The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-14
THE STOCKS SHOW A gain
A Very Favorable Bank Statement
Strengthens the Market.
An Advance Scored by Majority of
the Securities Dealt in Yesterday
Money Pours Into New York
From the NEUTRALITY-SUSPICIOUS. Ten
depcy OF European Discount Rates.

NEW YORK. Jan. 13-There was fairly
good buying OF stocks with advancing
prices today until the appearance OF me
bank statement when a selling movement
was started by professional operators
which carried prices down rather PIE ipl-
lately. Net results. however were reason
ably satisfactory For a majority OF the
stocks dealt in gains were shown. The &C.
cline which followed the issuance OF the
bank statement was moi due TO the showing
in the statement. but 70 prearrangod al
tack on the market. The statement as a
fact was favorable one in practically all
respects. An increase Of S5.o33,2O0 IN the
cash holdings of the banks. after allowing
for gold exports TO Europe on Saturday
last and to South America yesterday.
proved that money is flowing from the in
terror to New York in large volume.
The small increase OF s33i. 300 in deposits
permitted an increase of 81 ,9s9. 625 in the
surplus reserve an increase nearly equal
TO the increase in cash. a decrease OF
81. 55S, 800 in loans was attributable more TO
repayment OF loans secured by corporations
to meet January requirements than 10
liquidation OF stock accounts. The actual
position of the banks was believed 10 be
somewhat better than was indicated by the
statement, inasmuch as the statement was
made upon rising averages. The bellei
was that money would continue TO accumu-
late at this centre by reason Of the return
fow of funds from the West, and that an
easy money market might be counted on
for probably some time TO come.
The declining tendency OF discount rates
abroad, in spite of the uncertainty as 10
the military operations in South Africa, is
reassuring. Money is becoming easier
throughout Europe, because London, nav
ing supplied its pressing needs Tor gold
by importations from New York, has re-
lfeved apprehension at Paris and Berlin,
and for another thing. the domestic move
ments Of money in Great Britain and on
the Continent are now naturally toward
the financial centres. In brief, the situa-
ton in Europe is much the same as it is
here 1t presumably is true that a great
deal still depends on the developments in
the Anglo Boer war but 1t also is likely
TO turn out that the most serious effects OF
this war in monetary relations have been
witnessed.
The largest dealings on the stock eX-
change were again in Sugar Refining. For
this stock a loss in the price was recorded.
There were no new features in the sugar
trade or disclosures in the AFFAIRS OF the
company, but the speculative element that
has been working on the short side OF the
stock was conspicuously active. There was
liberal buying of American Tobacco and
substantial addition TO its price resulted.
There was less doing in Continental To-
bacco, but it. too, improved in price. Ten
nessee Coal and Iron was notably strong
and closed at the best price OF the day.
The transactions in the other steel and
iron stocks were not heavy. but these
stocks were 5ettered in price Brooklyn
Rapid Transit was freely traded in, but the
final price showed no change from yester-
day Metropolitan Street Railway was
weak and Manhattan lost fractionally in
price. The lsrges; dealings in the railroad
list were in Union Pacific and Baltimore
and Ohio. but they failed to advance.
There were moderate purchases Of Louis
vile and Nashville for foreign account.