The Saint Paul globe., 1901-01-09
STOCKS SLIGHTLY LOVER
THOUGH THE GENERAL UNDER
TONE OF THE MARKET
is FIRM
DEALINGS ARE NOT so HEAVY
Bears Had an Inning In Wall Street
Yesterday, but They Were
MnnifestIy a Little
Tfmid.

NEW YORK, Jan. S-The most strik-
ing feature in today's stoclasmarket was
the marked falling off in the volume OF
trading. Compared with yesterdays un-
precedented record of over 100000 shares,
today's sales of stocks fell back to 1,511,-
900 shares. The snap was Felearfy gone
from the bull enthusiasm, and the best
efforts of the bull leaders proved un-
aVall1nG to induce any general or i'm
posing advance in prices. Their endea-
Vors to advance apparently failed to at
tract any considerable following, and the
buying demand for stocks showed ma
terial impairment. The bear element on
the exchange. gathered their forces for a
drive against the market, and worked
some very considerable reactions and dis
lodged more or less long stock, held for
Weak accounts and on narrow margin.
The equanimity with which the reaction
was accepted by large holders of stock
was, however, an impressive demonStr;l-
ton of the continued underlying strength
of the market. The pressure Of Iiquida-
ton was at no time very urgent and
the bears conducted their operations with
manifest timidity. This was shown by
their eagernesS to cover and the frequent
rallies from the successive downward
movement of prices. This disposition On
the part of the bears continued until
the close In fact. at the last and most
notable Clip In prices the bears covered
with considerable symptoms of disorder
ana moved prices up in a-jerlSy and foref-
Bile manner. The decreased activity of
the market was manifest from the OPEN
lng, which showed no such congested
puying with running sales of enormous
BLOCKS at wide quotations as has been
the feature of the openings ever since
New Years day. The realizing move
mel n1ent mere was taken up in London today,
and their opening declines reached from
l to l12 in a number of the internars
Ihen came the invariable contest between
speculative forces in the form of sup
porting orders and sharp bidding up of
stocks newly brought forward into prom
neace. Sugar, Peoples Gas and Rock
Island were the principal sustaining fore
eS at the opening. The speculative con-
fortunes. The greatest irregularity and
most erratic fluctuations were amongst
a dRe grangers, coalers, Pacilics and some
OF the trunk lines. These all had their
early period of strength, and again were
most prominent in the late drive against
{ne 70 market. st; Paul roses at one time TO
Tto To- ana 9 jell back late in the day to 1561k
Ihe declines from the highest in other
members of these groups ran from 2 to
312 points. The Southwestern rail -oad
STOCKS We're the most consistently strong
OF any In the list. The special strength
IN Missouri Pacific had discriminating ef
rect on the whole group This stock
opened up a fraction and inaug1Irated
alost as OF the rallies afterwards during The
aay. II closed at S112,Fathe top price
showing ~ net gain of 6spoints. The
ohly news to account for the rise was
a. puo11shed R nee estimate, plating the earn
lngs of the company at a high -ner cent
OF the stock. The final strong Ya1Iv of
the market very materially reduced the
gays gays declines and lifted ynany stocks
from to points above the low Level
Reading rallied 21z Talk Of impending
goId exports this morning. and some un9
easlnesS over The unsettled conditions
IN IN the foreign money market wers. causes uses
inclt1ng llg more cautious attitude of
speculation. The halt in tha nnuard
course of prices naturally reduced sore m q
ta3kkIng of stock in the recent rumors and
ef oLhef motives for thee excited advances
Ihiss process of retrespeetion- natJlraliv
mad some effect after the lsbecuIatiye 'sS. e,t,
cesses of the late market =
The bond market continued its irraeu-
iar bsGnsl Gnaracter ter, on an an Irregular volume of
OO0 0s'tN'' p'- Ns'iue' Sf'Szo'-
u s. refunding rs advanced u per
cent on the 1astSeaIl. "a poi
STOCK QUOTATIONS.
Furnished by Charles H. f. Smith &
f,2c,b Fo,, \ members nsn T Of the New York Stock
nave direct wires to. Chicago ana New
YORK Closing prices are bid: