The age-herald., 1901-01-09
BULLS LOSE SNAP
 AND BEARS ACTIVE Underlying Strength of Stock
 Market Was Evident BIG FALLING OFF IN SALES Pressure of Liquidation Was at No Time Very Urgent, and Bears
 Conducted Operation With
 Manifest Timidity.

New York, January S.-The feature in today's stock market was the marked fall ing off in the trade of the volume of busi- ness compared with yesterdays unprece- dented record of over 100000 shares. To- days shares of stocks fell back to 1,511, ,000. The snap was clearly gone from the bull enthusiasm and the best efforts of the bull leaders proves unavailing to induce any general or imposing advance in prices. Their endeavors to advance prices appar- ently failed to attract any considerable following and the buying demand for stocks showed material impairment.
 The bear element on the exchange gath cred their forces for a drive against the market and worked some. very considera- ble reactions and dislodged more or less long stocks held for weak accounts and on narrow margin The equandmity with which the reaction was accepted by the large holders of stock was however, an impressive demonstration 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 timidity This was shown by their eagerness to cover and the frequent rallies from the success tul downward movement of prices. This OlSpOSrIlOn on the part or the bears con tnued until the close.
 The southwestern railroad stocks were the most consistently strong of any in the list The special strength in Missouri Pa- cific had stimulating effect on the whole group. This stock opened up a fraction higher and inaugurated most of the rallies afterwards during the day. It closed at S11a, the top price showing a net gain of five points. The only news to account for the rise was published estimate placing the earnings of the company at high per cent of the stock The finally strong rally of the market very materially reduced the days declines and lifted many stocks from one to two points above the low level Reading rallied 2R.
 Talk of impending gold exports this morning and some uneaseneSS over the unsettled conditions in the foreign money markets were causes melting to the more cautious attitude of speculation. The halt in the upward course of prices naturally re- duced some taking of stock of the recent rumors and other motives for the excited advances. This process of introspection naturally had some sobering effect after the speculative excess of the late market.
 The bond market continued its irregular character on volume of business much less relatively than in stocks. Total sales. par value, $4 320, 000 United States 2s ad- vanced If per cent on the last call
 New York, January 8.-Money on call easy at SQ419 per cent; last loan 31s per cent. Prime mercantile paper 41s@5 per cent. Sterling exchange easier with actual business in bankers bills at $4. S6s40 .S6B for demand, and at $i .S3@4 S3B for sixty days. Posted rates $4. .S31a@4.S4 and s4.S71A. Commercial bills &. .S21a94. SPA.
 Silver certificates 641R@651s; bar silver 63B; Mexican dollars 1873.
 Government bonds strong; state bonds steady; railroad bonds irregular.
 New York Stock Market.
 (By Private Wire to Murphy & Col