The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-23
LITTLE TRADE In STOCKS
PRICE MOVEMENTS NARROW, WITH
NET LOSSES THE RULE.
A Few Noteworthy Exceptions Due to
sDecfaI Causes-Unusually Broad
and Active Bond Market.

NEW YORK, Jan. 22.-The professional
operators in the market made an upward
turn of prices again to-day The dullness
of the market and the congestion of the
scanty dealings in a few stocks clearly re-
Elected the sentiment of indifference of the
outside public in the speculative market
and the abstention of the great banking in
terests, which made the great bull markets
Of last year. from any hand in the trading.
such narrow price movement as there was
pretty much wiped out gains in the closing
dealings, and many stocks closed below last
night Metropolitan Street-railway was the
central feature and moved up late in the
day an extreme 37s on volume Of deal
ings very unusual for that stock. The net
gain was pa. Many rumors were circulated
to explain the movement which were in
general agreement as TO coming issue of
stock with subscription rights TO stockhOld-
ers, but which varied greatly as to the use
sale The stocks of other New York public
utilities did not fully sympathiZe and re-
acted sharply at the last Advances or D
points each I'm the Chicago & Northwestern
stocks and ga In Lackawanna were accom-
panied by rumors of a coming distribution
of scrip. Sugar and Peoples Gas gained
nearly a point at one time. This about eX-
hausted the list Of advances worthy OF mem
ton. The rain and snow in the winter
wheat belt and the promised benefit to the
crop were used by the leaders as argu-
mentS for advancing railroad stocks. Money
was easier and the large subscription
reached in New York for the German i'm
perial loan argued abundance or local
resources, although the disposition TO turn
TO foreign securities, while the local stock
market was so neglected was taken 10 In
dictate a tendency not altogether favorable
The lively speculation in Kafflrs In the Lon
don market. while stocks continued TO be
sold in New York for London account,
showed the same tendency for speculation
10 be diverted to foreign markets. The char
acter Of a good part of the days dealings
was shown by the expressed expectation
that the Supreme Court would clear up the
Northern Securities question by a decision
next Monday which Is merely the day set
to hear arguments whether the proposed
suit shall be entertained. There was re-
Gently some speculation In Erie shares,
based on the assumption that the dividend
on the first preferred was to be advanced
TO per cent. but the conviction that has
been general for some weeks that the
per cent. rate would not be changed was
proved to be the case to-day, with little
effect on the stock. The market closed dull
and irregular.
The railroad bond market broadened out
to-day, bringing forward many dormant
mortgages into activity. The dealings In
some Of these, notably in the Rock Island
tours and the Central OF Georgia income
bonds and consolidated fves were very
heavy. Total sales at par value were 81, 627.
600. United States bonds were all unchanged
on last call.
Following are the days share sales and
the recorded price changes: