The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-03

STOCKS OPENED WITH A RUSH.
Professional Bear Traders Fell Upon
tho Market With Vi="r aud ten
thusias,n. but Opinion Is Di-
vidcu as to Their success.
az, Associated rrcss.)

NEW YORK, Jan ~ o-nay . $780, S'e
market opened with an upward rush Oh
,,ricts and closed with something Very
like a slump, and with the ilst IN Il very
ragged condition in the mater OF iltt
changes. The professional pear 1taoei .
who had watched the market 10Y Gays ~
detect the expected turning point towards
reaction fell upon the market to-day w.tn
Vigor and enthusiasm But the PEoiea-
.sional bear operators have made many
mistakes in the last few weeks. ana oplh-
ior, is greatly divided in WALL Street to-
night as to whether their time has come
Certainly the market to-day showed an
aStonisfliv large demand for STOCKS, ana
in the early dealings the supply was Sulii-
GENTLY limited 10 cause a volatile upward
squirt OF prices in n number OF STOCKS
The general level of the market was, IN
fact. lifted so considerable as 10 cter very
attractive profits, even a day S turn,
and a considerable volume of the selling
was undoubtedly due to Drofit-iaking.
The realizing was we'll absorbed, If re-
Garded from the standpoint OF buyers OF
stocks on Monday. but the relapse IRON
,be high prices to-day, at which there
was a considerable volume OF purchases
makes disappointing results Tor those VINO
rot in al the high level. Inc market must
be considered also in connection WITH the
positiyc clements OF weakness which de-
welcomed The violent break in Sugar was
n decidedly disturbing influence, and had
more effect than similar breaks nave mao
in the immediate past. his Stock was
rushed up il, this morning on the pub
lfshed reports that the proposed advance
in price OF package coffee was the lore uii-
ner of Il settlement of the sugar trace
war which has been puzzle 10 NaH
Street for many months
This comforting assurance Tor nolaerS
of Sugar certificates received q TuCe sii0Gt
from The announcement winch GulchS
followed of a cut in the price OF Sranu-
lated sugar by the American Company,
which was followed by the other com
1anies. bringing the prices by all the
others to the same basis. AS the tA1htti-
.-an CorInauv has been holding Its price
above that of the other companies, the
bringing of prices 10 the same basis is
alleged TO be equivalent 10 a settlement.
But this did not avail TO save Sugar from
a drop OF t.S points, with the clo7e oiAA9
slightly better.
The public utilities suffered from new
franchise reports. Coming ON top OF me
general movement to rtallZe, tne eHec1
on the general market was declueuiE on
l,ressive and stocks we're carried down
very generally between rs and > points
The most of stocks in the early rise We're,
however comparatively firm, ana hand-
some net gains were conserved lor Sl-
I,alIi PENNSYLVANIA. Baltimore and ONO,
Union Pacific and The Fries These stocks
were the mainStay of the market ana
were absorbed an enormous scale
showing ConCluSiTely the ACTIVITY OF pow
erful speculative forces
AS 10 the recipients of annual dlsburse-
-nents and dividends ana interest IheE
We're not much in eNlGeNce- WIN IioIt'H
on call constantly at per cent. or under
all through the late boom, 1t would be
fatuous to suppose that these favored per,
sons would have remained inactive all
through the period that spectators were
l,1ying stocks and advancing prices 1or
the special purpose of selling to them ut
q profit ,.,o-,,+,,
of sterling exchange, and this is believed
10 be in authorization of lower money rates
here and higher rates abroad, notW1tH,
standing that foreign money raSes relaxed
appreciably to-day with the January dis
To-day's clearinghouse report showed
that, Mondays ciearings of the New ork
banks in the association were the largest
on record footing UP So, n5.26 ne
previous record was made last week, with
q total of $:iC4 .61i29o
Business in bonds was very large and
widely distributed. and prices We're gen
aral higher Total sales, par value
S::4.5501 United States IS declined y
on the last call. ,oo.
To-davs total stock sales were 1,oS',5oo
shares
MONEY AM. NEUTRALITY-SUSPICIOUS. on
call firm at 4l.G10 per cent; last loan at
q per cent: prime mercantile paper, 3%i4
5IL per cent. Sterling exchange strong,
I, l1s- of