Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-01-07
MARKET WAS VERY STRONG
A Great Rush 10 Sell, but Everything Vas
Very Quickly Absorbed
AZ First The List Yielded, hut Accept
anee Of Offerings Created Quick
ana Powerful Reaction.

New York, Jan. 1.-THE stock market
made another demonstration this morn
ing OF It's amazing power OF absorption
and oyercame In less than an hour the
heaviest ana most reckless unloading
20 realize profits which IL has yet had
to encounter. Spectators who had been
lucky enough TO get into the market
before the phenomenal rise Of the latter
part Of last week were eager sellers TO
take profits.
The consequence Of the speculative
unloading was successive drops Of a half
to point In prices and the extreme
decline ran w to FIVE points IN Ten
nessee Coal & Iron Jersey Central az
ter an opening rise Of one point, dropped
back five points on two successive sales.
Northern Pacific was forced 2H below
Saturday. and the Pennsylvania two
points. The reaction reached to 2A
In Reading. Rock Island, Atchison pre-
ferred, st. Paul, Erie first preferred and
Delaware and Hudson; ~ IN Reading
first preferred and second preferred, and
a point or over In Baltimore & Ohio and
a large number Of active stocks,
There We're plenty Of opening adj
vances ranging some 10 points for
important stocks, including Baltimore
g. Ohio; the tobaccos. Erie, Texas Pa
clfic, Ontario & Western and Tin Plate.
while Reading common was rushed up
nearly three points and Delaware and
Hudson Al but the rush 10 sell com
pletely OverbOre the market and the
whole list yielded II was soon per-
ceived that very large buying orders
were In the market and that brokers
We're eagerly accepting all offerings of
stocks az the lower level Of prices With
that the anxiety OF the sellers was
quickly relieved and they ceased 20 Of
fer stocks. Meantime the all-embrac-
ing demand continued and the result
was an upward rebound OF the whole
list. Baltimore & Ohio led without any
news TO account Tor its rise which ex-
tended TO 5M over Saturday. The pre-
ferred rose 3k, The rallies from the
low point reached Az I'm Tennessee Coal
In Peoples Gas. In Rock Island 5&
IN Burlington, 3la In Tin Plate, (neO;
5h in st. Paul. and points In Northern
Pacific and Atchison preferred In the
general list the rally was quite univer-
sal, and reached from TO "a In a large
number OF active stocks.
With the reactionary tendency over
come and the contest between specula-
tive forces settled the market became
more quiet, and fluctuations were no
longer so violent or cratic But the alb
sorption OF stocks continued on a very
large scale. and the movement OF prices
still highly Irregular, but with the un-
dertone Of the market strong
The growing tendency 20 take profits
was relieved during the final hour by an
advance In the New York public utili-
ties Of 2h TO 3k. The declines IN stocks
which had shown most strength ran
from 20 over points, sugar re-actlng
AZ, ST. Paul 3A and Delaware q Hud-
son g. Laclede Gas broke 3ia and
American Hoop @ The locals ultimately
yielded with the rest OF the list The
dealings became less active than at any
previous time during the day The clos
ing was easy at the reaction
The bond market was not so active
as stocks and the movement Of prices
was irregular
CLOSING STOCKS.
New York Jan. 7.-Atchison, Az
DO preferred SSH J. G.. 1873, Jersey
Central, 1864 l.. q ~. SA Leather,
i8ls: do preferred. IN; NJ. X. & T.,
preferred. 1881 Manhattan, HAS; Met
ropolitan. 1914 Missouri Pacific. 16ia
Northern Pacific 81; DO preferred IS;
N. Y. c.. lAia; A. s. & r., j6; Penna,
ials: Pacific Mail. i1% Pullman, 1894
Peoples Gas. 102s' Reading 35ig do
first preferred. 5ii3, Rock Island, 1854
Rubber 22h $ r, i2h 81, Paul,
1851 Sugar l37H; 7. c. & l.. 53is; IT,
p, SIS do preferred. S54; Western
Union, S3Is
MONEY AND BONDS.
Money on can steady at AZ per cent
Prime mercantile paper 4Aq5h per
cent
sterling exchange strong with actual
business In bankers bills at AS6A a4SI
FOR demand and az 482& WlS3 for sixty
days Posted rates 4S3iaa4Sh; COM
mercial bills 4S2GAS2a
silver certncates-2OO 900 ounces sold
at 65h cents.
Bar siiver-G3s.
Mexican dollars-49N
Government bonds weak. refunding
Is registered and coupon l0i& IS reg
istered 1924 IS coupon li0; new IS reg
istered and coupon 1874, old As reg
istered and coupon ia, IS registered
and coupon ii2
SUGAR.
Sugar-Raw steady but dull Fair
refining 37s: centrifugal 90 test, 4ts;
molasses sugar 3N. Retlned-Firm,
crushed G0Oi powdered 800 granu-
lated $50.
CHICAGO MARKETS.