The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-25
STOCKS AND BONDS.
Prices Yield to Realizing and Close
at the Decline.


New York, Jan. 2l.-The realizing of
speculative profits proceeded steadily to-
day at resulting expense of prices. The
only variation from the downward course
was due to purely technical causes Even
the opening advance in prices was large
ly due to manipulation, which began in
the London market on cabled orders from
here before the market in New York
opened.
The general steadiness in the London
market helped this purpose The rapid
regeneration in the condition of the Bank
of England and the continued ease of
money there. in spite of large withdraw
ais from the market by the bank, points
TO an early reduction in the Bank of
England rate.
The opening prices of stocks here prov
ed in most cases TO be the highest. The
weakness of the steel stocks which be-
gan from the opening. proved a disap-
pointment for those spectators who had
hoped that the group would assume the
leadership of a new advance in prices
because of the strength shown by the
leading steel stocks late yesterday. Yes
terday's advance proved sufficient to
bring in buying orders, and the specula-
tive hackers of these stocks seemed in.
disposed to offer very vigorous support.
The coterie which bought stocks on Mon
day was credited with heavy selling to
realize. and there were large selling or
ders all day which were attributed to
Chicago account
The real basis Of the reaction was the
failure to attract any renewed outside
speculation. SOME attention was given to
the reports of friction between the Eng
fish and Russian admirals i'm Chinese
waters. The statement of treasury oper-
atoms reflected the payments on account
of gold withdrawn from the assay office
for export, which more than wiped out
the weeks previous gain by the banks
A notable feature of the current money
situation is the heavy reilux of national
bank notes. Yesterdays treasury state
ment shows that receipts of bank notes
for current redemption thus far this
month have amounted to $13, S61, COS For
the six months ending Jan. /, the total
was S63. 1893 S4S. The average per working
Gay previous to this month was a little
over 1920, Co., while for this month thus
far the average is considerably over s7OO.-
800 per working day Experience shows
that this return movement of bank notes
is likely TO continue heavy during Feb
ruary and March and in view of the ex-
pdnsion under the new law Of about $685.
10000 in national bank note issues It is
likely to be aggravated this year. The
limitation Of 100000 per month as the
maximum allowed for retirement of bank
notes remains in the law and. will act as
an obstacle to the contraction of circula-
ton. The current redemption of bank
notes plays a large part in the large
gains making by New York banks on
sub-treasury operations. The large return
OF bank notes from circulation and the
restriction on their retirement is expect
ed TO stimulate the pressure TO place
loans in the money market and will op-
crate to foster the tendency to ship gold
abroad, notwithstanding continued ease
III foreign money markets. Extreme de
olines reached AZ in St. Paul. Al i'm
Brooklyn Transit; rs IN Steel and Wire;
2s I'm Federal Steel and Manhattan; az IN
Northern Pacific. ? in Great Northern
preferred, pa in Sugar and from l to
ia large number of active stocks Kan
sas and Texas preferred made some show
OF strength.
The bond market was reactionary in
spots in sympathy with stocks, but adj
Vanced at others. Total sales par value
S,675,OOo United States new As advanced
"a per cent. on the last call
New York Stock List