The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1900-01-13
THE MARKETS.
Wall Street Review.

New York. Jan. 12--The opening sales
of sugar afford convincing evidence that
its friends had rallied to its support ana
were prepared to contest the progress
which the bears have made in cutting
down its price. Very heavy blocks were
thrown upon the market at the opening
but the quotation was lifted from ll3 to
ia ON running sales i'm the first transac-
tions of the day. The opening price was
the lowest. After the stock got above
last nights level the bears renewed their
efforts to depress it again, but without
success. The resistance shown by the
stock caused uneasiness in the ranks OF
the unwieldly short interest and they
started to cover. They carried the stock
up to lis, near which 1t closed. There
We're no further signs of the acute weak
ness which was shown yesterday by the
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 recovery in
sugar and the 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.
Railroads advanced ut the opening In
sympathy with strength abroad. but they
were not embarrassed by decentralization
in the specialties ard 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 were taken
on I'm the late dealings by the circulation
Of rumors of approaching dividend decla-
ration. The market broadened and nota.
bly, in tho late dealings ON the improved
sentiment i'm foreign financial circles and
in expectation of n strong bank state
ment. The bank of Germany followed the
other European government banks today
by reducing its minimum discount rate
from To per cent and the rapid down.
ward course of private discount rates in
| London gave confidence in still further
/ reductions in the bank rates. London
! also took a sanguine view of the advan-
| tages of General Butler $ new position on
! the Tugea river. The buying for London
account was sufficient to cause a sharp
| break in sterling exchange rates all
| around. Money was in abundant supply
| and rates for time loans were shaded to
| per cent. on railroad collateral. Call
| operations had yielded to the banks So
$4,000 up to Thursday night. The net
| gain of the banks on the regular express
| movement with the interior Is estimated
| at about the same amount This does
| not take account OF receipts by registered
| mail, which are reported to have beer
| on a large scale. From these amounts
| must he deducted last Saturdays gold
| exports, as well as Sl,00O,O00 gold which
| went to South America today. The net
| gain by the banks on all accounts Is
| figured at about i,u0)OtO. Total sales 49l ;.
| 800. The bond market continued dull but
were strong. Total sales, par value, ST.,
| $4,000
u. S. IS registered declined is, but tn,
IS advanced ls in the bid price
The following quotations are furnished
| The Tribune by NJ. s. Jordan & Co.
/ ~ l,,,tlI nn1n