The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-06
STOCKS AVID BONDS.

New York Jan. 5.-Prices of stocks tra-
yersed q considerable range to-day, NOV
iEg forward in the early dealings and then
pursuing a-fetrograde course 70 dfout last
nights level The deduction 10 be drawn
is that professional traders are disinclln-
ed to undertake extensive speculation COM
miimcnts. The most effective influence to-
wards this position is the conviction that
the money markets OF the world are not
yet In condition to afford abundant funds
for speculation on credit. The incident
which pointed this moral was the unex-
re1ted proportions of the gold engage
ments for to-morrow's steamer amounting
up to 80, 100000 compared with prelimi-
nary estimates Of $2,000.000. The large en-
gagements were in spite of sagging inter-
est rates in London and a sharp decline in
the discount rate at Berlin.
II is evident therefore that the British
government designs abundant use for large
additional funds and that available gold
supplies will be drawn 90 London as far
as possible. Such a prospect makes def
nitely against the probability of an easy
money market In New York in spite of the
replenishment which various financiers
are now bringing to this center.
The cause of the morning strength i'm
the ock market was the cessation of the
selling pressure for Berlin account. the
absorption. of New York Central stocks
and the sympathetic effect upon the whole
ed force with the growth in volume of the
gold engagements, and the bears were dis
posed TO take advantage of the situation
to depress the indusirials, notably 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 companies, which It has
been represented was soon 20 be made.
Official disclaimers that any such difficult
ties were apprehended failed TO cause any
notable recovery i'm the stocks affected.
The close of the market was, however.
firm but very dull and net changes aside
from the industrials, were not important.
The weeks regular currency movement
by express has been largely I'm favor of the
banks, the outgo having fallen to less than
a million dollars, SO that the weeks gain
from that source is estimated at over 49,.
OC0000 not counting receipts by registered
mail. which last week were considerable.
In addition the banks have gained from
the sub-treasury $256,O0O. But 100000 OF
gold exported last week must be reckoned
so that loss on all accounts is figured at
81 800 900 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 duh and
irregular.
Total sales $1,Ss5OoO
U. S. 3s registered, aud the new As ad.
vanced u in the bid prices.
Total sales of stocks $4,000, including
Atchison preferred. 1860; Chesapeake and
Ohio. 1850; Burlington and Quincy. 1850:
Manhattan, 1850; Missouri Pacific, $685.;
New York Central. 2l.020; Northern Pa
cific, s,15O; Pennsylvania, 1910; st. Paul.
p 20; Southern Pacific $3.50; Union Pa
cific, 1876; American Steel and Wire, 49,
O50; American Tobacco, 20,5OO: Brooklyn
Rapid Transit. 5O672; Federal Steel, 1860:
Gas, $3.50; Sugar. 666iO; Leather, 5000;
Western Union $3.50.