The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-11
THE PRICES FELL
BACK MATERIALLY
Efforts to Continue Advance Proved
hbortive.
CLOSING DECIDEDLY UNSETTLED
Pressure 10 Sell Relaxed il, Late Deals
in.s. and Prices Were Lifted
Considerably from Lowest
Bonds We're Irregular.
1nr Associated rrcss.l

NEW YORK, Jan. 1U.-There was i de-
cloeu IGrLncr I;.nnS Vii al t.e.Nity o.
traIulE;; IN Stocns ana pIiceS zen ns;c-> He.s
gencI.lIfy IntouSuuGt lnc Iiat. iHtIV "viS
.po.-Ilvt. cIiortS 10 continue the auEanGeI
Soir at the opening ana ~ Inherent times
uurlnG the uaE, out the market ulu iiol
al any time snow any uecIGee Strength
The most that the buiiS were dpIo "
achieve was To check the reacUonary ten
ocncy The pressure TO sell was 1nuch
relaxed during the latter part OF the Gay,
and the demand to cover IRON me snort
it1tcd the level of prices Considerably
a hove the lowest The squirt IN LOUISVILLE
lust at the close on the increase IN The
dividend rate helped the market somewhat
although there WAS no genera ies5oiise'
The closing was. III fact, decidedly unset
tied and Irregular. and at ii substantially
lower level OF prices.
Tho first movement of the bulls was in
the southwestcTns and some OF the spe-
cialties including Texas and racine,
Union Pacific Southern Pacific Delaware
and Hudson, Peoples Gas ard Western
Union. The laSt-named stock was the
only one of the group which showed sus-
tanned strength. with an extreme advance
of nearly :. points Missouri Pacific WAS
marked up al one time to 81. but fell back
below So in the sharpest reaction OF the
day
Still later there was a movement in the
tobacco stocks. which carried Continental
and American Tobacco up : points. Ten
nessee Coal AZ and General Electric St2.
But the general disposition TO realize pro
fits and the rather aggressive MOOD OF the
bears frustrated an the attempts to adj
vance the market The rather violent
break in St. Paul Of a. points al the open
ing had d decidedly disturbing effect on
speculative sentiment. and some of the
other stocks which have been the subject
OF the most persistent stories OF inclu-
sion in vast new consultations were also
quite aCutelT affected
The repeated disclaimers OF the finan-
Ft..- concerned OF the stores
which have circulated regarding these
combinations have been totally disre-
garded heretofore by the speculative eie-
1Dent but somthing like conviction Was
borne upon them to-day. and while the
belief was unaffected that something very
important had been going on in st. Paul
and in other railroad quarters. the Spccu-
laIOTS aWOlIe TO the realization that the
elaborate details published from time TO
time were based on very i!imSy evidence,
and that they did not know much about
the actual transaction.
The extreme decline in st. Paul was *.
The Fries. the Readings, the gTangcrs.
PENNSYLVANIA and the Pacitics We're most
affected. Rubber preferred broke Az
points, Pressed Steel Car AZ ana the pre-
ferred g. The bears We're tinlid. however,
about pressing their advantage This Gle
lnenf is SO eager to discount the expected
reaction that they keep the market we'll
filled with short accounts and upon any
considerable reaction they begin to buy
eagerly To cover The cxpectance of the
persistent snort interest IS a material lac
TOR in the resisting power of the market.
1t PLAYED its part in effecting the rally
from the extreme low point
After the first drop in prices and the
dfslodsinE of weaker speculative accounts
there Was decided falling off in the pres
sure of liduidation which added much to
the timidity Of the bears. The rally eN-
tended to III in ST Paul. -i4 in Erie first
preferred. 22 in Delaware and Hudson
and between ! and > points in quite
number of stocks. The marked feature
OF the trading after the heavy selling
ceased was the dullness and the sluggish
movement oi prices.
Prices Of bonds moved irreGularly in
sympathy with stocks. Total sales. par
value. &!.IGn.OOn- United States refund
ing IS advanced I. on the last call.
Total stock sales We're ,2Ii,.to shares.
MONEY AND EXCHANGE on
call steady at 2l&N3h2 per cent: last loan
IT o$ta. per cent; prime mercantile paper,
41aGl per cent. Sterling exchange firm,
with actual business in bankers bills at
s.. 81 for demand and at 81 SAl>d+ .SSi4 for
sixty days: posted rates. $t-S3l21i 81 and
81 S7l.a4 IS: commercial bills, 81. S21i@
S2%4 Silver certificates. Gii.M61; bar
silver. G334; Mexican dollars, 1919. Gov
eminent bonds strong: State bonds mac
tive railroad bonds irregular.