The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-01
MARKET GIVEN
TO MANIPULATION
Activity Constantly Shifted From
Group to Group.
MANY CLOSED AT TOP LEVEL,
Final Rally Was Due to Activity and
Strength in tho Pac,fics and
Southwcsicrns - Bonds
Largely Dealt In.

NEW YORK. Jan. :.1.-Tha stock mar
ket continued largely given over to ma
,,ipulation by speculative ciiqucs and ope-
rationS by professionals There was a
constant shifting of activity from one
tyrouf, of stocks TO another. and successive
advances developed here and there all
day. Prices OF The favored issues We're
inclined TO drop back as soon as the ma
nipulation was shifted from them. but the
final outbiirst of activity and strength IN
The PacificS and SouJhWeSternS lntcd
many stocks to near the best, again.
The stocks under Immediate manlpula-
ton at the close were. however. about the
only ones that closed at the highest
The central figure in the market was
southern Pacific The pool which has
been absorbing this stock for some time
past apparently succeeded in clearing the
field of a large part OF the waiting orders
tc sell. which hung over the stock, and
accomplished Il tardy advance in the
price. The dealings in the stock were on
an enormous scale and the extreme adj
vance was o3s.
The fact that this advance carried the
stock across AtchiSon seemed to amaze
the friends Of that stock, and they pushed
it vigorously upward an extreme ~
through very heavy offerings. The Pa
cifcs generally sympathized- The plan
for the absorption of Mobile and Ohio by
the Southern Railway announcement
caused jump in the former of rs on
comparatively light transactions. as the
companys capital issue is Il small one.
The Mobile and Ohio development set the
SPECTATORS upon search for securities
Of minor railroad companies which would
be III any way available as feeders or
connections for the great railroad sys-
lens Of the country in the operation of
the policy for extension OF interest
TIE roads having Morgan affiliations
were prominent in this connection. Chi
cago Indianapolis and Louisville rose 6
and the preferred 10 points There We're
gains of from ] to . points in the Chicago
Great Western: Cleveland. Cincinnati.
l CT Hl no
Centrals DcsMoineS and Fort Dodge.
st Joe and Grand Island preferred and
tho Wisconsin Ccntrals.
None of these gains were fully main
tanned. Yesterdays strength in the steel
stocks continued at the opening, but was
oS-naintained during the day There
~~T more or less realizing in evidence
among stocks which have had their pre-
Vious rise this week. and the market con-
tinued irregular all to-day.
To-day's Sub-Treasury statement re-
fleets the payments for the gold with
drawals for the shipments to-day and
makes the net loss by the banks to the
Government institution for the week thus
far S2.95oe00.
The movement of currency for the inte-
rior is reported light. SO that no such
favorable bank statement that of last
week is expected. The money market,
however, continues extremely easy. Ster-
ling exchange lowered near the point to,
day. which would yield a profit on Il ship
Inent OF gold to London. Demand Ster-
ling was sold at IS. If it rises above that
tomorrow it is the general opinion that
gold viii 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 meeting demands from the
market for loans. It's failure to reduce
the discount rate, therefore. indicates
rirrrose to draw gold from New York to
London. If possible.
business in railroad bonds continued
large. the Central of Georgia and South
crn Pacific issues being prominent. Total
sales. par value, $4,000. United States
coupon and new As advanced J. per cent
on last call.
Total sales of stock. 1,01S1 shares.