The Saint Paul globe., 1904-01-23
GET BUSY IN STOCKS
MARKET FEELS IMPULSE OF POW
ERFUL HANDS
Personality of the Newly Active Specua-
tive Party Is a Matter of Surmise Only
Has a Pool Been Formed to Elevate
Prices?

NEW YORK, Jan. 22.-Another day of
varied and active trading in stocks mark
ed the progress of the speculative cam
palgn taken up in the last 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 sufficient evidence that the
leaders of the markets We're in daring
and powerful hands. About the only news
from a stock market standpoint was
made up of the surmises as to the person
aIity of the newly active speculative par
ty and the identity of their operations
whether on the buying or selling market
Some of the selling was done In the in
terest of the leaderships, while their
brokers We're buying at other points with
ostentation and openness. The operations
were skillfully conducted and anxiety was
felt in the room on the part of those who
stroye to follow the operations of the
large operators. The popular supposition
was that the newly active party in the
stock market included speculative ele-
ments that have been prominent in cot
ton and in grain during the recent ac-
tivfty in those markets and that some
thing like pool had been arranged from
which these various elements were acting
in concert to lift the prices of stocks to
their own profit.
The trading presented all the character
istics of the periods of activity of such
organized speculation. The buying and
bidding up of prices was skilifuily shift
ed from one to another quarter calculated
to affect operation the market as
whole and selling at other points was CO.
incidentally carried on by the realizing
Of profits. Late In the day the reactionary
tendency became fairly general under the
weight of selling to realize and the level
of prices receded materially from the
highest. The late selling was somewhat
aggravated by the announcement of a
banking failure in Cleveland and the
downward tendency was not very effectu-
ally arrested before the close which was
unsteady.
Good Bank Statement Likely.
The forecast of another very favorable
bank statement fer tomorrow did not
serve to sustain the late market, as such
a showing had been counted on for the
week, on account of the easiness of
money. Estimates of receipts of currency
from the interior are usually at variance
so that the gain in cash is estimated all
the way from $S.000,0 600 to $50, geo, 900
from all sources The leSSened danger of
war helps higher prices abroad, but so
far there has been no signs In foreign
markets of the animation awakened here.
Foreigners bought few thousand shares
here today and the listing of Baltimore e.
Ohio on the Berlin boerse was a strength
ening influence On all the subsidiary COM
panies of the PENNSYLVANIA. Amalgamated
Copper and Realty preferred We're 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
ly and there We're few other points of
ever continued active and generally firm.
Total sales par value, s6,315. 600. United
States bonds were unchanged on CALL
CLOSING List.