The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1904-01-23
VARIED TRADING
IN STOCK MARKET
Leadership Mas in Daring and
Powerful Hands
SELLING WAS OPENLY DONE
Buying and Bidding Up of Prices Was
skillfuIIy Shifted From One Quar-
ter to Another-u. S.
Bonds Unchanged.
SELLING WAS OPENLY DONE

New York, January 22.-Another day OF
ACTIVE and. varied trading in stocks
marked the progress of the speculative
campaign taken up in the past few days.
The manner in which enormous blocks of
stocks in thousands of shares were hurled
from one portion OF the market to an
other was a sufficient evidence that the
leadership Of the market was in daring
and powerful hands.
About the only news from a stock mar
ket standpoint was made up of the sur
misses as to the personality of the newly
active speculative party, and the identity
of their operations, whether on the buying
or selling side. Some OF the selling was
openly done In the interest of the prin-
cipais in the leadership, while their brok-
ers were also buying at other points with
ostentation and vociferation.
The popular supposition was that the
newly active party In the stock market
included speculative elements that have
been prominent In cotton and In grain dur
ing the recent activity in those markets.
and that something like pool had been
arranged by which these various ele-
ments were acting In concert TO lift the
prices of stocks to their own profit The
trading presented all the characteristics
OF the periods of activity of such Or
ganized speculation.
The buying and bidding up Of prices
was skilfully shifted from one to another
quarter calculated to affect opinion on the
market as a whole and selling at other
points were coincidenta1ly carried on in
the realizing on profits. Late in the day
the reactionary tendency became fairly
general under the weight of the selling
to realize, and the level OF prices receded
materially from the highest.
The trading was somewhat aggra-
waited by the report of banking failure
in Cleveland and the downward tendency
was not very effectually arrested before
the close, which, with an unstable fore
cast of a very unfavorable bank state
meut for tomorrow, did not serve to sus-
tain the late market, as such showing
has been counted upon throughout the
week, owing to the extreme ease OF
money
Estimates of the receipts Of currency
from the interior are unusually at vari-
ar1ce. so the gain in cash is recl1oned
all the way from eight to thirteen mil
lions of dollars from all sources. The les
Eened prospect of war induces higher prices
abroad, as we'll as here, but there Is no
sign in foreign markets Of the animation
awakened here Foreigners bought few
thousand shares here today, and the list
ing of Baltimore and Ohio on the Ber-
lin Boerse was strengthening influence
on all the subsidiary companies of the
Pennsylvania.
Amalgamated copper and realty prefer
red were under positive pressure all day,
and southern Pacific and Pennsylvania
were held back from the general advance
by sales to realize on yesterdays gains.
Sugar was notably strong on favorable
estimates of earnings. United States
steel preferred was late In advancing, and
did not hold well.
The Rock Island bonds relapsed sharp
~ and there were a few other points of
reactng in the bond market, which,
however, continued active and generally
firm
Total sales, par value, s6,315,000.
United States bonds were unchanged
on call.