The times. [volume] (Richmond, Va.) 1890-1903, 1900-01-13
STOCK MARKET
SHOVE TRI'IE5jlC]'|I.
Prices Rose Above Level Of Day Be.
i r=zsz fore and Closed Strong.
LOAN MONEY WAS ABUNDANT
asatcs for Time Loans Were Shaded
10 3 Per Cent. While Call Loans
Fell } Per Ccn,.-The Bond
Market Was Dull.

!. NEW YORK, Jan. 1o-The opening
Sales Of Sugar afford convincing evidence
thai Its friends had rallied to its support
AHA were prepared to contest the pro-
grcss which the bears have made in cut
I1ng down its price. Very heavy blocks
we're thrown upon the market ut the open
Ing, but the quotation was lifted from 1l3
10 III on running sales in the first trans
aclo!!s OF The day. The opening price was
the lowest. After the stock got above last
nights level the bears renewed their ef-
+ lo!tS o deprtSS again, but without sue
cess. The resistance shown by the stock
caused uneasineSS in the ranks of the
uaWleldy short interest, and they started
10 cover. They carried the stock up to
as. near which it closed
There was no further signs of the acute
weakness which was shown yesterday by
Inc local traction stocks and Tobacco,
Which Was SAID to be due to the closing
out OF an embarrassed account These
stocks were under pressure during The
morning, but they responded to the re-
coverg in Sugar and late general strength
IN The market. and rose. vigorously above
last nights level. The relaxation Of the
pressure on Sugar played no small part
IN The general strength OF the market
uaaliroadS advanced at the opening, IN SYM
pathy with strength abroad, but they We're
not embarrassed By Generalization in the
Specialties, and SO gained strength as the
day progressed.
All the principal stocks rose from to .
points over last nights level. and closed
strong at the top. Some very heavy
blocks of Baltimore and Ohio We're taken
IN the late dealings by the circulation of
1umors OF approaching dividend declara-
ton.
The market broadened out notably in
The late dealings on the improved sentl-
ment an foreign financial circles and in
expectation OF 4 strong bank statement.
The Bank of Germany followed the other
European government banks to-day by re-
ducing its m'z=.:eenn discount rate from
q to u per ce;f., ana the downward course
of private discount rates in London gave
confidence in still further reductions in
The bank rates. London also took a san
suine view Of the advantage of General
Buffers new position on the Iugeia river.
Money was in abundant supply. and
rates for time loans We're shaded to . per
cent railroad collateral Call loans
fell to 3 per cent. Sub-Treasury opera
lions had yielded to the banks So,3i3,uuo
up to Thursday night. The gain Of the
banks on the regular express movement
with the interior is estimated at about the
same amount. This is exclusive of the
heavy receipts by registered mail. From
these amounts must be deducted last sat
urday's gold exports, as we'll as S1,GUV.Voo
in gold, which went 10 South America
to-day The net gain by banks on all ac-
counts is figured at about S4,00o,oOo.
The bond market was duh. Total sales,
declined i. but the IS coupon advanced Is.
The total sales Of stocks to-day We're
491. 800 shares, including Atchison pre-
ferred, 1853: Baltimore and Ohio, :l,4ol;
Chicago. Burlington and Quincy, l.,SS;i;
Rock Island. 1908; Louisville and Nash
VILE, S4So; Man haitian, l,06e; Metropoli-
Ian, $50; ST. Paul. 1850; Southern Pa
cifc, 1880: Union Pacific. lI,10o Am err
can Steel and Wire, 900; American To-
bacco, 5S,1,rO; brooklyn Rapid TRANSIT,
ti2,.o7o: Federal Steel, 11,2G0; Peoples Gas,
~; Sugar, 30,2t3.
MONEY AND EXCHANGE.-Money on
call steady at ::sd4lE per cent; last loan at
:, per cent: prime mercantile paper, 5!a0S
per cent? Sterling exchange ',, weak : WITH Sl;1
NI.S1 for demand and at 81. S3@4. S34 for
sixty days; posted rates, s4si@4 s4a and ID
81 S11sM4. IS; CONNER cial bills. ssS21Issn
:, So Silver certificates. 5S1sMa9ia; bar sill
yer. 5S3s; Mexican dollars, 4'i4. Govern
1nent bonds irregular: State bonds mac
i've: railroad bonds strong
BAN KCLEARINGS.-The total bank
clearincs for the week We're 81 ST., 301 S.;t.
a decrease Of 60 per cent: exclusive OF
New York, $6S9, 42s22."li, an increase OIL
,,ar cent