Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-01-31

The New York Stock Market Pounded by
the Bears Yesterday.

the Bears Yesterday.
SKw loIIk, Jan. 30.--Money on call
has been easv, ranging from ~ to
per cent. iast loan ct = snd closing of-
fered At ? per cent. Posted rates. ss<.
To 1851.
Government bonds have been dull
and steady. The. recent barefsced
manipulation Of the industrial stocks
begins " have the same influence which
it exercised come time ego, and the
transactions Ia railroad properties are
restricted TO comparatively ANAL
amounts while quotations slowly de-
cline. The market today showed =
dropping tendency almost throughout.
and while the business done IN the rail-
Rad list. outside OF -. Paul. Reading.
Union Pacific. North Eastern and
Rhode leland was email. the lossess
suffered were IN many cases material.
dispIte partial rally 10 the late trad
ings.
All the prominent stocks, while not
pressed for sale, thow material losses
for the day. There where WAS realiz-
ing through the whole list. and IN the
case of Western Unlou come stop or
showed the effect Of the sales Of long
stocks on the recent advance. Union
Pacific was affected somewhat by the
circulation OF Tumor that upon the
maturity Of its government loan the
road would be turned over to tile gov
eminent. This met with "a oihcial de-
nisl. but the tendency Was downward
and 10 rally followed. Manhattan, on
xr.fx a
down TO the lowest point Is has reached
since the advance begAn, and closed
with net loss of 81 per cent at l5s.
New York and Norm Eastern follow
lag with = loss OF IA. The losses ia the
other prominent stocks extended gen.
orally from ] To per cent
The great feature Of tbe day wac the
trading IN distillvrs. The disclosures
made AT the meeting on Sunday fully
accounted for the heavy deeliue m the
stock during the last two weeks. and
little encouragement WAS offered TO
buy the stock ~ Saturdays hgures.
Spectators were heavy sellers Tor both
sides of TIE account, and the oears
were prepyred TO take advantage OF
the sltusuo. and n heavy decline vac
looked for, winch expectation WAS not
disappointed.
The crowd in the stock market was
about equal to that IN sugar a week or
go ago, and again different prices were
made for tile stock in different parts OF
the crowd at the came time. The first
sale recorded, however, showed a Ices
of 4 per cent, n 81 Snd before the de-
cline was stopped II had sold 20 3,
. per cent. below Saturdays nnal
price. Il .oon became evident, how
ever, that the rumor OF q heavy cup
porting order was fact. and from that
Time transactions IN the stock de
creasd, and after a rally to 63 II re-
manned feverisA with rather violent
fluctuations, finally eloslng ~ ~, a
less OK ) per cent
Sugar was second in activity and
showed come strength in the forenoon
on the covering of shorts which carried
II 10 l3l. 4 premium wac slsli exscted
for ite nee. however, a. high as l3i aud
I32 being paid At one time and the IA
tere.t st.ll ls that a heavy short interest
u still outstsndlng which was not weak-
ensd nv the decline IA tile stock isief
in the day. ]. closed with n email sd-
vance.
1obaceo was much qu:e.er and re
tired ] per cent. The market showed
some rccupe-aiiye power Ia The late
dealing but u was attributed TO COY.
esiDg of shOrls. and though the close
WAS firm IN figures .ts undertone wss
siill heavy. The salcs of lated stocks
aggregated az. 7.6st shares.