The Savannah morning news., 1901-01-27
STOCKS AND BONDS.
Bank Statement Aids a Manipulated
Advance.

Bunk Stntement Aus n mhGlpulhteu
Advance.
New York, Jan. 26.-The stock market
manifested only languid disposition to
respond to the very active and bold man
ipulation to which it was subjected to-
day. until the appearance Of the bank
statement,
Immediately upon the appearance OF
the statement the market became ami
mated and the dealings broadened out
considera bly,. Nevertheless the market
remained spotty to the close and although
there were a large number of stocks
which show advances of l TO points.
many parts Of the list failed to respond
to che advance at all
st. Paul was the feature all day. The
stock was feverish and unsteady at
times, but 1t was advanced with deter
mination and made the last price at the
cop, six points above last night. The deal
ipgs were on a very large scale. The
Kansas and Texas stocks continued to
hold a conspicuous place in the market,
and the preferred rose 29s In the early
dealings. but suffered later from profit
taking. Rock Island rose 2% and the
Changers and Northern Pacific We're all
strong.
The bank statement discloses a fairly
plethoric condition of the money market,
and the very liberal expansion of loans
by the banks of over $40 600 900 has not
sufficed to keep pace with the rapid con-
gestion of reserves. A notable feature of
the cash Increase is the overwhelming
preponderance of specie in the receipts.
The weeks increase of $7,057, 400 brings the
specie holdings of the New York banks
MI xryff
the maximum record of $2O6, S76,5O0 on
May q, 1899. The sub-treasury payments
are now being made almost wholly in
gold, including the large current redemp-
lions of national bank notes, and the
mail and express receipts from the inter-
Tor by the banks include large number
of gold certificates of large denomination.
The banks have also received payment
tiom the sub-treasury on account of
miliion-dollar receipt of gold in San
Francisco. Yesterdays steamer from
Australia brought another 1862 600 in gold
to San Francisco, which will figure in
New York bank reserves eventually. 1t
is worthy of notice that all of the $1,000
600 gold exported this week also came
from the government assay office
The speculative contingent in the
STOCK market evidently locks to this re-
dundancy of loanab1e resources to slim
ulate speculative buying of stocks. 1t is
Glso certain to stimulate the gold export
movement. With further rise to-day in
the rates for sterling exchange in the
nominal Saturday market, with an adj
vance In the call money rate in London.
and with sterling hardening at Paris, it
Is not unlikely that the coming week will
see gold go to London instead of Paris.
The remRtances abroad in payments Of
returning securities continue on a large
scale and keep up the exchange rate
The bond market has been relatively
more active than that for stocks and
prices have been better maintained. Bonds
OF the principal Southwestern railroads
have been in large demand and show
striking gains. United States new As and
IS registered advanced a. and do coupon
12 per cent. over the call price of a week
aRo.
Total sales stocks to-day were 545, 100
shares.