The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-27
STOCK MARKET
REMAINED sPOTTY
Large Number of Stocks Show Good
Advances.
BOLD MANIPULATION USED.
Market Did Not Respond Until
appearance OF Bank Statement.
When Dealin. Brondencd Out
And Became Active.
[Rr Assoc,ated Pre.sa

NEW YORK, Jan. 26.-Tfc stock mar
kct manifested Only a languid disposition
TO reSponu To very active aEu ovIu I.iA-
Eipulation 10 which IT was subjected to-
day. until the appearance OF the bank
statement Immediately on the appear
ance of the statement upon the tape the
market became animated and the dealings
broadcned out considera bly,. Nevertheless,
the market remained spotty to the close,
and although there was large number
of stocks which show advance of to
points. many parts Of the list failed to
respond to the advance at all.
st Paul was the feature all day. The
stock was exceedingly feverish and I'M
steady at times. but it was advanced with
determination and made the last price at
the top six points above last night The
dealings We're on a very larScEscale The
preferred stock gained rs. The Kansas
and Texas stocks continued TO hold q
conspicuous place in the market. and the
preferred rose 21s IN the early dealings,
but suffered later from profit taking.
Rock Island rose 2as and the EranSers
and Northern Pacific We're all strong
The bank statement GiScloSeS a fairly
plethoric amount OF money, and the very
liberal expansion of loans by the banks
of over ten million dollars has not sufficed
TO keep pace with the rapid congestion of
reserves.
A notable feature of the cash increase
is the Overwhelming preponderance of
specie in the receipts. The weeks in
crease of s7.657.490 brings the specie hold
200, which compares with the maximum
record of soc, SIG, 500 on May 81, 1899.
The Sub-Treasury payments are being
made almost wholly in gold. including the
large current TedemDtionS of national
bank notes. but mail and express receipts
from the interior by the banks ii'"lude
large number of gold certificates OF large
denomination. The banks have also re-
ceived payment from the Sub-Treasurv on
account of a miliion-dollar receipts of
gold in San Francisco.
Yesterdays steamer from Australia
brought SEQ. 600 more in gold to San
Francisco. which will figure in New York
bank reserves eventually IT is worthy OF
notice that all of the 100000 gold ex-
ported this week also came from the Gov
ernment Assay Office. The speculative
contingent in the stock market evidently
looks to this redundancy of loanahie re-
serve to stimulate speculative buying of
stocks. 1t is also certain to stimulate the
export of gold
With a further rise to-day in the quoted
rates for sterling exchange in the nonii-
nal Saturday market. with an advance in
the caii-Inoney rate in London and with
sterling hardening at Paris, it is not un-
likely that the coming week Will see gold
go to London instead of To Paris. The
remittances abroad in payment of return
ing securities continue on large scale
and keep up the exchange rate.
The bond market has been relatively
more active than for stocks, and prices
have been better maintained Bonds OF
been IN large demand and show striking
gains. United States new Is and IS
registered advanced 4. and do. coupon u
over the call price of a week ago.
Total sales Of stocks to-day We're 545.1o0
shares.
MONEY AND EXCHANGE.-Money on
call easy at u per cent; prime mercan-
tile paper 31aG414 per cent, Sterling ex-
change strong with actual business in
bankers bills at Si.S71hG4. ST2s for demand
and at s4.S4 for sixty days: posted rates.
s.. S415G4. 81 and s4.SSG4. SSH: commercial
bills 81 S3@4. S2l5. Silver certificates. 63ii5
G16,; bar silver. g.; Mexican dollars. 4SL2.
State bonds inactive; railroad bonds firm;
Government bonds weak
WEEKLY BANK STATEMENT.-The
weekly statement of averages of the AS
sociatad Ranks shows:
Loans sS41 :::67. 800: inc. sic, 400, 900
Deposits. S937. 42a. 600: inc 1865. 500
Circulation. s31 200: inc. 2So,C00
Legal tenders. s13445.000; inc 394, 400
Specie S191. 10000; inc. I,ooI, 400
Total reserve. S265. 1.3.20o: inc. !,fol. 500
A fne ~ ..s .-.....,..., 3,9os.a5o
crrrl,,s rncn-.ve S,0 100 1Ju- inc :5I2 $50