The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-31
STOCK MARKET
HIGHLY IRREGULAR
Large Portion of Business Concen-
trated in Special Stocks.
MANIPULATION IN FORCE.
sclrin: to Realize Went on Heavily
Under Core: Of the Strength in
Active s,ocks-Bond Prices
Remained Firm.

1Rr Associated rrcss.

MEN. YORK. Ian. 30.-To-day's market
was made up of movements IN speclal
stocks. evidently under the operation Oh
speculative cIiGucs. who brought manipu-
lation freely TO aid The movements. an
overwhelming proportion OF the total
business was concentrated in less than a
dozen stocks St Paul, Steel and Wire
and Southern Pacific continued very
prominent. but they were Suppienehteo
by large dealings in Rock Island ana some
of the southern stocks
The. first five minutes of trading were
sufficient to demonstrate that very power
full support was in the market. Heavy
offerings of st. Paul were freely bought
and its decline WAS checked at l.,o Inc
same was true in Northern Pacific and
in the steel stocks The official color
given to denials of the sc-called St Paul
deal and the explicit assertions that 1t
was off brought a large speculative sell
ing of the stock and the statement on be-
half of the Steel and Wire directors given
out at the close of the market yesterday
was weakening influence in the steel
group.
When the determined and effective sup
port at these two threatening points was
: observed the tone of the speculation was
strengthened and the prompt rally of
Rock Island and other stocks later in the
day served TO sustain the general list
Selling to realize was going on actively
under cover of the strength in active
stocks, and the market was highly irreg-
ular during the whole day. Under the
influence of the first upward squirt in Rock
Island, which rose an extreme :i&.. there
We're general recoVerieS, St Paul and
other leading stocks rising above last
nights.
The fact that the buying of Rock
Island was by brokers identified with the
support in Steel and Wire aroused some
distrust of the movement, and subsequent
advances in special stocks were not nota
bly, responded TO in the general list ST.
Patti closed with a net loss of point.
Southern Pacific suffered from heavy
realizing on statement of December net
earnings showing the extra ordinary in
crease of SS52. l:t2 over December of last
year. Mobile and Ohio continued to adj
vance. rising Gis on top OF yesterdays
gain OF ,tla. No authentic reason could be
secured as to the occasion of the buying.
but it was made the occasion by traders
of advancing the stocks of various rail-
roads which might be benefited by secur-
ing control including Southern Railway,
Louisville Chicago and Alton and Kansas
City Southern. The control of the road
is at present invested in the bondholders,
and 1t is said that no controlling interest
in the stock is held by any one party.
The rise in Steel and Wire reached :553S
in the preferred 21a. and in Federal Steel
24. There wer gains of to IL by some
other members Of the group.
The engagements OF gold for export by
to-morrow's steamer amount TO S. 80, 600
which is considerably less than the pre-
llnlnarS estimate. But sterling exchange
here advanced further to-day, as it did in
Paris 1t seems hardly probable that the
bank rate Will be reduced Tomorrow. An
additional reserve of gold in London
would be desirable in preparation for the
placing of the coming war loan there.
Prices of bonds We're we'll sustained to-
day on a good absorption. Total sales
par value, S3,955,O00. United States bonds
all unchanged on the last call
To-Gay's total stock sales were 1,06O.10O
shares.
MONEY ND ~,