The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-10
MARKET HAD WIDE RANGE
ADVERSE POSITION OF MONEY RE-
GARDED WITH DIsFAvOR.
Missouri Pacific Held Up by Pool,
Were at Times Fragrant.

NEW YORK, Sept. 9.-With business well
In excess of 100000 shares and widely dis
tributed, to-day's stock market ruled gen.
orally firm with many marked advances
and closed with sentiment rather mixed
Except for further good crop advices and
word of an approaching importation of
gold from Australia, there was little to &C
count for the strength shown. On the other
hand the financial outlook was again
menacing call loans advancing to 9 per
cent. No little dissatisfaction was shown
at the status of the coal strike situation.
In good part the days operations were
attributed to the many pools.
The market opened with gains in the
Southwestern stocks. particularly those in
the Gould system, and the strength of
these issues, more especially Missouri Pa
cific, which, was the feature in view Of
point of activity, was accompanied by
host Of rumors, none of them authoritative
The street ascribed much Of Missouri
Pacifics strength to the operations of
well-known pool, and this belief was height
ened by the character of the buying. Later
there were large and brisk operations in
some old favorites, such as l.. & n. and
Southern Railway, and it was In these
stocks that manipulation was most man,
ifest. Concurrent with the move in these
issues was the strength OF st. Louis
Southwestern and the so-called Denver
class, but in these, as well as in Southern
Pacific, manipulation was at times almost
fragrant. Apparently more genuine was
the move in Wabash issues and in Lake
Erie & Western. which advanced sympa-
thetically. Little interest appeared to be
excited by the regular dividend announce
ments in Western Union and Manhattan,
| traders taking them as foregone conciu-
sions. The advances in Southern Railway
met with free selling for London account,
but at the opening that market bought
| moderately of Southern Pacific, which it
| also sold when that stock moved up.
The day, a whole, once more found
| London a seller on balance. United States
| Steel shares We're comparatively inactive,
| and inclined to heaviness partly as a
! result OF an adverse legal decision, though
both issues held their own al the close. In
! the last hour stocks which had previously
| been neglected were taken up and made
varied advances. In addition there was an
| other heavy buying movement in the
Wabash issues and the Southwestern
| group, with a counter move in St. Paul
and Missouri Pacific. which appeared to be
stocks as well by Atchison, the
| Wabashes, Wheeling < Lake Erie, Pa
/ cific Coast, St. Louis Southwestern pre-
| ferred Southern Pacific, Sloss-Sheffield
preferred and General Chemical preferred.
Rock Island issues were feature both on
| the exchange and on the curb, operations
| in the first named place being stimulated
! by the strength of the new securities in
! the outside market.
| In addition to the adverse conditions al
| ready mentioned, the technical position of
| the money market as a whole was not re-
| garded with favor. Since Friday last the
| banks have lost almost $4,000, 900 TO the sub
! treasury, which reduces the surplus re-
serve as reported in last weeks bank
statement 10 practically nothing. Then,
| too, heavy pension payments will have to
| be met the latter part of the week, but
| probably too late to figure in this week S
| bank statement
| Wabash debenture bonds continued the
| feature of the bond market to-day, enor-
| nous purchases advancing them nearly six
| points, TO SO. No further light was thrown
| on the recent extraordinary trading in this
| issue. The general market was also active
| and strong.
Total sales, par value, $5,655,000. United
States old tours advanced ~, the new
| tours, coupon, Il, and the threes Is per cent
on the last call.
The following table shows the range OF
! prices Tuesday:
| TGranger Farwell & Co.'S Telegram1