The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-10-10
STOCKS AND HoNDs.
The General Market closes Dull aud
Irregular.

New York oct s-The attention OF the
financial and speculative world remained
fixed to-day or the problems Of the IN
ternatlonal money market. All the words
great money ccnters were kept under
careful scrutiny 20 detect developments
which might throw light upon the out
come OF the contest. now inaugurated for
the possession OF the available money sup
ply The engagement OF $4,000 In gold
and lis withdrawal from the Bank Of
England for shipment TO New York mark
90 the H. ginning OF the contest and con-
nrmcd Yesterdays estimate that sterling
exchange al New York had fallen within
the margin Of proft for god imports. No
announcement was made In New York
OF this encagems NJ. and 70 was commonly
supposed that the withdrawal was made
in anticipation OF an advance Ia the price
on gold with view 60 future shipment.
The withdrawal promptly precipitated
an advance in the Rank OF Englands
price Of gold. gold bars and American
eagles both being marked NJ one-half
penny an ounce The margin Of proht on
Imports 20 New York was thus wiped out.
Sterling exchange in New York. which
had steadled this morning after yester-
Days downward plunge. thcreupon resumed
q downward course and closed easy and
stll tending towards the new level Of
gold Imports established by the Bank Of
EnCiand's action The discount rate IN
London also responded for the firs, time
10 the threatened demand for gold and
hardened slightly
Continental exchange both on Berlin
aud Paris weakened notably to-day. on
account Of the heavy continental demand
for cotton, buying from that source hav-
ing superseded for the time the English
demand and 10 the afternoon q was att
nouncod that 100000 francs had been en-
gagged in Paris for import 10 New York
The Bank OF France b. undoubtedly best
equipped OF all the great European banks
90 snare gold At this time. But II has
pursued O policy OF boarding for some
time past and the policy Of the institu-
ion ln the protection OF lts gold reserve
IL exceedingly arbitrary. II IL taken Tor
granted thaf 90 will inserpose an obstacle
to the drain insugurated to-day upon
the Paris gold supply. As FOR Berlin. to-
DAVIS weekly statement OF the imperial
bank shows that IL has lost nearly 81 %
afNo 90 ln cash during the week. IN spite
OF taselpts 81 gold from London. although
~ mas contracted above hair OF the cnor-
NOUS note issue Of the previous week
and has recalled nearly il5o0ooo0 OF Inst
weeks loan expansion. which exceeded
l-anN.Wo.
II Is clearly evident. therefore, New
York will have 20 make more urgent
all 10 effect movement hither Of gold
10 any considerable scale. Meantime the
local money market continued 20 harden
and tho proportion Of call loans placed at
ei- per cent. was considera bly, greater than
Yesterday To-day's transfers Of curren-
IS TO the Interior through the subireasury
again reached three quarters Of a million
dollars and the banks have lost 10 that
institution since Friday i2,g750o0. The
movement by express Is a matter Of con
lecture. but Is known TO continue large.
Speculative action wes considerably par
aiygsd. pending the solution Of these
money market pcrpleXiiies and the move
r-snt OF prices were narrow and unimpor-
amt There was notable movement In
rs. iron and steel group, pretty much all
tbe members % the group coming IN 20
he movement a. the day progressed with
.dvancss from ! to over points. This
movement and the announesment Of the