The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1898-02-02
Holders FID Wers Apparently Content TO Avail,
a Rally.
CARRIED A LOAD OF LIQUIDATION
and ohio Showed EARLY
weakness-Lo London Hought somr
stocks E"riy In the Day, But Later
The ohio soii Coal Roads Cav.
Evidence orstrcugth.

New York, Feb. 1.-The stock mar
ket to-day had a load of liquidation to
carry still heavier than that Of yester-
day, and there were fewer prominent
STOCKS to exert sustaining force by
Especial strength. The heavy offerings
were well absorbed and net declines are
Tor the most part confined to fractions,
put are very general. For a time after
the opening there seemed to be no
dlminution from Yesterdays activity.
Later prices began to yield under the
3Weisht of continued offerings, but the
pressure was not great and the market
ieL into dizziness, holders apparently
being content to await rally to con-
tlnue the liquidation. The rallies were
neiped by the continuing strength of
number of stocks, especially Union
Pacific and all its securities. The
strength of these gained during the day
ana This stock closed at the highest
a. MA a net advance OF over point.
baltimore and Ohio showed early
weakness. but rallied 2& on an un-
authorized assertion that the reorgani-
eaton plan had been agreed upon.
Upon the denial Of this the stock fell
away, but closed with q small net
gain. The Ohio soft coal roads gave
evidence of strength on the better out
look lor the coal traffic and report Of
an agreement amongst them for its
distribution. DesNfoines and Fort
lodge made conspicuous movement
OF 3as per cent. There were some very
marked gains also amongst usually
dormant stocks, such as Great North
ern referred, Chicago and Eastern
Illinois Preferred, Cleveland, Cincin-
natl, Chicago and ST. Louis Preferred,
adams Express and SusqUehanna and
Western Preferred. There were periods
or strength in other stocks during the
DAY, but the order was proft-taking
ana this tendency extended even to
Northeun Pacific Preferred upon which
mere was quartely dividend OF
per cent, declared late in the day.
London bought some stocks early in
this market, but sold more later, which
probably had an influence in giving a
somewhat sitter tone to the exchange
market. 1T is TO be noted, however,
that q part of the cash from the in
terror which Is being received in New
ork is due to rcmittances on account
of Australian gold received at San
francisco TO the order of New York
houses There was noticeable growth
OF ACTIVITY in the commercial paper
department of the money market to-
day, the supply showing n decided in
crease, but without any ouotnble effect
on the rates. The rates for call loans
worked to a lower basis in spite OF
the withdrawal of the second 10 per
cent. lnStallment OF the Governments
deposits of the Union Pacific payment.
This withdrawal was called for to-
morrow, but most of it was made to-
day.
In the bond market the Kansas
Pacific Consols were the most con
spicuous feature, with an advance of
Sss per cent. to 11CB Other bonds of
the Kansas Pacific advanced / to
points on the belief that they would
be included in the Union Pacific re-
organiZatiC with or without an ar
rangement with the Government The
bond market generally showed con-
tinuance of activity and prices con-
tinued to advance. Total sales S6,l40-
600. United States new Is advanced
nc. bid, the coupons eX-dividcnd. The
total sales of stocks were 401, 100 shares.