The age-herald., 1900-01-26
IMPROVEMENT IN
 THE STOCK MARKET
Prices Advanced on a Good Ru-
 nor from TranSvaal.
OPERATIONS PROFITABLE
The Demand for Money in New York Continues Very Sluggish, Though the Inflow to the Banks
 Steadily Decreases

New York, January 25.-Prlces on the stock exchange at the opening today re- flected in a degree an improvement in Lon don on the news that General Warren had captured the Boer position at spon kop
 There was a brief period of active buying by professionals in expectation that the spell on the market would be broken and an outside demand for stocks attracted, but the traders quickly deterred that there was no competition outside their own ranks in the demand for stocks, and they turned to the short side almost immediately.
 The sagging of prices below the London parity made operations profitable for the foreign arbItpage houses, since prices in London were we'll sustained at the higher level. Buying for foreign accounts in the international stocks was estimated at from 25,0 900 to 30,000 shares, and even this demand was largely met by sales for short account.
 The industrial specialties showed gains in sympathy with the internationals, but they were not so we'll sustained in the absence of foreign demand The absolute inertness of the buying demand prompted some selling pressure by the bears against the indus trials in the last hour, but prices seemed as unwilling to move downwards as upward, and the shorts covered before the close, which was firm at slightly below the open ing level in most cases. The weekly returns of the Bank of England and the Bank of France disclosed a discontinuance of the notable refiux into their cash reserves of these institutions accompanied by con- tinued liquidation of loan obligations to them. Open market discount raues abroad continue soft, in spite of continued increase in reserves of the government institutions and in London are still nearly one per cent. below the bank rate, even after today's re- duotion to per cent.
 The demand for money in New York also continues very sluggish, although the rate of inflow to the banks of cash continue to decrease, owing to the large revenue re- ceipts by the government. Mercantile pa- per is coming into increased demand, and lenders of the money market made add1- tional concessions in placing of time loans All this has not the slightest apparent erect in attracting any operations in the stock market, which went through the whole day after the opening squirt very near the leVel of stagnation. A feature in the outside stock market was demand for Standard Oil. which sold at 512, record price. The bond market was rather broader than that for stocks but showed a falling off from the recent active business. Prices were well sustained throughout. Total sales, par value.s s2,s45 600. United States new 4s, coupon, and 5s, registered, advanced In the bid price.
 ...<
 New York, January 25.-Money on call steady at 21k@3 per cent; last loan, per cent: prime mercantile paper, 4ls@51s per cent: sterling exchange firm, with actual business in bankers bills at 4a for de- mand and 4.S4A for sixty days; posted rates. 4S5d4 .SS; commercial bills, 4.S3@ 4.S3k.
 Silver certificates, 5915d6ORc bar silver, 591bc; Mexican dollars, 4712c.
 Government bonds firm; state bonds weak; railroad bonds firm.
 By Private Wire to Talbott & Palmer)