The daily morning journal and courier., 1902-01-18
E tmamc1xl.
THE STOCK MARKET.
Increased Activity and Show Of
 Strength,

SsfeMSshs
 New York. Jan. 17.-There was nj.
 creased activity in the stock market
 to-day and a show of strength, but the
 dealings did not rise much over half 8
 million shares and were largely con-
 gested in the few stocks which were fa-
 vorites in speculation. Professional
 manipulation had not a little to do
 with the advance in prices at some
 points, and the movement was clearly
 directed against the short interest
 which had been accommodating during
 the downward course of prices this
 week. Therecovery from q recent ill.,
 ness of leading operator who is com
 monly credited with the leadership of the protective forces of the market on
 the bull side, was believed to explain an important part of to-Qay's transac- tions. The factors which accounted for the rise were partly in the shape of vague intlmations and general asser- tions rather than of explicit informa- ton. Thus, statements were circulated as to the phenomenal earnings of the anthracite carriers which were assert ed to reach 13 and 20 per cent, for tae leading high priced stocks. There was no difficulty found in marking up these stocks, and there was a very heavy de- mand at the same time for the lower priced stocks in the group, especially the Readings. There were resulting advances in Lackawanna of Il points, New Jersey Central ex-dividend 1-4, Reading 3-S and in other members of the group 1 to points. The movement extended to some extent by sympathy to some of the soft coalers. There was continued strength in the southwestern railroads as a group at advances of to points. This might be accounted for by reports of much needed rains in Texas. The industrials as a group came forward into rather greater prom thence than of late, such conspicuous stocks as Sugar, An1algamated, General Electric and the local trastions showed gains of 1 to 2 points American To- bacco gained another 35 points to-day, selling at 235 with a later bid at 245, This stock is exchangeable at par for 200 of Consolidated Tobacco fours. There is said to be less than per cent of the stock still outstanding. Very glowing accounts were put out of the rate of ex- pansion of the tobacco business Amer can Tobacco preferred gained 6 and the companys bonds were strong and active. Late in the day St. Paul was bid up quickly nearly points i and other grangers and Pacifies hard | 9ned in sympathy. This late movement ! was the effective factor in keeping the closing firm, as a wavering tendency | had developed before St. Paul's rise. | The bulls had in their favor the pros- oect of strong bank return to-mor- 'oW. The known movements of money indicate q gain in cash of nearly s7160,- 100 of which sub-treasury operations lave yielded $4,125, 900. These represent operations up to Thusrday night Bank statements for several weeks past have ailed to reflect the full gain indicated y the known movements of money. There is theory that there were large ransfers of deposits to New Jersey to scape the tax payments and that these ave been returned during the week. . uch movement would considerably ugment the indicated gain in reserves, The railroad bond market was active nd strong, mortgages of railroads in he southwest being in particular fa- or.
 Total sales par value $4,075,0 ,000
 United States bonds were all un- hanged on the last call.