The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-09
PRICES HALT IN
UPWARD COURSE
The Reaction was Accepted With
Great Equanlmity.
BEARS LACKED CONFIDENCE.
There Was a Strong Final Rally That
Materially Reduced the Declines
for the Day-Thc Bond Market
Continued Irregular.
BEARS LACKED CONFIDENCE.
Rr Associated rress.l

NEW YORK, Jan Sine most s''
Eng feature in to-days stock market was
,be marked falling of in the volume OF
trading. Compared with yesterdays ul-
.nrecedcnted record of over 2po'o"'
s,,,-os to-da>t's sales Of stocks fell back
10 l5lI $50 shares.
rhe snap was clearly gone from the
hull enthusiasm, and the best elorlS Oh
the buii leaders proved EnaN;lHlS 70 IN
ducc any general or imposing advance
in priccs Their endcavorS 10 advance
prices apparently failed to attract any
considerable following, and the buying De
1nand for stocks showed material impair
,nent The bear element on the exchange
gathered their forces for a drive against
the market and worked some very corSid-
erable reactions and dlslodScd more or
less long stock held apr weak accounts
and on narrow margin.
Ting eCuanilnity with which the reaction
YVES accepted by the large holders OIL
stock was. however. an impressive demon
stration of the continued underlying
strength of the market. The pressure OF
liquidation was at no time very urgent,
and the bears conducted their operations
with manifest fear. This WAS shown by
their anxiety TO cover This disposition
on the part Of the bears continued until
The close. In fact, the last and most nota-
bic dip in prices the bears covered with
considerable symptoms of disorder and
moved prices up in d jerky and 1orciblc
manner.
The decreased activity of the market
was manifest from the opening. which
showed no congested buying with running
sales of enormous blocks at wide quota
lions. as has been the feature Of the
opening since New-icarS Day. The
realizing movement here WAS taken UP in
London to-day. and their opening declines
reached from l 10 IL in number Of the
internaIioualS. Then came the 1nVarlable
contest between speculative forces III the
form OF supporting orders and sharp bid
rI
into prominence. Sugar. Peoples Gas and
Rock Island were the principal sustaining
forces at the opening. The speculative
contest was continued ali day with vary
ing fortunes.
The greatest irrcgularity and most cr-
ratio fluctuations were amongst the
srangerS. coalcrS. FaciiicS and some OF
The trunk lines These all had their early
period of strength. and again were most
sympathetic in the late drive against the
market. St. Paul rose at one time ~: and
fell back Jla. Declines in other members
of these groups ran from to 3l2 points.
The Southwestern railroad stocks were
the most consistently strong OF any III the
list The special strength in Missouri Pa
ci1ic had a stimulating effect upon the
whole GROUP This stock opened up u
fraction and inaugurated most Of the
rally afterwards during the day. 1t
closed at S1l2, the top price, showing a
net gain OF :, points. The only news to
account for the rise was u published eSt-
mate placing the earnings of the capital
at a high per cent for the stock.
The final strong rally very materially
reduced the days declines and lifted
many stocks from ! to points above the
low level Reading rallied 2l1. Talk of
Impending gold exports this morning and
some uneasiness over the unsettled con-
Citions OF the foreign money markets
were causes melting to the more cautious
attitude OF speculation. The halt in the
upward course of prices naturally induced
some taking of stock of the recent rumors
and the motives for the excited advance
This process of introspection naturally
had some SOLDERING effect after the specu-
lative excuses OF the late market.
The bond market continued its irreSu-
lar character on a volume OF business
much less relatively than that in stocks.
Total sales par value. S4,320, 600. United
States refunding rs advanced Il on the
last call.
To-day's total stock sales were 1,5l1,1 100
shares.