The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-12
LESS EXCITEMENT
IN STOCK MARKET
Yet There Were Many Notable Ad-
vances in Prices.
MUCH SELLING FOR PROFITS.
Tho Market Showed No Acute Weak
ness, and Profit Taking Was Well
absorbed-Bonds Firm, but
Not Active.
CBy Associated Prcss.}

NEW YORK. Jan. 1.-THE furious
bII,yine of Delaware and hudson ana On
tario and western III ths lasI n .;, Sloc,,
1Eyci,aret. from something Ike POSITIVE
tmIlness. After the recent hlsh lever OIL
spcculative excitement traders were IN
able to distinguish tie tone % me IiaLhGt
from duilncss. 50 strong was ne conit4St.
and yet there were many notable advances
in the prices Of important STOCKS IN the
scale OF trading that would have attracted
marked attention previous 10 last NO
S-emher.
The recent attempts to awaken general
speculation in the southwestern common
suyate with that which has occurred IN
other groups were apparently abandoned
to-day The general decline IN the buying
demand led TO large selling to take prohts:
and except for the special points OF
strength the market was under CGnSlGera-
bic pressure from this selling. = growing
scepticisn regarding many of the conn
dent statements which have circulated re-
i-arGints coming combinations in the rail
road world was a foremost motive OF the
selling.
Conditions led rather to a waiting policy
than to any very active aggression on the
part Of the bears. Their accounts are
already SO extensive that the buying to
cover shorts by that element serves as an
effective prop in the market at any con
siderable recession. The Emidity OF the
bears is also due Ia a prevalent belief that
the many runorS current OF important de-
velopmentS in railroad consultations yet
TO come have a basis in tact
The market therefore, showed no acute
weakness at any time. and the Droiit-tak-
ing WAS well absorbed under the sustain
ing power OF the special strength. At va
lious times during tho day this was shown
s., The PacifIIS. and especially / mon IA
cific: in Baltimore and Ohio. Chesapeake
and Ohio, and Norfolk and Western, and
in a number Of less prominent stocks in
Guiding c. G.. &. and St. Louis New Ork
Central and Omaha on light dealings. The
absorption OF Ontario ana Western WAS
very large and confident, and was by
brokers credited with acting for the com
1nanding figure in the anthracite situation.
The increase OF = per cent. in the yearly
dividend Delaware and hudson caught
II large short interest. and there We're wild
fluctuations in the stock under the dis
iressed bidding ny this element. Success
SiTs Jumps of !. and even a, full point car
1ied the stock up To 1Il, and after reac-
lion OF :; up again to l99i2. where IL closed.
Tho net gain is thus il points. The other
,.tl..I,.1,s especially Ontario and Western,
The Readings and the Fries, the latter
having been Tca ctionaIy IN the carrier part
of the day. The extreme advance We're
Ontario and Western. 80; Erie second
preferred A: Erie first preferred, x. and
Erie common and the Readings about :
points Zach Union Pacific rose 10 the
best price of the day at the closing. being
then 5 points above the lowest, but the
market generally did not close at the top.
The Indications of q gam IN capital by
the banks of over &S-&Mta0 during the
Week WAS NlllDGL Si'ittI'ti t-itttL VIZ bIc
market as the increasing ease of money
has clearly Indicated an abundance of
funds.
The bond market WAS firm. but not very
active. Total sales, par value. &i.02l,ooG,
United States bonds were all unchanged
on the last call.
To-day's total stock sales We're 1,121,&oo
shares
MONEY AND EECHANGE.-Afon on
call steady at 3@2l2 per cent: last loan
at 5 :!per cent; prime mercantile paper,
7@d5 per cent Sterling eXchanga firm,
with actual business in bankers bills at
g. S7d4. S7Is for demand and at St.S34m
] s::..as for sixty days: posted rates. 81. 81