Omaha daily bee., 1900-01-07
MOVEMENTS OF sTOcks AND BONDS.
liquidation for Berlin Account Az
fccts Stock Mnrkct BndIy.

NEW YORK, Jan. 6.-The stock market
suffered today from continuation of the
liquidation for Berlin account The volume
of this selling in New York was not formid-
able, but the effect of 1t was
decisive in driving prices downward
throughout the list and discouraging buying
of stocks. The further sharp decline in in
terest rates in Berlin and London pre-
Cluded the explanation of money stringency
to account for the selling, and made ii APP
pear that it's motive was political. The
friction between Germany and Great Brit
ain over seizures Of German mai! steamers
was not alone as an explanation for the
reported movements of Russian troops to-
ward the frontiers of Afghanistan, arous-
ing the apprehension of further cmbarrass-
ments for Great Britain. a leading au-
thOrity on the sterling exchange market
recorded his opinion that as long as the
Transvaal war continued gold would con-
tinue to go out from New York. The Board
of Trades returns of Great Brituin's for
eign trade for December, showing "a de-
crease of over 1913, 100000 in imports and an
connection with the heavy selling of So
cur!ties in New York for London account,
go to explain London's continued control
over the International exchange and abil-
ity to draw gold at will. The lightness Of
the outward movement of cotton from this
country also keeps up the rate of sterling
While the selling for foreign account was
being executed there was no disposition to
pressure against some leading industrials,
especially Sugar, was added. win the Ces-
SatiOn OF the LONDON StlllllS ana the APP
! pearance of the bank statement there was
an improvement in sentiment. The market
partly recovered and the closing was firm
and even on a good volume of business.
The fact that the surplus was maintained
and even slightly increased in face of the
gold export movement and a loan expansion
of S4,lO7, 400 afforded much encouragement
over the domestic money situation. The
stock market moved in an irregular manner
all week and the motives of the operations
have not been by any means clear. The
confusion Is largely due 10 the fact that
professional operators were closing up con-
tracts to which they had committed them
selves in expectation of the weeks events.
Such a movement naturally tends to null
lily the influence Of the actual event when
1t occurs. Thus, one Of the rules in Stock
exchange speculation is to buy in antiCi-
patton of the early January demand caused
by released dividends and interest money
seeking investment. Last weeks strength
in stocks was due very largely to this an
buying would be selling 10 take profits this
week, when the dividend money began to
be dlsbursed, But while one set of profess
sional spectators is seeking to profit by
the buying OF what Wall street regards as
the outside public. there IS always another
set aiming to make profit out Of the first
set themselves.
This weeks events prove that very heavy
lines of short contracts were put out last
week on the theory that the anticipatOry
demand for stocks would prove to have
outrun the real demand this week and the
attempts to realize would break the market
and ofer opportunity TO cover at a pront.
This element had on their side the argu-
ment mat the recovery of prices from the
| level of the December panic had already
uutrun the usual rebound after guch dis
lurbancts ana that a reaction was due from