The Savannah morning news., 1901-02-01
STOCKS AND BONDS.
Market Active at the Advance With
Southern Pacific Leading.

New York. Jan. 31.-The stock market
continued largely given over to manipula-
ton by, speculative cliques and operations
by professionals. There was a constant
shifting of activity from one group of
stocks to another, and successive advances
developed here and there all day. Prices
Of the favored issues were inclined to
drop back as soon as the manipulation
was shifted from them. but the final out
burst of activity and strength in the Pa
cities and Southwesterns lifted many
stocks to near the best again to-day.
The stocks 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 Pacific The pool which has
been absorbing this stock for some time
past app0rently succeeded in clearing the
field of a large part Of the waiting orders
20 sell which hung over the stock and ac-
compllshed a tardy advance in the price.
The dealings in the stock were on an enor-
nous scale, ana the extreme advance was
2ssc. The fact that this advance car
ried the stock across Atchison seemed 10
arouse the emulation ofrthe friends of that
stock and they pushed 1t vigorously up
ward, an extreme 21a through very heavy
offerings. The Paclfics generally sympa-
thized.
The announcement of the Plan for the
absorption of Mobile and Ohio by the
Southern Railway Company caused a
jump IN the former stock of SR on COM
paratively light transactions, as the COM
pany's capital issue is q small one. The
Mobile and Ohio development set the
spectators upon search for securities
OF minor railroad companies. which would
lie in any way available as feeders or con-
nections for the great railroad systems of
the country in the operation of the policy
for extension of Interest. The roads hav-
ing Morgan affiliations were prominent in
this connection. Chicago, Indianapolis and
Louisville rose 6, ana the preferred 10
points. There were gains of from / 10
3 points in the Chicago Great Western,
Cleveland. Cincinnati, Chicago and 81.
Louis stocks, the Iowa Centrals, ST
Joseph and Grand Island first preferred.
and the Wisconsin Centrals. None Of these
gains were fully maintained Yesterdays
strength IN the steel stocks continued at
the opening, but was not maintained dur
ing the day. There was more or less real
izing in evidence among stocks which
have had their previous rise this week
and the market continued irregular all
day.
To-day's sub-tre9sury statement reflects
the payments for the gold withdrawn for
to-days shipments. and makes the net
loss by the banks to the government In
sttution FOR tire week thus far 50, $4,000
The movement OF currency from the In
terror Is reported lighter than last week
% that no such favorable bank statement
as that of last week is expected. The
money market, however, continues ex-
tremey easy. Sterling exchange was near
the point to-day. which would give a
profit on a shipment Of gold TO London.
Demand sterling was sold at IS. II il rises
above that tomorrow 1t is the general
opinion that gold will go to London on
Saturday. The statement of the Bank OF
England to-day shows that that institu.
ton has continued to borrow from the
market. even while meeting demands from
he market for loans. Its failure TO re-
duce the discount rate, therefore. indi.
Gates a purpose to draw gold from New
York to London II possible.
Business IN railroad bonds continued
large, the Central OF Georgia and South
ern Pacific issues being prominent Total
sales, par value t5,225O0o. United States
3s coupon and new AZ advanced 4 per
cent. on the last call.