The times., 1899-01-25

A sharp reaction struck the stock market
yesterday afternoon and continued until
the close of the day, while prices were
sliding off from two to five or more points
from the highest of Monday The selling
was much the most persistent yet seen at
any time since the bull movement began.
II will be remembered that warning of the
probability of such reaction was given
yesterday morning in this column. The
story of the day is easily told Advances
were made in the morning hours in few
issues but the heavy liquidation that went
on in others affected the whole list and
brought on after awhile pronounced SELL
ing movement which continued with little
interruption for the remainder of the day.
London at the beginning was discourag-
ing feature of the situation with heavy
sales, probably aggregatng 10000 shares.
The wildness of yesterday was also inter-
preted by a great majority OF the Street
and the public as a sufficient sign that 1t
was good time to realize profits and wait
for the consequences 10 develop. There
was no discouragng news and it is realized
that the movement is "A technical one en-
tirely. The only question now is as to the
strength of the bears and the extent of
the alarm of the hitherto TOO confident
bulls. The decline may be over now and
it is realized also that it may extend five
the bears 1t may be said. with the agree
ment of almost every careful critic of the
market that a further decline for two DAYS
would be a healthy matter for the future
of the market. On the whole, however, il
seems probable that the outside buying
which will appear on the reaction will be
likely TO prevent much further break. 1t
has been pointed out by people thoroughly
familiar with the situation that there are
market. the best belief as to the move
ment today is that the opening will be at
somewhat of an advance from the lowest
prices of yesterday afternoon.
London's selling was largely in New
York Central on account of the denial on
this side of the story regarding the New
York Central Union Pacific deal. The
same stocks We're attacked here with We
hemence. and the reactions Of the day in
them were among the largest. There seems
no doubt that such a transcontnental line
will ultimately be a fact. II is known
that the Vanderbilts have desired such
line for a long time The denials mean
simply that the deal is not yet ripe. But
their effect on the market is as great as
il the deal We're moonshine only. Central
reached l41 on Monday. The lowest and
the closing price yesterday was 1874, or Il
loss of seven points Union Pacific pre-
ferred made a high record on Monday of
S4 l-2 and the lowest yestci Jay was rs SIS,
from which figure there was a fractional
recovery. The action of the common stock
OF the latter read was similar to this Can
ada Southern, which was supposed TO be
concerned in the deal also was as badly
treated by the bears, closing at 90 is, the
lowest figure for the day.
Reactions occurred everywhere during
oft nd
these must be repeated of any stock ON the
list nearly. AS usual, however, the Sc
curities which have had the most rapid
recent advances are the ones which suf-
fered most in the reaction. PENNSYLVANIA
went to l3i 1-2, nearly seven points below