The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-28

have shown progressive decrease mere
were rather wide changes in prices on
several days. but they were but vibrations
due to professional manipulation and the
closing of contracts served to draw prices
back to last Saturdays level, around
which the market oscillated.
The reasons for the excessive dullness
are not entirely clear, as many condi-
lions conform to those in former periods
of great speculative activity, notably the
large reflux of money to the reserve CEN
tiers from active use in business and uni
formly favorable reports of business and
trade. There is a large body in Wall
street of the opinion that the dizziness is
only applicable on the score of suspense
over the outcome of the war in South
Africa, but two events there during the
week induced considerable speculative ac-
tivity in London without awakening any
interest in the New York market outside
of foreign arbitrage offices and the pro-
fessional traders. Prices of International
.ly listed stocks responded sharply as the
narrow market made the arbitrage opera
tions effective in keeping prices near the
London parity. This is not conclusive evil
dence, though it is against the assump
ton of the dominating influence of the
South African war upon speculative sem
timent. The taking of Spion kop was re-
flected in the London stock market with
out inducing any appreciate buying of
stocks here in the one case or selling in
the other. 1t is safe to conclude from this
that the worlds commerce and finance
have so far adjusted themselves to the
interruption of the Transvaal gold supply
from flowing into the worlds stock as not
to be severely shaken by the events
threatening a prolongation of the inter
ruption.
Current returns from the treasury show
a day to day surplus, owing to the heavy
nal revenue collections in national bank
deposits are also approaching the limits
provided for by the government bonds
deposited with the treasury by tho banks
as security, after which abe takin up of
the surplus by the treasury would be re-
sumed.
The future of the London money market
depends much upon whether the Bank of
Englands policy of recuperaton is in
preparation for government loan issues to
provide for war eXpenses--an event which
would probably draw gold from New
York. Added to these considerations is
some feeling of doubt and questioning
aroused by the very free discussion and
criticism of a New York Trust COMPANY
These accounts, while of Importance in
themselves are of even greater import
ance in the principles involved in the
placing of loans looking to the promotion
of industrial corporations.
The argument that prices of securities
are at an inviting level must be consid-
cred in connection with the fact that vast
amounts of money were spent at the ex-
IRENE high prices last year, compared
with which present prices present heavy
losses and encouragement or inability to
buy.
The falling off in the rate of inflow of
money seeking employment has served to
decrease the demand for bonds. The mar
ket has continued firm for the most part
United States new As declined a, the IS
and CID As registered IS, and do coupon
preferred bid price.
The total sales of stocks to-day were
$1,000 shares, including the following !.
Southern Pacific, 5,147; American Steel
and Wire, 5,G85; Brooklyn Rapid Transit
1875; Sugar II $50