The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-31
STOCKS AND BONDS.
Market Highly Irregular Under Lead
of a Few Stocks.

New York, Jan. 3O-To-day's market
was made up of movements in special
stocks, evidently under the operations OF
speculative cliques who brought manip-
ulation freely to bear to aid the move
ments. An overwhelming proportion of
the total business was concentrated in
less than dozen stocks. st. Paul, Steel
and Wire and Southern Pacific contin-.
ued very prominent, but they were sup
plemented by large dealings in Rock ISL
and and some of the Southern stocks.
The first five minutes of trading were
sufficient TO demonstrate that very pow
erful support was in the market. The
heavy offerings of st. Paul were freely
bought and it's decline was checked at
15O. The same was true in Northern Pa
clfic and in the steel stocks. The official
color given to denials this morning of the
so-celled st. Paul deal and the explicit
assertions that it was off brought a large
speculative selling of the stock and the
statement on behalf of the Steel and
Wire directors given out after the close
Of the market yesterday, was a weaken
ing influence in the steel group.
When the determined and effective
support at these two threatening points
was strengthened and the prompt adj
vance in Rock Island and of various 9TH
er stocks later in the day served 10 sus-
tain prices in the general list. Selling to
realize was going on actively under COW
er of the strength in active stocks and
the market was highly irregular during
the whole day Under the influence of the
first upward squirt in Rock Island, which
rose an extreme 81, there were general
recoveries, st. Paul and other leading
stocks rising above last night. The fact
that the buying of Rock Island was by
brokers identical with the support in
Steel and Wire aroused some distrust of
the movement, and the subsequent ad-
vances in special stocks were not nota-
bly, responded 90 in the general list.
st. Paul sold off later to 1872, and clos
ed with a net loss of a point. Southern
Pacific suffered from heavy realizing on
the statement of December net earnings,
showing the extraordinary increase Of
1892 1879 over December of last year. Mo
bile and Ohio continued TO advance, ris-
ing 61s on top of yesterdays gain of 51a.
No authentic information could be secur-
ed during trading hours as to the source
of this buying, but it was made the oc-
casion by spectators for advancing the
stocks of various railroads which might
be benefited by securing the control in
Guiding Southern Railway, Louisville and
Nashville, Chicago and Alton and Kansas
City Southern. The control of the road Is
al present vested in the bondholders
through voting trust, and it is said that
no controlling interest in the stock is
held by any one party.
Later in the day the steel stocks were
marked up vigorously after resisting the
decline all day. The rise in Steel and
Wire from the lowest reached 3ss in the
preferred 21a, and in Federal Steel "a.
There were gains of to IL by some 9TH
er members of the group
The engagements of gold for export by
to-morrow's steamer make a total of 81
100000, which is considerably less than
the preliminary estimate. But sterling
exchange here advanced further to-day
as 1t did in Paris, and it is evident that
a gold movement from here to London IL
Imminent. It seems hardly probable that
the bank rate will be reduced tomorrow.
An additional reserve of gold i'm London
would be desirable In preparation for the
placing OF the coming war loan there
Prices of bonds were we'll sustained to-
day on good absorption. Total sales par
value $780, 600 United States bonds were
unchanged on the last call
The total sales of stocks were LOGO. 100
shares.