The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-23
POOL WORK SEEN PLAINLY
TRADING IN STOCKS BEARS MARKS
OF POWERFUL LEADERSHIP,
But Definite Identity of the Opera
lions OF Bull Party Are Hard to
Traee-SeIIing Movement Late.


NEW YORK. Jan. z3-Another day Of varied
and active trading in stocks marked the progress
Of the speculative campaign 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 leadership Of
the market in daring and powerful hands
About the only news from stock market
standpoint was made up Of the surmises as TO
the personality OF the newly active speculative
party and the identity Of their operations,
whether the buying or the selling side
Some Of the selling openly done in the
interest of the principals in the leadership, while
their brokers were also buying at other points
openly. The usual difficulty in tracing skllfully
conducted speculative operations therefore
felt on the part of the anxious board-room trad
ers, who sought to follow the movements Of the
larger operators.
ORGANIZED SPECULATION SEEN.
The popular suppostion is that the newly
active part in the stock market includes spec
uIative clements that have been prominent in
cotton and in grain during the recent activity
in these markets and that something like
pool had been arranged by which these various
elements acting in concert to lift the prices
OF stocks.
The trading presented all the characteristics
OF the periods of activity of such organized
speculation. ne buying anu DluulhB u bho
prices was skillfully shifted from to another
quarter, calculated 20 affect opinion the mar
ket whole, and selling at other points
were coincidenty carried on in the realizing OF
profits.
Late in the day the reactionary tendency be-
came fairly general under the weight OF the
selling realize and the level OF prices receded
materially from the highest. The late selling
somewhat aggravated by the report of
banking failure in Cleveland and the downward
tendency was not very effectual before the close,
which was unsteady.
GOOD BANK STATEMENT.
The forecast of another very favorable bank
statement tomorrow did not serve TO sustain
the late market, such a showing has been
counted upon throughout the week, owing to
the extreme OF money. Estimates of the
receipts of currency from the interior I'M
usually at variance, that the gain in cash
is reokoned all the way from eight TO thirteen
million Of dollars from all sources.
The lessened prospects OF war induced higher
prices abroad, well here, but there Is no
ened here. Foreigners bought a few thousand
shares here to-day. and the listing of Baltimore
a. Ohio the Berlin BoeTse was a strengthening
influence all the subsidiary companies Of
the Pennsylvania.
Amalgamated Copper and Realty preferred
We're Under positive pressure all day. Southern
Pacific and Pennsylvania were held back from
the general advance by sales TO realize on yes
teTday's gains. Sugar notably strong on
favorable estimates of earnings United States
Steel preferred late in advancing and did
not hold well.
The Rock Island bonds relapsed sharply and
there few other points OF reaction in
| the bond market, which, however, continued ac-
tive and generally firm. Total sales at par value
were S6,3l5,0 900. United States bonds were I'M
changed on call.
Sales and the range: