The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-19
Etmame,al.
Subjected Yesterday to an Energetic
Shaking Down.

Shaking Down.
New York, Jan. 1S.-The market was
subjected to an energetic shaking down
to-day which caused a notable decline
I'm prices. But prices had been pretty
we'll advanced before the decline set
III there were notable recoveries at the
end. NThe net changes therefore do not
by any means give a just idea of the
character of the market. The fall in
prices was in most cases a perpendicu-
lar one from the high level to the low
level, which gave it the appearance of
great violence. The selling which
caused it had all the appearance of
great urgency and was In very heavy
volume large blocks coming out on the
decline. 1t should not escape notice
however that there were important
stocks in the list which offered good re-
sistance to the prevailing weakness, and
which rallied well from the declines.
The tone of the steel stocks was much
better than yesterday. They were Wig
orously supported, especially Federal
Steel, and there was a good demand
from the short interest. Important
members of the group show small net
gains on the day There We're points
Of strength as well in the railroad list.
Missouri Pacific, Southern Pacific and
Union Pacific We're we'll absorbed dur
ing the day and Baltimore and Ohio
showed no further sign of yesterdays
extreme weakness. Sugar manifested
strength and closed at the best at
net gain of nearly 2 points. But it was
a noticeable fact that the early advance
in prices was somewhat laboriously
achieved.
The determined effort to support the
market which was manifest at the
opening, necessitated the acceptance of
some very heavy offerings before the
weakness was overcome. When the
movement of prices was once turned
upwards it seemd to have the effect of
checking speculative liquidation, and
the volume of dealings was rather small
on the upward course. But it proved
an easy task for the bears to undo the
work of the bulls, when they COM
menced to offer prices down. The Sc
verest sufferers on the decline were
amongst the New York public utilities,
the grangers, the coalers and later in
the day, Northern Pacific. st. Paul's
extreme decline was over points, and
Northern Pacific suffered to the extent
of 5 1-2. Consolidated Gas and Della
ware and Hudson were forced down
nearly points, Lacka wanna 1-2, Tin
Plate preferred, Steel Hoop, Steel Hoop
preferred and Colorado Fuel 3 to ga,
the local fractions from 5-S to 8 3-S,
the grangers 2 to 8, Erie first preferred
and large number of the principal
active stocks from | to 2. The fact was
again demonstrated that the bear ele-
ment has been so eager to discount the
expected liquidation that the market Is
full of short accounts The eagerness
of the bears to cover pulled the list up
again, rallying St Paul nearly 3 points
Erie first preferred over 2, and the
larger part of the principal active stocks
from / to 2. The fact was again DEM
onstrated that the bear element has
been so eager to discount the expected
liquidation that the market is fun of
short accounts. The eagerness of the
bears to cover pulled the list up again.
rallying st. Paul nearly 8 points, Erie
first preferred over 9, and the larger
larger part of the principal active
stocks between / and 2 points. The ac-
tivity of the market declined as the rise
progressed and there was no evidence
of any active renewal of a demand for
stocks. The closing was unsteady and
Wavering and at the best in only few
cases. The forecast of the bank state
ment had an influence in driving the
bears to cover with it's prediction Of
another increase of nearly $4,000 900 in
the banks cash resources. Sterling ex-
change advanced again day and the
expectation is general that further gold
will go out next week. Railroad bonds
weakened in sympathy with stocks
Total sales, par value, $1,SS0,000. Unit
ed States refunding rs advanced is on
the last call
VIEW FORK STOCK MARkEr