The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-01
Ftnauctal.
THE STOCK MARKET.
Largely Given Over to Speculative
Cliuues Yesterday.

New York Jan 31.-The stock market
to-day continued to be largely given
over to manipulation by speculative
cliques and operations by professionals.
There was a constant shifting of activ-
ity from one group of stocks to another
and successive advances developed here
and there all day. Prices were inclin-
ed to drop back as soon as the manip-
rlation was shifted from them, but the
final outburst of activity and strength
in the Pacifics and southwesterns lifted
many stocks to near the best again.
The stock under Immediate manipula-
ton at the close were, however, about
the only ones that closed at the highest.
The central figure in the days market
was Southern Tactic. The pool which
has been absorbing this stock for some
time past apparently succeeded In
clearing the field of large part of the
waiting orders to sell which hung over
the STOCK anu accomplished u laiuy eiu-
vance in the price The dealings in the
stock were on an enormous scale ana
the extreme advance was 2ss. The fact
that this advance carried the stock
across Atchison seemed to arouse the
emulation of the friends of that stock,
and they pushed it vigorously upwards
at 2R through very heavy offerings.
The Pacifcs generally sympathized. The
announcement of the plan for the alb
sorption of Mobile and Ohio by the
Southern Railway company caused
Jump in the former stock of S7s on COM
paratively light transactions as the
companys capital issue is a small one.
The Mobile and Ohio development set
the spectators upon search for secur-
tiles of minor railroad company which
would be in any way available as feed
ers or connections for the great railroad
systems of the country, in the operation
of the policy for extension of interests.
The roads having Morgan affiliations
were prominent in this connection. Chi
cago, indianapolis and Louisville rose 6
and the preferred 10 points. There
were gains of from to 8 points in the
:, Va,
C. and st. Louis stocks, the Iowa Cen
trails, Des Moines and Fort Dodge. ST.
ice and Grand Island first preferred
and the Wisconsin Centrals. None of
these gains was fully maintained Yes
terdays strength in the steel stocks
continued at the opening, but was not
maintained during the day. There was
more or less realizing among stocks,
which have had their previous rise this
week and the market continued irreg-
uar all day. To-days sub treasury
statement reflects the payments for the
gold withdraw for to-day's shipments
and makes the net loss by the banks to
the government institution for the week
thus far S2.o50.000 The movement of
currency from the interior is reported
lighter than last week, so that no such
favorable bank statement as that Of
last week is expected. But the money
market continues So extremely easy
that not much attention is paid to the
bank statement. Sterling exchange
lowered near the point to-day which
would yield a profit on q shipment Of
gold to London. Demand sterling was
sold at So and If it rises above that to-
morrow, it is the general opinion that
gold will go to London on Saturday.
The statement of the Bank of England
to-day shows that that institution has
continued to borrow from the market,
even while maintaining demands from
the market for loans. It's failure to re-
duce the discount rate therefore indi-
Gates a purpose to draw gold from New
York to London, if possible.