The age-herald., 1900-01-06
STOCKS MADE
 MANY CHANGES Started BriskIy Forward and
 Then Retrograded. MONEY MARKETS TO BLAME The Close Rallied and Was Firm But Very Duil-The Net Changes Aside
 from the Industrials Were
 Not Important
MONEY MARKETS TO BLAME

New York, January 5.-Prices of stocks traversed a considerable change today; moving forward in the early dealings, and then pursuing retrograde course to about last nights level. The deduction to be drawn is that professional traders are dis inclined to undertake extensive speculative commitments.
 The most effective influence towards this disposition is the conviction that the money markets of the world are not yet in condi- tion to afford abundant funds for specula- ition on credit. The incident which pointed this Kral was the unexpected proportions of the gold engagements for tomorrosfs steamer amounting up to $S,5OO,000. as com pared with preliminary estimates of $2000,- 900. The large engagements were in spite of sagging interest rates in London and a sharp decline in the discount rate at Berlin. It is evident there that the British gov ernment designs abundant for large additional funds and that available gold supplies will be drawn to London as far as possible. Such a prospect makes it definitely against the probability of an easy money market in New York in spite of the replenishment which varied factors are now bringing to this center.
 The cause of the morning strength in the stock market was the cessation of selling pressure for Berlin account, the absorption of New York Central stock, and the sympa- thetie effect upon the whole railroad list continued. The reaction gained force with the growth in volume of the gold engage ments and bears were disposed to take ad- vantage of the situation to depress the in ductrals norahIv Sugar and the steel and iron stocks. Rumors were circulated that new difficulties would be encountered in effecting the distribution of dividends on the common stocks of iron and steel com panies which it has been represented was soon to be made. Official disclaimers that any such difficulties were apprehended fall ed to cause any notable recovery in the stocks affected.
 The closing was, however, firm but very dull; and net changes aside from the in dustrials, were not important,
 In addition the banks have gained from the sub-treasury $256 000 But -$5,O0O,O Ooo or gold exported last week must be reckoned. so that the loss on all accounts is hgured at $1, 500 900 at least Whether this has been offset by loan contraction is doubtful in view of the weeks activity in the stock market.
 The bond market was dull and irregular. Total sales par value, $1,365 OO0. Onlteu States Ss, registered and the new As aa- vanced Is in the bid price.
 New York, January 5.-lMoney on call steady at to per cent. last loan, 4ls per cent; prime mercantile paper, per cent. , sterling exchange firm, with actual nusl- ness in bankers bills, 4.%5s for demand and i. .SS0I4 SEA- for sixty days; posted rates, 4 4.ssil@4 S4 and 4.SSk; commercial bills, A. S11aG4S21a
 Silver certificates, 5Si9d5s1Ss; bar silver 59c; Mexican dollars, 4l12c.
 Government bonds strong; state ponns strong; railroad bonds irregular
 By Private Wire to Talbott & Palmer3