The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-09
STOCKS AND noNDs.

New York, Jan. S.-The volume OF trad
ina in stocks to-day was on a small scale,
and a disposition was manifest in Wall
street to await the development of events
before taking on stocks The sensitive
ness of the market to the influence of
foreign events was a leading motive.
Notwithstanding the downward course Of
interest rates in London and ON the con-
tinent II is clear that there Is need OF
more money abroad. Foreign observers Of
good authority offer the suggestion that
the present ease OF money abroad Is due
to artificial causes on governmental mi
uative In England II Is evident that the
purpose of this maneuver is to prepare the
money market for placing government
loans to an advantage. In Germany IL 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 Sc
curlties home to market. The foreign ex-
change houses assert that the present level
of discount in London leaves no margin
of profit on the special attraction 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 discounts. Meantime rates
for money at interior points In this coun-
Try are rising sharply, and 1t is a ques-
ton how long the New York market could
look to that source to replenish drain
20 the London market. In these circum-
stances there is little disposition in Amer
lean financial circles TO hold up prices OF
securities merely to afford a market for
foreign liquidation. In to-day's market
opening prices were well down to or be-
low the London parity, and 50 long as
arbitrage selling was In evidence they
were allowed 10 remain there or nearly So
Later in the day there was sharp re-
covery In prices when the pressure of the
London selling ceased.
This recovery was partly due to London
itself, which bought back a few stocks
sold earlier in the day on Gen. Whites
report Of a repuse of the Beers Mt Lady
smith. While there was no effort to bid
up prices there was good absorption at
the recessions some very heavy blocks OF
prominent railroad stocks being taken on.
New Jersey Central was bid up 81 points
on the increase Of the dividend rate, with
out any sale Sugar, Brooklyn Rapid
Transit, and some OF the Iron stocks re-
covered sharply from early weakness. The
demand later in the day IN the general
list found such very light supply that
prices hardened steadily to about Satur-
days closing level. Net losses were re-
duced to fractions where they were not
entirely wiped out
Dealings in bonds were on a small scale,
and the tone was heavy with a few rail-
lies in sympathy with stocks. Total sales
par value $1,000 900.
United States bonds were unchanged in
bid quotations.
The total sales Of stocks to-day were 49,
100, including Atchison preferred p 173:
Chesapeake and Ohio, 1850; Burlington,
1855; Cleveland, Cincinnati Chicago and
ST. Louis, 1865; Louisville and Nashville,
Z .454; Manhattan, 500; New York Central.
49, i92; Missouri Pacific 1850; Northern
Pacific. s05 Pennsylvania, $780, Reading
first preferred, 6,600; st. Paul 10. 1926; South
ern Pacific 3O,140: Union Pacific, q. SOP; do
preferred, 1875; American Steel and Wire.
GOO; American Tobacco, 24,lS0; Brooklyn