The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-28

SHOWN q progressive decrease. There
We're rather wide changes in prices on
several days, but they were but vihra
TONS due to professional manipulation
ana the closing of contracts served 10
draw prices back 10 last Saturdays level
around which the market oscillated. The
reasons FOR the excessive dullneSs are
not entirely clear as many conditions
conform To those in former periods of
great speculative activity notably the
large refiuX of money TO the reserve cen
tres from active use in business and uni
fornly Favorable reports of business and
trade. There is Il large body in Wall
street of the opinion that the ,iullncss is
only eNplicahle on the score of suspense
over the outcome of the war in South
Africa. but two events there during the
week induced considerable speculative
activity IN London without awakening
any interest in the New York market
outside of foreign arbitrage offices and
the professional traders. Prices of inter-
nationally listed stocks responded sharply
as the narrow market made the arbi-
TRACE operations effective in keepinc
prices near the London parity. This is
not conclusive evidence. though it Is
against the assumption of the dominat-
ing influence of the South African war
upon speculative sentiment. The taking
of Splon kop was reflected in the Lon
don stock market without inducing any
apprcciable buying of stocks here in the
one case or selling in the other 1t is
safe TO conclude from this that the
worlds commerce and finance have so
far adjusted themselves to the interrupt
ticn Of the Transvaal gold supply from
flowing into the worlds stock as not TO
be severely shaken by the events threat
ening prolongation OF the interruption
Current returns from the Treasury
show day-to-day surplus owing TO
heavy revenue collections The deposits
of internal revenue collections in Ma
tional Bank repositories are also APP
preaching the limits provided by for the
government bonds deposited with the
Treasury by the banks as security after
which the taking up Of the surplus by
the Treasury would be resumed.
The future of the London money mar
ket depends much upon whether the bank
of England'S policy of recuperation is in
for government loan issues
to provide for war eXpenSes-an event
which would probably draw gold from
New York. Added to these considera-
tons is some feeling of doubt and ques-
tioning aroused by the very free discus
sion and criticism of New York trust
These accounts while Of inn
portance in themselves are Of even great
er Importance in the principles involved
in the placing Of leans looking to the
promotion Of industrial corporations.
The argument that prices OF securities
are at an inviting level must be consid-
cred in connection with the fact that
vast amounts of money We're spent az
the extreme high prices last year. com
pared with which present prices repre-
sent heavy losses and encouragement or
to buy.
The falling off in the rate Of inflow
OF money seeking employment has served
to decrease the demand for bonds. The,
market has continued firm for the mosr
part.
United States new As declined II. the
3's and old As, registered. y. and As,
old coupons. IL in the bid price.
The total sales of stocks today were
92.400 shares. Including Southern Pa
cihc. 5.14I; American Steel and Wire.
1853; Brooklyn Rapid Transit. 1875;
american Sugar. 1880