The age-herald., 1900-01-21
STOCK MARKET
 A GREAT ENIGMA Evidence ofCrisis in South Africa Cause of Waiting. RETURN FLOW OF FUNDS Stocks Are Kept Firm in Spite of the Dullness on Account of the q.
 Increasing Ease of --...s ..s..
 Money
RETURN FLOW OF FUNDS

New York January 20.-The market in stocks, continues an enigma which any or dinary rules of interpretation are unavail- ing to solve Yesterdays buying of stock was prompted by the execution of a favor able bank statement.
 The statement proved more favorable than the most sanguine expectations, yet the market lost even the small animation it had been showing when the statement appeared .on the tape.- The net changes In prices are without significance
 London reported a firm and confident market, but the confidence did not extend to the point of holding American stocks up to parity level, and the opening hour was very ragged and irregular. The lack of any upward impetus from London and the utter indifference manifested to the bank statement offered a poor market in which to realize, selling by yesterdays buyers might have been larger. The bank state ment fully reflected the influence of unem- ployed funds in New York, the total gain in cash being no less than $11, 1,256,0O0. It was not expected that employment for these funds had been found to as large an extent as indicated by the loan expansion of $4, ,759 100
 1He 6Nlue1fl dpptdVdHCt LII d CTlSlo III lilc military situation in South Africa is one factor in the waiting attitude of specula- tion, while to enlightenment of business in the future as whole is awaited to guage the future. The particular importance of the Transvaal war on the world was its cutting off of the gold supply and this on- ly because conditions had been adjusted at the worlds great financial center in Lon don to the continuance of this supply, or to it's short temporary Interruption. The readadjustment of conditions to an indefi- nfte assumption of this supply will clear the impeling cause of the violent disturbance in the worlds money market toward the close of the year, coming it did on a sensitive condition of extensive speculative commitments and price imitation.
 The action of the money market for some time past has clearly indicated the dis tinction of capital to immediately re-em- bark on the periious sea of speculation. The reaction of money rates is now right ing portions and assuming character to raise the question whether business and industries of more substantial forms are not to undergo retrenchment.
 In New York the return flow of funds from the interior has set in in full, and steady volume, after having been steadily away from New York through all the usual autumn periods of return, while money rates in New York was soaring to sensa- tional figures. A two per cent. rate for call money incites no desire to operate in stocks and money lenders show increasing willing ness to place time loans, with the rate well below five per cent New York banks are again bidders for mercantile paper, with no very abundant supply in the market. The we'll secured and yielding four per cent. re- fleets the increasing pressure of funds. The increasing ease of monye keeps prices of stocks firm, in spite of the dullness and railroad earnings continue at high level, in spite of some decline in volume of traffic, on account of the higher rates. Concessions in prices of iron and other metals and the weakness in the wheat market awaken interest as to the stability of conditions in those important branches of the country s business. Business in bonds. in contrast with the dullness of stocks. has been of im- pressve volume, and at general advances in price.
 United States new As advanced fl, 3s and 5s F; old As coupons % and old As registered % in the bid price.
 (By Private Wire to Talbott & Palmer.)