
IGranger FarwelTs Telegraml