The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-06
PRICES TRAVERSE
A WIDE RANGE.
Forward Movement Followed Later
by Retrogade Course.
THE CLOSE WAS FIRM AND DULL
Early strength MAS Duc TO Cessation
OF Selling Pressure Berlin
Account. Reaction t" I'm
aascncHts OF Gold.

MEM YORK, Jan. ..--Prices of stocks
,;arerscd a considerable length To-Day,
moving forward in The early dealings ana
1!lci. pursuing retrogTade course Il,
about last nights level. The deduction TO
be drawn is that professional traders are
diainciined 20 undertake extensive sIecu-
l4tiYe commitments.
The most effective influence towards tplS
disposition is the conviction that the
money markets of the world are not Yet
in condition 10 atLoTd aBunQall. lui'Hs LOT
speculation on credit. The incident s'hicn
1saintcd this moral Vas iHe unexpected
proportions OF the gold engagements Tor
io-niCrTows steamer, mounting up 10
S3IrIuO9o as compared with preliminary
estimates OF S2,ouoGau. HE large engage.
ucnts Were IL spite OF SaSsinS interest,"
rates in London and u sharp decline III
the discount rate at Berlin, II Is EVIDENT
therefore that the British Government
designs abundant use Tor large andltionai
funds and that available gold supplies
MIL be drawn 10 London as lar as puSSi-
h3e Such = prospect makes definitely
against the probability of an easy money
replenishnent which various factors are
now bringing 10 ttlis centre
The cause OF the morning strength in
the stock market wasfthe cessation oil me the
absorption of New York Central stocks
and the sympathetic effect upon the whole
railway list continued. The reaction
gained force with the growth IN volume
were disposed 10 take advantage OF Inc
situation to deilress Tie induStrlals, nota-
bly, Sugar and the steel and iron STOCKS
RrrnorS We're circulated that new dliiicui-
tics would be encountered in efTectng the
distribution of dividends on the common
stocks of iron and steel companies, winch
il has been represented was soon 10 be
made Official disclaimers that any such
difficulties were apprehended 10 failed TO
cause any notable recovery in the stocks
affected.
The closing of the market was, however,
Iirrn but very dull and net changes. aside
from the industrials- We're not important.
Tie weeks regular currency movement
was largely in favor OF the banks. the
outso having fallen 10 less than a million
dollars, so that the weeks gain from that
source is estimated al over S3,o01.tcc, not
counting receipts by registered mali,
which last week were considerable. In
addition, the banks have gained from The
Sub-TrcasuTy Sg;1j.0Qo. But S3,000,Gt0 of
gold exported last week must be reck-
oned so that loss Oh All accounts IS fig
ured at S1,JG0,u0o al least Whether this
has been offset by loan contraction is
doubtful.
Ine bond market was dull and irregular.
Total sales, par value, Sl.::63oVV- United
States j 5 registered and the new As ad-
vanced-Is in The bid prices,
The total sales OF stocks We're 4J,U9O
Shares, including Atchisor preferred, lG,-
$50; Chesapeake and Ohio 16,3.'0: Chi
cago, Burlington and Quincy, 14.lS9: Man
jldLiGIt ',clf- -ti4SSbuII -','''''' NV
York Central. 21,Q21; Northern Pacific,
.i. $50: Pennsylvania. 7.G10; ST. Paul, 5.1io;
Southern Pacific, 1%.7lo; Union Pacific.
I1.:tI-,; American Steel and Wire. 12,Gjo:
American Tobacco, 20,J0o; BROOKLYN Rapid
Transit, Jh,G7a; Federal Steel, 1880: Gas,
5,45G: Sugar. G6.639; Leather, a,u2e: West
ern Union, $3.50
MONEY AND ENCHANGE.-Monc on
call STEADY 1T 4@G per cent; last loan at
II. per cent; prime mercantile paper, u
per cent. Sterling. exchange firm. with
actual business i'll bankers bills at $i.S72s
for demand and S4.S&Gt4.Sai4 for sixty
days: posted rates. S4.S5l4a14.St and
~. SSI5; commercial bills. Si.Sll&El4. S2!G.
Silver certificates, 5S1%@59lA; bar silver.
80; Mexican dollars, Az. Government
bonds strong; State bonds strong; railroad
bonds Irregular.
BANK CLEARINGs.- total bank
clearings for the week We're S1..Si,I71,Gi1.
an increase of Q per cent: exclusive of
New York, SGGi, :2.955 800; an increase OF 80
per cent.