The age-herald., 1901-01-03
AN UPWARD RUSH
 AND THEN A SLUMP Stock Market Closed With List
 in Ragged Condition IT WAS A BEAR ONSLAUGHI l Opinion is Greatly Divided as to Whether Their Time Has Come.
 There Was an Astonishingly
 Large Demand for Stocks.
1T WAS A BEAR ONSLAUGHT l

New York; January 2.-ToGays stock market opened with an upward rush of prices and closed with something very like a slump, and with the list in a very ragged condition in the matter of net changes. The professional bear traders who had watched the market for days to detect the expected turning point toward reaction fell upon the market today with vigor and en- thusiasm. But the professional bear oper- ators have made many mistakes in the last few weeks, and opinion is greatly divided in Wall street tonight as to whether their time has come. Certainly the market to- day showed an astonishingly large demand for stocks, and in the early dealings the supply was sufficiently limited to cause volatile upward squirt of prices in a num- Der of stocks. The general level of the market was in fact lifted so considerably as to offer very attractive profits even on a days turn. and considerable volume of the selling was undoubtedly due to profit taking. The realizing was well absorbed if regarded from the standpoint of buyers of stocks on Monday, but the relapse from the high prices today, at which there was considerable volume of purchases makes disappointing results for those who got in at the high level.
 The market must be considered also in connection with the elements of weakness which developed. The violent break in sugar was a decidedly disturbing influence, and had more effect than similar breaks have mad in the past his stock pushed up 1A this morning on the published reports that the proposed advance In the price of package coffee was the forerunner of a settlement Of the sugar trade war which has been a puzzle to Wall street for many months. his comforting assurance for holders of sugar certificates received a rude shock from the announcement which quickly fol- lowed Of cut in the price of granulated sugar by the American Company, which was followed by the other companies, bring Ing the prices of all down to the same basis. The American Company has been holding Its price above that of the other compan- des, and bringing down prices to the same basis is alleged to be equivalent to a set flement. feature of the day was the strength of sterling exchange and this is believed to be in anticipation of lower mon- ey rates here and higher rates abroad, not withstanding that foreign money rates re- aaxed appreciably today with the January disbursement.
 Bonds were steady without perceptible er- ratio fluctuations
 Total sales, par value, 8, ,455, ,000
 United States 5s declined 1s per cent on the last call
 New York, January 2.-Money on call firm at 4@6 per cent; last loan 41s per cent; ruling 51s per cent; prime mercantile paper 4&QD51s per cent. Sterling exchange strong, with actual business in bankers bills at $4. S5@4 .S59s for demand, and $4. .S11a6I4 SEA far sixty days Posted rates $4 s2@D4 S21s and $4.o6lsN.S6l9. Commercial bills $4. .S0a46D 4.81A.
 Silver certificates 646@65c; bar silver 64c; Mexican dollars Soc.
 { Government bonds weak; state bonds in- active; railroad bonds firm.
 New York Stock Market.
 CBy Private Wire to Murphy & Col