The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-01-12


NEW YORK, Jan. 11-Todays stock
market was characterized by considerable
speculative activity on the part of the
bear contingent. The raid, however, was
restricted to a small number Of stocks,
all of them in the list of what are called
specialties, including the New York city
public utilities and the older high-priced
1ndustrials. There was positive demorali-
cation in these active stocks, in contrast
to the fairly firm undertone of the gen
eral list and especially the railroads.
The occasion of the attack upon the in
dustrials was, of course, yesterdays ut
terances by the president of the American
Sugar Refining company. The friends of
other stocks in the industrial list made
strenuous efforts to differentiate their
movement from that of Sugar and mark
ed them up briskly at the opening, in
face of the violent break in 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 specialties crumbled in
price and fell through storm of dis
lodged stop-loss orders.
Even the railroad list was affected at
last, and the earlier gains in that depart
ment were generally wiped out. The only
prominent railroad stock in which the net
declines reached a point were Baltimore
& Ohio, Burlington, Missouri Pacific,
Pennsylvania and Delaware & Hudson.
Lackawanna declined points. The rally
before the close reduced all net declines
in the railroads to fractional limits and
registered fractional gains in some cases.
The course Of Sugar was extremely er-
ratio and feverish all day. AT the low
level it was over points below last night
and PA below the low level in the De-
cember panic. It's net loss is 6. All of
the New York traction and lighting
shares were severe sufferers, Metropol1-
tan showing an extreme decline OF s1s
Brooklyn Transit and Third Avenue 6l2
The gas stocks, Manhattan, Peoples Gas,
Tobacco, Federal Steel, Sugar preferred
and Pennsylvania Coal were off 31a to D.
The borrowing demand for Sugar sent it
to a premium in the loan crowd before
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 the Bank OF
France was reflected to this market, and
foreign arbitrage brokers were good buy
ers until prices rose above parity. Com
mission houses continued practically Idle,
and there was no disposition to speculate
in railroads The reaction in prices was
sympathetic. The London buying was in
sufficient volume to cause notable heavl-
ness in the sterling exchange where the
demand for bills was very light. The New
York banks are receiving large remit
tances from the interior, as well as from
the subtreasury, and rates on all classes
of loans were notably easier.
The bond market was dull, but held
firm throughout. Total sales, par value,
81, ZOE, 900. United States old As, coupon,
declined u; IS, registered, q, and IS,
coupon and old As, registered, a in the
bid price
STOCK QUOTATIONS..
Furnished by Charles H. F. Smith q
Co., members of the New York Stock ex-
change, Pioneer Press building, VINO nave
Closing prices are bid: