The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-03
Et1lanctal.
THE STOCK MARKET.
Open With Upward Rush and Closes
With Slump.

with n slump.
New York, Jan. 2-To-day's stock
market opened with an upward rush Of
prices and closed with something very
like slump and with the list in very
ragged condition in the matter of net
changes. The professional bear trad
ers, who have watched the market very
closely for the first sign Of reaction,
attacked values to-day with rather
more vigor and enthusiasm than they
have yet shown. But the bears have
made many mistakes in the last few
weeks and opinion Is greatly divided in
Wall street tonight as to whether
their turn has yet come. Certainly the
market to-day showed an astonshingly
large demand for stocks and in the ear
ly dealings the supply was sufficiently
limited to cause sharp upward squirt
of prices in a number of stocks. The
general level of prices was in fact lifted
so considerably as to offer attractive
pTolllS even on uay turn, ana
considerable volume of the selling was
/ undoubtedly due to profit taking The
/ realizing was well absorbed If regarded
| from the standpoint of buyers of
stocks on Monday but the relapse from
the high prices to-day, at which there
was considerable volume OF pur-
chases, makes disappointing results for
those who got in ia the high level. The
market must be considered also in con-
nection with the positive elements of
weakness which developed. The vio-
lent break in Sugar was a decidedly
disturbing influence and had more eff
feet than similar breaks have had in
the immediate past. This stock was
pushed up IA this morning on the
published reports that the proposed ad-
vance in the price in package coffee
was the forerunner Of a settlement of
the sugar trade war, which has been a
puzzle to Wall street for many months.
This story, however, was quickly fol-
lowed by a cut in the price of granii-
lated sugar by the American company
which was followed by the other COM
panies, bringing the prices of the pro-
duct to the same point. AS the Amer
lean company has been holding It's price
above that of the other companies, this
action was alleged to be equivalent to
a settlement, but it did not avail to
save sugar certificates from a drop of
Z ga points, to 40, with the close only |
slightly better. The New York public |
utilities suffered from the remarks of |
the new governor of New York on the 4
subject OF taxation of corporations and I
franchises and the rubber stocks vo-
lently reacted from a buoyant early
rise. Coming on top of the general |
movement to realize, the effect on the |
general market was decidedly oppress-
i've and stocks were carried down very
generally between / and points The
most prominent stocks in the early rise
were, however, comparatively firm and
handsome net gains were conserved for
st. Paul, Pennsylvania, Baltimore and
Ohio, Union Pacific, the Fries and
Readings. These stocks were the main
stays of the market all day and were
absorbed on an enormous scale, show
ing conclusively the continued activity
of powerful speculative forces. AS to
the recipients of the annual disburse-
lnent of dividends and interest, they
were not much in evidence. With
money on call constantly at per cent.
or under all through the late boom, it
would be fatuous to suppose that these
favored persons would have remained
inactive all through the period that
spectators We're buying stocks and adj
prices for the special purpose
Of selling to them at a profit A feat
ire of the day was the strength of ster-
ling exchange and this is believed to
De in anticipation of lower money rates
acre and higher rates abroad, notwith-
standing that foreign money rates re-
axed appreciably to-day with the Jan
lary disbursements.
Business in bonds were very large
ma widely distributed and prices were
higher Total sales, par value
;3, ASS 900.
United States IS declined 1-2 per cent.
N the last call.
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