The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-01-25
EtmaMc,al.
THE STOCK -M4RKET
Enormous Realizing and Short Sales of
stock.

stock.
| New York, Jan. 24--Enormous real
izing and short sales of stock to-day
materially affected the quoted price of
stocks. The dealings were in excess of
million and third shares, and at no
time did prices of the higher valued
railroad stocks reach yesterdays clos
ing figures Heavy sales in the early
dealings were caused partly by the low
er range of London quotations, and
there were numerous declines exceeding
a point A sharp upward movement
followed support, being extended to
Michigan Central, Union Pacific pre-
ferred, General Electric, Peoples Gas,
Manhattan and Missouri Pacific New
Jersey Central, Tennessee Coal and
Iron and Federal Steel common were
also lifted.
The trading element began to sell
freely as the effect of heavy profit talk
ing was appreciated. The market at
first became dull as prices receded, but
the selling gradually became in larger
volume and quotations rapidly crum-
bled away, eventually weakening prac-
tically all stocks traded in. In the alb
sence of unfavorable news the reaction
was attributed to technical conditions.
By reaching stop-loss orders in the
more active shares material slunlps oc-
Cured in prices, with as much as a
point or more difference in quotations
between transactions.
Money continued easy and the banks
were expected to make another heavy
gain in cash this week. The movement
of money from the interior and from
California continues heavily in favor Of
New York. The low prices of the day
were made in the final squirt. Selling
at that time wiped out the gains in
stocks made earlier in the day. The
extreme breaks in the Vanderbilts
ranged up to AZ in Northwestern. In
the Flower specialties the largest break
was points, in New York Air Brake.
The drop in the grangers ranged from
2 points in Rock Island to a in Bur-
lineton.
Among the coalers the slump ranged
up to 41sin Reading first preferred. In
the Pacific the extreme drop was A
points in Union preferred. Pennsylva-
MIA dipped 3%. Manhattan and Metro
politan az each, Cleveland, Columbus,
Chicago and st. Louis 2, Tennessee Coal
and Iron g. American Malt z and Gen
eral Electric az. New YORK, Ontario
and Western, the most active stock on
the list in the days trading dropped
2h points.
1t was estimated that London at one
time had sold $4,000 shares, a portion
of which was taken hack on arbitrage
dealings later in ttef day The resist
ance the market displayed in the fore
noon, Notwithstanding the heavy as
saults made upon it by the traders, was
explained by the fact that during the
progress of the raids several prominent
interests were large purchasers They
professed to see no change in the stu
alton, pointing out that there was no
danger in sight of q scarcity of money
and that the market was likely to re-
ceive support by the purchases made
in the interest Of institutions and indi-
viduals who had large supplies of funds
seeking employment. A number of
wagers were settled to-day when Mis-
souri, Pacific on dividend rumors cross
ed Northern Pacific common in the
forenoon's trading. A feature of the |
market was the resuNption of activity
in the middle class and low priced |
stocks.
The bond market displayed early
strength, but later yielded in sympathy
with the reaction in the stock market. |
Total sales 1920. 900.
United States threes and the old tours
coupon declined * per cent. in the bid |
price.
NEW YORK SJOGK MiRKET