The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-06
PRICES COVERED
A WIDE RANGE
Market Closed Easy in Tone and at
a Lower Level.
PURELY A SPECULATOR'S DAY.
no Story Was Too Wild or improbable
oGain Ready Conference.-The SEN
sationa. Opening Gains We're
al! Wiped Out.
PURELY A sPECULATOR'S DAY,
lEr Associated Press.l

NEW YORK, Jan. 5.-SpecuiatoFS jump
cd into the stock market this morning ana
put prices into a state, Of Violent efi .5
yrsCcncc They quickly skinned the
1rnth at the top level of prices 10 take
profits and attracted so large following
10 the selling side that the sensational
opening gains were mostly wiped OUT oS-
fore the close. and in all cases greatly
reduced.
Alter a day OF violent excitement at
exceedingly wide fluctuations the market
was decidedly easy in tone at tle close
and at a level generally below last night.
There We're some important exceptions,
and there We're number OF spasmoQic
rallies OF weak stock on covering by
shorts IT was SPECTATORS Gay, pure
and simple, and whatever substantial
considerations may have been behind the
buying demand We're almost completely
lost sight OF III frenzy OF speculative eX-
element.
No story was too wild or improbable to
gain ready cred nee. The growth of the
conviction that II. Paul is 10 pass to the
control of The Northern transcontinental
lines has made the speculative mind open
10 almost anything il the way OF -urlors
regarding railroad combinations. Capt.
taliStS who have been influential in the
st. Paul deal are supposed to have addi-
uonal tar-reaching plans. These supposed
plans We're made the basis Of tO-day's
extra ordinary movement. The authorized
announcement before the close that J. ?.
Morgan & Co. had secured control OF the
central Railroad of New JerSey in the
interest OF the Reading Company offered
some basis for the runors current.
The Reading stocks We're most pron-
nent in the opening squirt of prices, the
first preferred mounting > points. the
second preferred az and the common G,s
The extreme advance in New Jersey Cen
trail was 323- In the heavy buying at the
opening there were advances also of
points in Missouri Pacific. 81. in ST. Paul,
~ in Erie first preferred. 29z in Erie
ferred and az in Rock Island. Gains s of
from To = points We're numerous all
through the list
The e.egerness of the selling TO take
profits caused sudden and violent de-
cltnes. successive sales in some cases clip
ping y TO l point from the prices until
they We're carried back 10 last nights
growing weakness in Sugar Tennessee
Coal. the Rubber stocks and some other
industttalS The feverish excitement on
the floor OF the exchange was indescriba-
BILE. With prices in a heat of wild tluctua-
ton. the sense OF insecurity became over
whelning. Violent advances were fol-
lowed by vide relapses and as sudden re-
The evident instability OF prices in
creased the disposition to sell, and the
favorable bank statement was taken ad-
vantage OF to further unloading. St. Pau
reacted 5ia from the top: New Jersey /
Northern Pacific 3la and Pennsylvania
'S4- The Reading stocks saved for the
day net gains OF to > points the Erie
souri, Pacific rs Otherwise there was
nothing important or the SIDE OF gains
and the list presents 4 ragged line Of net
losses.
Railroad bonds have not ESCAPED the
rcaciionary tendency of stocks. and have
not shown as vigorous a tendency to re-
coVery as stocks. United States new Is
declined per cent. IS coupon H. do
registered ? refunding 2's 1'S and old Is
and o's 20 below the ruling bid a week
ago.
The total sales of stocks to-day were
l,167.100 shares
MONEY AND ENCHANGE-,1onar .,