The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-02-02


NEW YORK, Feb. 1.-Whiie good
deal IF irregulari:y was manifested in to-
DAYS market, owing to the important
operations for both accounts In leaolns
properties the bulls at all times held the
mastery, as evidenced by the generous
sprlnkling of net gains through the Asl.
Influences contributing to this result IN
cluded a heavy absorption of the iron ana
steel stocks, and the excellent net state
ments of the leading lines. Enorts "
dampen bullish enthusiasm met with tenn
porary success at intervals through ag-
gressive hammering of the local group
A ragged opening was due primarily to
the unsettling incident in Sugar yester-
day. and yielding prices for Americans In
London. 1t was soon made manifest that
an important movement was carded IN
the metal group, as Issues winch are
usually not factors Hvened up and al
yanced rapidly. Strength developed IN
other stocks, and the market rose easily.
The bear faction made a concerted at
tack on the local utilities and broke Ihlrd
Avenue points. Kindred properties. sag
ged / to 3A points, and Sugar and To-
bacco were also largely affected. rms
maneuver provoked some selling of the
railroad stocks, but as the various en-
coura gtng traffic statements came TO
hand the offerings diminished and busl-
ness centered almost wholly in. the trac-
lions. The decentralization in Third Ave-
nue.. induced an official statement by the
counsel of the company OF plan to
finance it's Indebtedness by an issue or 3
per cent notes. allowing optional redemp-
ton by the company within year. The
notes do not contain any clause permit
ing their convertibility into stock. This
statement effectually disposed Of recent
rumors that the issue would be 500, 900, 600,
and would jeopardize dividend payments
on the stock. Supporting orders rallied it
3 points, but it went down lower than be-
fore In a drive near the close and ended
with net loss Of points.
A variety of rumors were circulated in
connection with the buoyancy of the
iron and steel stocks, chief among which
was the early establishment of Tennessee
Coal and Iron common stock on an per
cent dividend basis. Other advices were
predictions as to the enormous earnings
of the various companies and trade re-
ports asserting distinct Improvement in
the industry. Tennessee Coal did not
develop its buoyancy until numerous
other issues of this class had been adj
vanced smartly When the move in it
started it quickly assumed pre-eminence
and rose 8 points, despite enormous re-
alizations Gains in other members Of
ranged from to 319.
The early attempts Of the bears to
create liquidation in the standard stocks
proving unavailing the shorts became
uneasy, and considerable lines were taken
up, causing a material rebound in the
more depressed properties. While the In
quiry for the leading railroads was not
very urgent, still there was a slight APP
probation all around, which was fairly
we'll maintained to the end
The ease with which the active special
ties responded to the pool buying caused
many of the active traders to transfer
their efforts to raise prices from the rail-
roads into the metal group, where the
prospective profit seemed alluring.
In connection with the monetary situa-
ton call and time money rates were easy,
but bids for large amounts of the lat
ter were made below the market, which
holds at 4 per cent. London operations
while not extensive We're on the long side,
with purchases Influenced by rumors that
Gen. Buffers forces had recrossed the
Tugela river. There was no change in
the Bank of England's rate of discount
today and an analysis Of the weekly
statement of that institution and the
Bank of France promises continued ease
IN the foreign monetary situation.
good demand developed for the active
bond issues today at higher prices Some
concessions were noted in spots Total
sales, par value, 100000. United States
2s new As and 5s advanced 4 In the bid
price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &.
Co.. members of the New York Stock ex-
change. Pioneer Press building, who have
direct wires to Chicago and New York.
Closing prices are Did: