The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-01
MOBILE TAKES A FLYER
News of the Transfer Sends 1t
Soaring for Six Points.
Southern stock Also Advances on the
Same Trnnsnction-other RAILWAY
Feeling - London Prices Higher,
With Fairly Heavy Buying.

NEW YORK. Jan. 31.-This morning
formal announcement respecting the
transfer of the control of the Mobile and
Ohio TO the Southern Railway was follow
ed by a rapid advance IN both of those
stocks and the transactions impaired 30
little animation to the market at large
IT would appear that the shareholders
in both companies are to be oonsTatu-
lated on contamination of these negotia-
tions. The initial advance in Mobile and
Ohio extended to no less than 6 points,
while Southern Railway common and pre-
ferred also rose rapidly on large irons
actions.
The movements in these stocks were
plainly influential also in other directions.
Thus the appearance of moderate buying
orders in Chicago, Indianapolis and Louis
willie resulted in fairly sensational ad-
vances in both common and preferred.
The movement in the latter securities
suggested that Chicago, Indianapolis and
Louisville might also be taken over by
the Southern, 10 which 1t would furnish
direct connection with Chicago, which is
now wanting.
Other striking movements around tie
opening were Chicago. Cincinnati, Cleve-
land and St. Louis, Missouri Pacific,
Southern Pacific. and the granger shares.
st. Paul advanced very sharply in the first
hour, and there was also a rapid recovery
in Northern Pacific. but there was no fur
Their suggestion on this occasion that the
so-called deal negotiations were again I'M
der way.
As noted yesterday interest in st. Paul
stock for the next six weeks viii converge
OH the question of dividend on the com
mon stock 10 be declared early in March.
1t has not been the practice of the man
agement ordinarily TO make any changes
in the dividend rate in the spring. bur for
obvious reasons it is thought the dividend
viii be made or per cent some six
weeks hence.
further advance in Chicago and Great
Western issues was attended b. some I'M
substsntiated rumors 10 the effect that the
control OF the property was changing
hands. Investment considerations mainly
accounted for the particular strength shown
In other quarters of the railway list The
days total dealings attained a fair aggre-
gate but, as was the case yesterday trad
ing had somewhat fitful appearance.
1oneon's prices for American stocks
were materially above yesterdays local
closing, and with the course Of the after
noon foreign houses were buyers here TO
the extent of more than 80. Geo shares. The
industrials and specialties moved for the
most part in line with the railway list
The transactions in the local traction
shares were in lighter volume than they
have been for some time. but that quarter
Of the market was comparatively steady.
notably for Manhattan Railway
The trading broadened materially with
the course of the day, sharp advance in
Southern Pacific being q feature Of the
afternoon dealings. The Atchison shares
also developed aggressive strength and
reports were current that efforts were
under way to bring about greater har-
mony in the relations between Southern
Pacific, the --tchison and Rock Island.
st. Paul and Northern Pacific, on the
other hand were again somewhat re-
dictionary. AS had been generally ex-
pected in well-inforned quarters. only the
usual per cent dividend was declared on
Union Pacific common, and no action was
taken on the dividend on Norfolk and
Western common.
The money market was exceedingly
easy throughout the day, and the strength
of sterling exchange was so decided as TO
indicate exports of gold to London this
week