The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-25
STOCK PRICES
FELL. STEADILY
Due to Heavy Selling to Realize
Profits.
BOND MARKET IRREGULAR.
ccal Basis of Decline in Prices Was
Failure TO Attract Any Renewed
Outside Specuiaiion-Iocai
81 X is.
BOND MARKET IRREGULAR.
pr Associated rrcss.l

NEW YORK. Jan. ~ ne it@it"IHo
s,,.,ri,lative profits proceeded stestniiy ~
- - rcs,Iltinl. expense OF prices the
pniv variation from the dowii"afu c1 JUS So
was due TO purely techhlcai cd .a - ,, &c
the opening advance IN ,Ip.l,icb hogan
in the London market on cabicd oIotI;s
from here before the market IN New i :" or, n
opcncd The general steadiheSS III w
! ondon market helped this market Tafia
Incorporation. The condition OF INC t.'in IN
OF England. and the continued ease OF
money there. in spite OF large Wi'hura" vas
from the market by the paak' potiitS ~
an carly reduction Oh inc o',i'f> W e
land rate. -, .,,..,5
;n most cases to be the hlSneSt- nc
weakness of the steel stocks, Whlch Pc7ati
from The opening. proved ii disappolnt-
,ucnt for those spectators who haa nol'ed
that the group would assume the IeadcFe
ship of an advance IN prices pStdu'c y,
the strength shown by the leading steel
stacks late Yesterday Yesterday S ai-
vance proved sufficient to bring IN buEins
orders and the speculative hackers OF
these stocks seemed indisposed TO otler
very vigorous support The Coterlc whicn
bought stocks on Monday was credilcd
with heavy selling to realize, and there
were large selling orders all DAY. "tlch
were attributed to Chicago account
The real basis of the decline was the
failure to attract any renewed OUTSIDE
speculation Some attention was given
TO the reports OF friction between the
English and Russian admirals i'll Chinese
waters.
The DAVIS statement Of Treasury opera
tons reflected the payments on account OF
gold withdrawn from the Assay Onlce Tor
export which more than wiped out the
weeks previous gain by the banks
A notable feature of the current money
situation is the heavy refiuX of national
bank notes. Yesterdays Treasury state
rncnt shows that receipts of bank notes
for the current month thus FAR is very
heavy. and amounts to Sl3.Gol SOS. For
Sf
total was S6.;.293, S4S- The average per
working day previous to this month was
2 little over Si.,0 600, while for this month
thus far the average IS considerably over
100000 per working day. Experience
shows that this return movement Of bank
notes is likely to continue heavy during
February and March. and in view of The
expansion under the new law OF about
Sa:5 600 ofro in national bank-note issues. it
is likely TO be aggravated this year The
Limitation of Si.nl1.go0 per month as the
maximum allowed for retirement OF bank
notes remains in the new act as an oD-
stacle to the contraction of the currency.
The current redemption of bank notes
PLAYS a large part in the large gains
making by New York banks on Sub.
Urea sury operations. The large return OF
notes from circulation and the RESTRICTION
of their retirement is expected to stimu-
late the pressure TO place loans in the
money market, and Will operate TO foster
the tendency to ship gold abroad. not
witllstanding continued ease III foreign
money markets.
Extreme declines reached a. IN St
Paul as III Brooklyn Transit. rs in Steel
and Wire 27s in Federal Steel and Man
haitian. rs in Northern Pacific in Great
Northern preferred. "a in sugar ana
from / TO : in a large number of active
stocks Kansas and Texas preferred made
some show of strength
The bond market was reactionary IN
spots In sympathy with stocks, but adj
v;inced at others. Total sales, par value.
$4,000 United States new As advanced
j. per cent. on the last call.
TG-day's total stock sales were 400
shares.
MONEY AND NEUTRALITY-SUSPICIOUS. on
call easy at 1sid2 per cent; prime meT-
camille paper, 314a414 per cent Sterling ls
exchange firm, with actual business IN
bankers bills at S4-SI;s for demand and
at 81 $50. for sixty days; posted rates
81 .S4la and Sass; commercial bills, 81 $50
4 S3Ia Silver certificates. S313G63; bar
silver. G15s; Mexican dollars. 4Sla. Gov
eminent bonds strong; State bonds mac