The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-01-08
BATTLE OF BULLS AND BEARS.
THE FL CTUATIONs LARGELY The
RESLT OF MANIPULATION.

An Approach to Decentralization az
the Opening of the Market Check
ed by Heavy BuyinE Orders for
London AccOunt-The short Inter-
est in New York Very Large and
Prices Advance Quickly Every
Time n Tries 10 Cover.
New York. Jan. 7.-Speculation at ths
stock exchange was nervous and irregu-
lar to-day. Business was on a smaller
scale however, the transactions amounts
ing to 262.l5G shares. against 3l4, ,40s yes
terday. There was an approach Of demor-
alization at the opening. owing to lower
cables from London. the execution OF stop
orders and sales by local commission
houses. The break in the active issues
at this time ranged from y to "a. per
cent. Pacific Mail. Big -Four. Consolidated
Gas the Changers and the International
issues leading. Some OF the specailties
which are freely dealt in scored even
heavier losses on light dealings.
The decline in the general market was
checked in the first hour. strong houses
having turned up as buyers of the stand-
dIu issues Tor investment. London later
bought literally of ST. Paul and other in
tefnational issues. The foreign buying
pI ~. faul was on large scale, somo
estimating it at fully 10000 shares The
local short interest, which has become
qulle heaNy OF late because OF the bond
lsSSuy uefelopment and the uncertainty
which IL Is thought must exist In financial
circles until the matter Is finally settled
became alarmed at the London and COM
llissloh houses buying and endeavored to
cover. The result was a rise Of anvwhere
from u 10 ga per cent. Tobacco led the
SSPWaTrpd movement and sold as high as
~, Inc Grangers, Louisville and Nash-
VIE, sugar, Chicago Gas Leather pre-
Ieffedi Manhattan and Western Union an
snarsea IN the Improvement. Sugar was
DeheHted Dy Washington rumors that the
Senate viii not tamper with the sugar
tariff after all.
In the afternoon trading some highly
sensauonai rumors regarding the E.uro-
pean political situation were circuIated.
one story was that the German ambas-
rauor ra.,, had been hred on in London. The
lulnQr originated. here, and was tele-
graphed to Boston as a reDort currene
IN the board and was later sent from Bos.
eo, oon 20 New York as an actual fact. OF
course tnere was nothing IN IT,
The gold Withdrawals had a little more
eHect IN the last hour. The withdrawals
ana engagements of the metal for export
cludes the S5OO,00O engaged bv Iazard
freres last week, but held here subject
70 foreign orders by that firm Against
Ihls there were deposited si.0OO,OO0 gold in
exchange FOR greenbacks by various city
Dahks and bullion dealers. OF the gold
Withdrawn 81 800, 600 and possibly 81 go O00
may be forwarded Tomorrow The SEM
sauonal rumors and the gold movement
resulted In a reaction Of Laf per cent.
IN the general list and 21A per cent in
lobacco. Speculation closed barely
steady In tone. Net changes show losses
oI MW2h per cent. In some of the actiya
stocks and gains OF lsNh per cent In
others. ST. Paul which was the most
active stock, figured for 49, 800 shares.
sugar Tor 1900, and Burlington was third
with 1880 shares. Bonds were weak
Ine sales footed up $l260,000.
Washington, Jan. 7.-Treasury officials
are watching with keen interest the re-
newed attacks on the gold reserve and
do not hesitate to express the opinion
that most Of the gold now being with
drawn IL taken out by intended purchase
ers OF the new bonds. They condemn
such proceedings In strong terms but
win the present laws on the statute
books see no way to legally stop such
Withdrawals. With to-days Withdrawals
out the treasury gold reserve, at the
close of business, stood at SIS, 1856 no. The
amount OF gold reported Withdrawn at
New York to-day by Assistant Treasurer
Jordon was $2900,O00 and there was de-
posted S5gO, 090, making the net loss for
the day S2.4OOO00.
London, Jan. 1.-THE Manchester Glass
gov and Liverpool stock exchanges closed
In state of depression all around There
was heavy fall in Kaffirs, and general
drops in American railroads in all the
markets mentioned.
Paris advices quote rentes 10lf 10 CEN
times.