The age-herald., 1900-01-09
TRADING WAS ON
 A SMALL SCALE Everybody Waited for Develop
 ment of Events. MONEY IS EASIER ABROAD Opening Prices Were Well Down to or Below the London Parity, and
 They Were Allowed to -
 Remain There
MONEY IS. EASIER ABROAD

New York, January S.-The volume of trading in stocks today was on small scale, and a disposition was manifest in Wall street to await the development of events before taking on stocks. The ad- vances of the market due to the influence Of foreign events was a leading motive.
 Notwithstanding the downward course of interest rates in London and on the continent, it is clear that tAere is no need of more money abroad. Foreign observers of good authority offer the suggestion that the present ease of money abroad is due ito artificial causes on government initia- tive. In England it is evident that the pur- pose of this movement is to prepare the money market for placing government loans at an advantage. In Germany 1t is designed to strengthen confidence and help out the vast industrial enterprises which have been undertaken there. In any event the effect is to draw gold from New York under pressure and to send American se- curities to market.
 The foreign exchanges assert that the present level of discount in London leaves no margin of profit on the special attrac- tion offered by the Bank of England on loans to be repaid in gold.
 The arriving shipments of American gold are the cause of current ease in London discount. How long the ease would endure dn face of a cessation of the shipments is doubtful. Meantime rates for money at interior points in this country are raising sharply, and 1t is question how long the New York market could look to that source 10 replenish a drain to London. In these circumstances there Is little disposition in American financial circles to hold up prices oS securities merely ito afford d market for foreign liquidation.
 \ In today's market opening prices were well down to or below the London parity and so long as arbitrase selling was in evidence they were allowed to remain there or nearly so. Later in the day there was a sharp recovery in prices when the pressure Of the London selling ceased. This recov- cry was partly due to London itself, which bought back a few stocks sold earlier in the day on General Whites report of re- pulse of the Boers at Lndysmith While there was no effort to bid up prices there was a good absorption at the recessions, some very heavy blocks of prominent rail- road stocks being taken on. New Jersey Central was bid up S1S points on the in- crease of the dividend rate without any sale. Sugar, Brooklyn Rapid Transit and some of the iron stocks recovered sharply from early weakness. The demand later 1n the day in the general list found such a light supply that prices hardened steadily at about yesterdays closing Net losses were reduced to fractions where they were not entirely wiped out.
 Dealings in bonds were on a small scale and the tone was heavy, with few rallies Tn sympathy with stocks Total sales par value, $1l. 00U0. United States bonds We're unchanged in bid quotations.
 New York; January S.-Money on call was steady at 5Q6 and 1Q5 per cent; prime mer- cantile paper per cent; sterling exchange irregular with actual business in bankers bills at 4.S73sq4.S7h for demand and 4S3h Ter 6o days; posted rates 4Si94.S41a; com mercial bills, 4.S2k@4S3. Silver certif- cates, 5Sza591a. Bar silver, 59 Mexican dollars, 4712. Government bonds steady: state bonds steady; railroads irregular.
 (By Private Wire to Talbott & Palmer)