The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-05

NEW YORK, Feb. As regards today's
stock market it might be said that for the
I,ost part the trading was governed by
last weeks developments. or by other i'm
pending transactions then foreshadOwed.
These were notably the Union Pacific
Southern Pacific transaction. the acguisi-
ton by the Southern Railway Of the Mo-
bile and Ohio and evidences that certain
powerful financial interests which are
fully competent to carry out what they
undertake, have under way negotiations
looking to such a unifcation Of control in
The more important lines of the steel
trade as will result in the creation OF
harmony Of operations such as now exist
in the anthracite coal trade and in sew
eraI quarters OF the railway field.
Speculative sentiment was further IA
vorably Influenced at the opening of bust
ness by the material advances scored in
American stocks in the London market,
while little or no attention was paid to
the Unprecedented expansion in loans ap-
pearing in Saturdays bank statement. The
money market continued extremely easy
and sterling exchange advanced to fig
ure rendering almost certain early eX-
ports of gold to England.
The remainder of the days actual news
of general or particular Importance is
practically summed up in the returns of
railway traffic submitted. On the other
hand the days rumors were abundant end
naturally found ready acceptance, in view
of recent unlooked-for developments in
the railway and industrial situation al
ready referred to.
After such transaction. that in
volving the purchase of the Southern Pa
cific Company it would be difficult to sug
gest any other alliance that will not be
credited, without regard to the logical
sequence of events which led up to trans
actions mentioned.
In many respects today's market was
the brcadest and showed the most general
diversifcatiou of interest noted since the
recovery in prices about fortnight 3go.
Manipulation was indeed, evident in
many quarters, and it was upon ire
mendous scale. Some interest in commits
sion house business Was also noted, but
1t was still far below what might have
been expected in view of the large ag
gregate attained in the days dealings.
Some Of fhe more decided rains in prices
were in the Atehison shares, Baltimore
and Ohio, Louisville and Nashville. Kan
sas ard Texas preferred. the Southern
Railway shares, Union Pacific common,
Rock Island, and New York Central
Southern Pacific also recovered sharply
from its extreme depression al the close
on Friday Among the lower-priced is
sues. Chicago and Great Western. Texas
Pacific. Des Moines and Fort Dodge, and
others Of the same general level were
eonspicnously strong.
ST. Paul and Northern Pacific both
Jagged somewhat behind the remainder OF
the stocks OF their class, although the last
named developed considerable strength
with the course of the day. Their general
tendencies. however. again reflected the
speculative disappointment that the
deals" arranging so freely in other quar-
tiers were not to be repeated in their
cases.
AS regarded the verify of the several
rumors referred TO as current today, II
needs only to be said that the incidental
negotiations will. in all probability. be
conducted with the same absolute lei-
cence that attended the various transae-
lions already carried to a successful issue.
The indus rial quarter showed number
Of noteworthy advances, with American
Steel and Wire, Federal Steel and Nation
al Steel conspicuous in respect to both
strength and activity. it is now commonly
believed that at the approaching annual
meeting OF the Steel and Wire Company
there VIII be some disclosure OF the di
reetion. at least. through which the ex-
looked for Other strong features of the
Industrial quarter were Steel Hoop. Ma
tional Tube, American Tinplate, and
American Car and Foundry aud Tennessee
Coal and Iron.
Elsewhere among the specialties Pacific
Nail suffered a sharp decline on the latest
Intelligence respecting the prospects fol
the passage Of the Subsidy bill, but on
the other hand the greater part of its
loss was later recovered. Amalgamated
Copper was again uninnuenced by the
general stead ness Of the market.
The local traction issues were all more |
active than for a long time. and were all
likewise very strong. II was reported
that at a meeting of the Brooklyn Rapid
Transit directors, to be held forthwith
important changes would appear in the
directorate.