The daily morning journal and courier., 1901-01-10
THE STOCK MARK EI.
Again Resumes Its KulT Characteristics.

Again Resumes Its RulT Characteristics | New York, Jan. 9.--After a short pre-
 ltminary contest with the reactionar.
 forces the stock market resumed it
 bull characteristics to-day. There wa' a prompt and striking response to any demonstration of strength, the bull leaders finding no difficulty in running prices up by rapid stages several points in any stock in which they began bid ding for shares, The influence of the easy advances exercised so strong sus taining influence on the rest of the mar ket that the interests long of stock hat no difficulty in marketing enormous holdings without any very notable ef' feet on prices. The bears who sold the market yesterday in the conviction tha1 the culmlna tiOn of he rise had beer reached and that the reported illness ol the president might prove the deciding factor in precipitating a reaction were forced to cover in some disorder. The sustained strength in the market can not be entirely accounted for without making due allowance for the persist ence of a very large short interest at all the present stages of the rise. The ! borrowing demand for stocks is proof of the existence of the short interest. More or less difficulty is experienced in secur- ing stocks for delivery on short ac- counts, and borrowers of some stocks are obliged to forego interest on their money
 Notwithstanding the repeated back Sets of the bears, they were still active to-day. They effected some declines at the opening, aided by the lower range of prices for Americans in London and by the acute weakness of few stocks, especially the National Tube stocks, on the announced projects for the building of great competing works by the Car negie interests. This caused an opening break of points in National Tube com mon and of liz in the preferred. The Rubber stocks fell 2A for the common and for the preferred, and there was q drop of 3A in Lake Erie and Western Excepting the Rubber stocks, there were good rallies in all of these in sym pathy with the general strength devel- oped.
 The opening dealings gave the ifn- precision that Union Pacific had been selected as the leader for the day, the demand absorbing no less than 25,000 shares on simultaneous sales. But Mis- souri Pacific quickly forged to the front against a momentary backset which carried it A below last night. This was due to the heavy profit-taking attracted by yesterdays 5 point rise. The stock was easily the leader of the market and was lifted in the afternoon 5h points more above last nights level There were many rumors current of coming consultations of the southewestern railway systems, without any authority cited. and which were met in some cases by semi official disclaimers. But not withstanding these disclaimers, the so- called Gould southwesterns all advanc ed from to PA points, Manhattan and Western Union also gained 3 and 3as, respectively.
 The various stocks which were sue cessively brought forward in the ad vance would make long list. The most conspicuous were the Louisville and Nashville, with q rise of 35s, Della ware and Hudson Az, Illinois Central Az, Great Northern preferred 5A, the local traction stocks from 2h to 3, out side of Third Avenue, which rose an ex- treme 9h Sugar and Peoples Gas about 2hs each, Union Pacific and New York Central as much and number of less prominent stocks with even wider gains.
 The manipulative character of the ad- vance and the persistent proft-takng wac co a,tidout that tba hears attackad the market again late In the day and forced declines running up to from 2 to 3 points in several cases. But there were good rallies on covering by shorts. The grangers were rather less disposed to rally than the general list and the coalers were affected by prof1t-taking 
 The insistence on the part of promi- nent financiers, whose names have been associated with the reported St. Paul deal, that they have no knowledge of my such transaction, had a somewhat depressing effect on the grangers and Northwesterns except for late spurt in Great Northern preferred of "A. The dealings were again on a very large scale, but did not approach Mondays record.
 There was very active demand for bonds of southwestern railroads and the whole list showed strength. The gains were not in all cases fully maintained. The total sales par value aggregated s4, 755000.
 United States refunding twos advanc- ed 1a per cent on the last call.