The age-herald., 1900-01-12
THE BEARS ACTIVE
 IN WALL STREET
Raid Was Restricted to a Small
 Number ot Stocks.
SUGAR EXTREMELY ERRATIC
This Was Due to the Statement of the President of the Amercan Sugar Refining Company Rally
 Reduced Net Gains

New York, January 11.-Today's stock market was characterized by considerable speculative activity on the part of bear con- tingent The raid, however, was restricted ito small number of stocks, all of them dn the list of what are called specialties, in- cluding tue New York city public utilities and the older high-priced industrials. There was positive demoralization- in these active stocks in contrast ito the fairly firm uhder- tone of the general list, and especially the railroads
 The occasion of the attack on the indus trials was, of course, yesterdays utter ances by the president of the American Su- gar Refining company. The friends of other stocks in the industrial list made strenuous efforts to differentiate their movement from that of Sugar and marked them up briskly at the opening in the face of violent breaks an the price of the stock named, but the bears met this maneuver with selling in such volume, and with such confidence that one after another of the speciaIties crumb- led in price and fell through a storm of dis lodged stop-loss orders.
 Even the railroad list was affected at last. and the earlier gains in that department were generally wiped out. The only promi- nent railroad stocks in which the net de- clines reached a point were Baltimore and Ohio, Burlington Missouri Pacific, Penn sylvania and Delaware and Hudson. Lack awana declined two points.
 The rally before the close reduced all net declines in the railroads to fractional limits and registered fractional gains in some cases.
 
 tremely cratic and feverish all day. At the low level it was over points below last night, and 2A below the-low level in the De cember panic. It's net loss was 6.
 All of the New York traction and lighting shares were severe sufferers. Metropolitan showed an extreme decline of SIS; Brooklyn Rapid Transit, 6. and Third Avenue, 61a. The gas stocks, Manhattan, Peoples Gas, the tobaccos, Federal Steel, Sugar preferred and Tennessee Coal and Iron were off 3 to points, The borrowing demand for Sugar sent it to premium in the loan crowd be- fore the close A large preponderance of the total dealings was made up by this group of specialties. At no level of prices was there any activity in railroad stocks
 The strength in foreign markets on the reduction in the official discount rates of the Bank of England and Bank of France was reflected to this market, and foreign arbitrage brokers were good buyers until prices rose above parity. The reaction in prices in railoads was sympathetic.
 The London buying was in sufficient vol umo to cause notable heaviness in the eteling exchange market, where the demand for money was very light.
 The New York banks are receiving large remittances from the interior as well as from the sub-treasury, and rates on all classes of loans were notably easier. The bond market was dull, but held firm throughout Total sales, par value, l,2O5,- 000 United States old 4s coupon, declined 1l; SIS, registered, $, and do coupon, and old As, registered, fl in the bid price.
 New York, January 11.-At close; Money on call easier, at sG51s per cent; last loan at per cent; ruling rate, 5 per cent.
 Prime mercantile paper, 51a@6 per cent.
 Sterling exchange heavy, with actual business in bankers bills at $4.S6B for de- mand and $4S31s for 60 days
 Posted rates. $4S41k64sS15.
 Commercial bills, $4S2d4S3.
 Silver certificates, 5S1a@5912c
 Bar silver, 5SAc. , Mexican dollars 471sc. / Government bonds, weak.
 State bonds inactive.
 Railroad bonds. firm.
 (By Private Wire to Talbott & Palmero