The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-18
PRICE MOVEMENT
VERY CONFUSED.
Spectators in a Bearish State 0
Mind in Early Hours.
POWERFUL MANIPULATION.
Prices Wcrc Laboriously Lifted Ep,8
Blu, on Later Urgent Selling
Broke Violently and Mark
Closed Weak.
POWERFUL MANIPULATION.
{By Associated rrcss.)

NEW YORK. Jan. 1.-THE state Of
mind of spectators in stocks was one of
extreme bearishness today. The cloud of
diStruSt WIS somewhat dissipated during
Inc course OF the day. and prices were
laboriously lifted TO a level above last
night. but uneaSneSS REQUIRED in the late
dealings, and the market closed with
urgent selling in force and with violent
and diSorderiy breaks in a number of i'm
portant stocks.
The excessive confusion of the price
movement during the early part of the
DAY served TO put spectators long of stock
III a state Of bewildcfment There was
bold and powerful manipulation used 10
support prices and TO disSGade holders
from selling. Tic extreme duil1ess into
which the market ii. after The selling
had been checked was proof OF the sue
cess of this manoeuvre, but when it be-
gan 10 appear that the marking up OF
prices had been simply for the purpose of
aifordinE Il market 10 realize on the pres
sure to sell became urgent again, leading
TO the final break in prices.
The price movement was so irregular
and mixed 1T all times as to defy any
close analysis The opening weakness WAS
most marked in the steel group, and the
conditions among the great steel corpora
lions continued TO excite grave uneasiness
during The entire session. The conviction
is taking form in speculative circles that
a war between the steel companies is dan
Eerously imminent, which. if"it comes,
Will dcmoraliZe earnings in the trade
of q coming bond issue by Federal Steel
is accepted as foreshadowinE a coming
struggle. That stock had a further de-
cline OF 31s, and Federal Steel preferred
of :. points. on account of this fear, and
declines iii other members OF the group
ranged from TO ; points. Meantime ma
nipulatiSe support was effective i'll other
parts of the list, ana Sugar. Peoples Gas,
st. Paul, Manhattan and a number of the
Tacitics and southwestsrns We're lifted
from ] TO > points.
Then support was accorded to the steel
stocks. and the principal members of the
group. including Federal Steel. Tin Plate
Pacifcs and Southwesterns We're lifted
sharply above last night Meantime there
was realizing in the railroad list. and
prices generally fell away there with &C
casional exceptions, which were held up
as d support to the market.
In the final slump the whole list fell
again. with very few exceptions. below
last night. There were such violent breaks
as / in Baltimore and Ohio, 81 in Man
haitian. :; in Sugar and 2.IA in St Paul and
New York Central. Many Of the railroad
stocks were at the lowest when the mar
ket closed.
The statement OF President Hill, of the
Great Northern. that he had never owned
q share OF ST. Paul stock in his life had
greatly unsettling influence on specula-
tors who have worked in the conviction
that St. Paul had passed to the control
of Great Northern and Northern Pacific:
The declaration of a per cent. dividend
on New ! oik. '-iliCdSo stiih - LUIS
second preferred. where all the way from
~. to , per cent. had been confidently
predicted. caused a reimbursement of IDEAS
as 10 a large number of analogous cases
The denial OF the rulnor that Metropoli-
tan Street Railway had leased Manhattan
upset another line of speculative calcula-
tons.
The bond market was rather quiet and
irregular Total sales. par value, S2.92'.-
600. United States bonds were all un-
changed on last call.
To-day's total stock sales We're 1,o45,5oo
shares
MONEY AND OBSERVATION-DISCLOSURES on
call easier at "a: per cent; last loan at :
per cent prime mercantile paper. 40 per
cent. Sterling xchange firmer, with ac-
1ual business in bankers bills at 81 SD.
Sis for demand and at S4.s5fs for sixty
DAYS: posted rates. 81. S4tdI,Si and 81 IS;
commercial bills, 81 S2112ad4. S22&4- Silver
certificates, G41122g65i2: bar silver, 6s3s
steady; State bonds irregular: railroad
bonds slow.