The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-17
STOCK MARKET
WAS UNSET lied.
Fluctuations in Prices Were Wild and
Frequent.
MONEY is VERY PLENTIFUL.
Tho General Level of Prices Was
Forced Considerably Below the
Level Of the Day Bcfore-Bond
Market Moderately Active,
MONEY is VERY PLENTIFUL.
n- Associated rress.,

MEM YORK. Jan. 1G.-The excessive
confusion of speculative opinion today
was shown by wild and frequent fiuctua-
lions in prices often in conflict IN differ
cnt groups of stocks. An evident erect
was made 10 differentiatc the movement
of the steel stocks from that OF the ran
road stocks The action OF the steel group
Yesterday made il very evident that dc
cline in them was DO be forced. Some
effort WAS made at the opening 10 corr
test this event, and supporting oroerS e.
tectnd rise of point over last night III
Steel and Wire and Tin Pate, ana OF ~
in Nationa! Tube, but the laSt-named
stock was he only one which retained
any show of strength IN The later dealings
There was some Show OF support III
Federal Steel early in the day. ana AFTER
an opening decline of ia it was rallied a
point but the selling of the stock WAS
persistent and urgent on account Oh diS-
appointment by SPECTATORS that no &c
ton WAS taken at yesterday meeting 10
insure quart eriv dividcndS for the coming
years, in which there had been great
faith There were occasional rallies IN the
stock. and it was lifted vigorously at me
last = points above the lowest, but ma
uipulation was palpahly III the rally. AT
The low level this stock was Il. below last
night and the preferred was off 32. Next
10 this Tin Plate was most acuteiy al
fected in spite of yesterdays dividend
and fell an extreme / points. Colorado
Fuel was down :Hs American Hoop ),
Tennessee Coal 22a. and others of the
group from ] to ~.
The conditions in the railroad list were
irregular during the early dealings. but
there were sufficient points of strength
TO overcome the few opening declines
caused by sympathy with the London
market and with the weakness OF the
steel stocks. There was q manifest dis
position to realize at once on the coalers
and q sagging tendency at other points.
tosl, n
the midst of thi& uncertainty and marked
up nearly q points. precipitatins large
volume of buying from the bears
The market generally responded in SYM
pathv, but with quick relapse OF :
points in ST. Paul. began to run off again
Then Burlington took UP the movement
on the direction of the directors to in
crease the stock 10 per cent. to be issued
at par to stockholders. The resulting rise
in The stock reached as, but the doubt en-
:yendercd by the demonstrated manipu!a-
lion of st. Paul detracted from the effect
on the general market, and prices DID not
get back to the top
The advances had reached 234 in North
crn Pacific :; in Delaware and Hudson,
.3S in Rock Island and /. points in ST
Louis and San Francisco second pre-
ferred Manhattan and Sugar also rose
about = points When the futility OF these
measures 10 hold the railroad list became
evident the speculative llquldauon IN
creased to a very high volume The coal
-
pies, Gas and Sugar We're thrown on the
market in a torrent of large blocks The
general level of prices was forced con-
siderabiy below last night, only few
small net gains remaining. The reaction
reached :, points in ST. Paul. AS in Man
haitian and from :. TO ;;.points in the other
prominent stocks indicated. The closing
was unsettled and irregular but there
was no evidence of any demand rom
other than short interests.
The announcement of gold exports to-
day for to-norrow's steamer did not seem
to affect sentiment. as the early strength
in the market developed after the ship
1neats were known. The accumulation of
money at this centre continues on so large
a scale that the interest rate tended
lower to-day. in spite of the gold exports
and the softness of the exchange market.
showing that the absorption of exchange
bills sold against the gold exports was
not easy.
The bond market was moderately active
and cased off in sympathy with stocks.
States old as declined X and IS regis
tered II per cent on the last call.
To-day's total stock sales were 10000
shares.
MONEY AND ENCHANGE.-None on
call steady at 24aa3 per cent: last loan
at 81. per cent; prime mercantile paper.
IA, per cent Sterling exchange barely
stieay. with actual business in bankers
bills at si.STMi.Sss for demand and at
81. S:;t4 "A. S:;3- for sixty days; posted rates,
81 S4a4. SAL. and S4.SS: commercial bills.
81 S:,iaf4. 81. Silver certificates. 6il9GiG5i2
Government bonds weak: State bonds
Low