The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-19
STOCK PRICES
TOOK A TUMBLE.
The Net Changes Give No Just Idea
Of the Drop.
THE FALL PERPENDICULAR.
There We're Important Stocks In the
List Which offered Good i;c-
sistance to the Prevail
iii. Weakness.
The FALL PERPENDICULAR.

NEW YORK. Jan 1S-The market was
subjected to an energetic shaking down
to-day. which caused a notable decline IN
prices Prices, however, had been pretty
well advanced before the decline set in,
and there were notable recoyeries at the
end. The net changes, therefore, do not
Icy any means give 4 Just idea of the
character of the market. The fall i'll
prices WAS in most cases Il perpendicular
one To the low level, which gave il the
appearance OF great violence. The selling
which caused it had ali the appearance of
great urgency. and was in very heavy
volume, large blocks coming out on the
decline
1t should not escape notice. however,
that there We're important stocks in the
list which offered good resistance to the
prevailing weakness, and which rallied
well from the declines. The tone OF the
steel stocks was much better than yester-
day They wr-e vigorously supported,
especially Federal Steel. and there was a
good demand from the short interest.
Important members OF the group show
small net gains on the day There We're
points of strength rs wei III the railway
list. Missouri Pacific. Southern Pacific
and Northern Pacific We're We'll absorbed
during the day. and Baltimore and Ohio
showed no sign OF extreme weakness and
closed at the best. But it was notice
able fact that the carly advance in prices
WAS somewhat laberiously achieved.
The determined effort to support the
market which was manifest At the open
Very heavy offerings before the weakness
was overcome When the movement Of
prices WAS once turned upward it seemed
To have the effect of checking &fccula-
tive liquidation. and the volume OF deal
ings was rather small on the upward
course But it proved an easy TASK for
the bears 10 undo the work of the bulls
when they commenced to offer prices
down. Tho Seyerest sufferers ON the de-
cline were among the New York public
utilities. the crangcra, tn" coalers and,
later in tho day. Northern Pacific st.
Taut'S eNtre-ne. decline WAS over { points
md Northern Pacific suffered thHhe cx-
lent Of ~; Consolidated Gas and Della
ware and Hudson were forced down
licsrly :, points. I.ackawanua 81; Tin
Plat" preferred. Steel Hoop. common and
preferred, and Colorado Fuel 5 to "a tho
local fractions from Us to is. the
EramgerS = 10 =. Eric first preferred =
aud a large number OF the principal ac-
I've stocks from ! Ia =
The TACT WAS again demonstrated that
the bear element had been eager to dis
count tho expected liquidation that the
market is fun of short accounts The
tsrerr.esS of tll., bears 10 cover IJIllad
:: points. Err" first preferred over =. ana
The larger part OF the principal active
stocks between and = points. The ac-
tiViIy of the market declined as the rise
progressed. and there was no evidence
OF any active renewal 81 demand for
stocks. The closing vas unsteady and
wavcrins, and at tho best in only faw
eases
The forecast of The bank statement had
an influence in driving the bears To cover
with its prediction Of another increase
of nearly S2U00,u00 in The banks cash
resources. In spite OF the payment to the
tSuh-TreaSury of the gold withdrawn from
the Assay Office for export. the week :
Stb-TreaSuTy operations has Welded L
the banks the sum Of S3.7l2G0a On the
interior movement by express the banks
are estimated TO have considerably over
So 00n 900 The weeks LIQUIDATION in the
Stock Exchange points To the probability
also of a loan contraction. Sterling eN-
change advanced again to-day, and the
expectation is general that further gold
viii so uut next week.
Railroad bonds weakened in svnpafl1v
with stocks Total sales. mar value
81 $50 oan United States rafunding IS
advanced y on the last call.
To-day's stock sales were DDS, 400
shares
MONEY. AND EXCHANGE Money on
ran steady at 2Ti3 per cent: last loan at
.1Is 1ler, cent prime mercantile paper Ar"
I,er. cont Sterfin" exchange firm with
actual business in bankers bills at 81 S7i4
al STas for demand and ut 81 S:'& for
sixty DAYS: posted rates. St.Sa@iSt and
s. -. commercial bills. 81 &Nii. So.
S2i3t..- certificates t3ia1iG1is: bar silver, 81:
Mexican dollars +:n4. Government bones
fir1ner, State bonds easier: railroad bonds
ryfeal