The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-08
MARKET VIOLENT
AND ERRA1lC
Prices Moved Up and Down With
Great Irresularity.
ALL PAST RECORDS BROKEN.
rhe Aggregate Sales Footed Up S.
$4,000. Which Is Unprecedented.
Many Handsome Net Gains
Conserved Tor tho Day.
ALL PAST RECORDS BROKEN.
nv Associated rrcss.)


,-,-z,- WORK. Han. 7.-To-days stock
,,,..,,,et had all the characteristics OF what
i. usually called n traders market. Irue
everything was on u GafEantuah scalS;
Where I0t-Share lots would be a norma !
unit in an ordinary market IN to-odH ,
market COO ..u0U and even 1.ogo-shaTe
lois were banded about like rlaYtAlnSS
for a quick turn in the market Inc
movement of prices was on 4 correspond
ingly gigantic scale, The turnover OF
profits in some cases on 1he$e tiloi'ii !,-,.
blocks OF stock were made within a lew
minutes Of time. prices having varied IN
the intervals perhaps many points
The speculative character of the market
was clearly indicated in the Inconsistency
of prices. Not only was nothing staple
for any considerable period. but no move
Tnent was consistent beyond q snort
length OF time. Losses were recovered.
gains We're lost. and there were strong
rallies from reactions. All this made the
utmost excitement and confusion III the
market all day Ions. 1T was natural TO
expect. after the excessive and artificial
advances Of the closing trading OF last
week that spectators would be in a con-
dition Of anxiety TO skim the cream OF
tho profits this morning.
The caeerncSS with which stocks were
unloaded and the reckless disregard ioT
a half or even for a full point IN price
indicated u nervous dread that the pass
ing minutes might mean the loss OF op-
1,orflipitieS for fortunes. But even IN that
carly period OF the market there was not
lacking signs of strength, and there was
quite long list OF gains between i anu
= points. -..;.,oa
o,It in The reaction OF the opening Ne"
Jersey Central was thus carried down. IN
extreme :, points. Northwestern IS
Northern Pacific rs, ReadlhS ana i1el'.
ware and Hudson 10: Atkinson preferred,
st Paul ard Erie first preferred "a ana
Rock island and Pennsylvania : points.
II is only once or twice in a genera
lion that such nervous anxiety ana ulicti
rainty are reflected IN the SloCh iL1 DIR. ne :
as we're shown during this period OF open
ir1.- reaction to-day. Prices jumped apout
I'm IN, most violent and cratic manner py
wide intervals. Gradually the tact oesS II
10 emerge that there We're brokers On 'iIe
1fnor who had apparently orders TO tah"
all offerings, at Il certain level of prices.
below the. market. The course OF pi!Cc9
thereupou gradually Steadieu. anu tilctt
,no1-ad upwards with an Impressive sur e.
baltimore and Ohio was the iirSt i'oLlt
~ a~rressiye strength. II had risen is
All the opening. but had lost al out d
fraction Its upward sweep carried IL 'fS
OYER Saturdays level
DIr,inr the rest of the day it was sim
,,lZ n question whether the new point Oh
strength would develop WITH the Sp-
1nearance OF anything like bull leadership
in a given stock, with the lhEt SO u
Of naturalization for an advance, d per
oct
rush pell-mell to buy the same STOCK
N,ope of these advances were wei neid
and the process of protit-tahlnS cost llltlii
all the way from to neariN points
But even at that reaction many I'dtIuS9 On.
not gains We're conserved Tor the ddE
rTT,,.a .rraprarS We're foremost IN the MID
1ay advance; the three leading lneInnefS
OF the group-Buriington. Roch ISiaHu
and St Paul-adVancing TO US 1-btti
in the dav the anthracite CoaiefS, winch
J,Tfi moved l3GStl. Al ~ III
,a,hy with the Readings. Ne" Jersey
central and Fries. made impressive pro-
..racc inward Delaware and I1udSol,
rose no less than 1:i%4, l.acka"aiiilt' y anu
Ontario and Western -
these We're the most striking movements
of the day Sugar was Very efrauc. "o.N-
ing upwards an extreme rs on biie
ported advance in the Pllcc ol ie, ,,:
sugar and rclapSing AS IN the IA StililI.7
movement. Tennessee Coal ShoNt1 az
weakness on the decision to pass the olNi-
dend and fell an extreme b's' CLOSING ON!
:. traction above that. The steel SlochA
wore inclined TO heaTincSs in sympathy
eycapt Tin Plate. which was ADVANCED as
The Rubber stocks We're lncllne' 20 Neih-
I1ass Inn had a good rally. Northern IA
cine moved up As after Its sharp oiell5I'5
decline, and Peoples Gas hitu d lliluc.H
,isa of AZ, The list of stocks Whlcn rose
as much as 80 points and 4 traction Is d
long one, and The stocks which tild hot
f1uctuate as much as a point or over We're
very few. ..:.,,. ,,,,,,s.a. nj
4rs furious speculation was the recent de-
l-..1oTr7ents in the railroad world LOOKING
towards vast consolidation. me actulsi .-
zion of the PENNSYLVANIA Coal toinl,ahS
~ tho Erie and of the Central OF New
Tsrsa3. nv 1ha Reading is regarded in the
enarliIatiye world as a prelude TO lurtheF
i,nrortant developments in the anihfacl'e-
carving properties, and ready cTeaehcG -
given 10 almost any suggestion OF Il Li"ii
for railroad consolidation.
Money also is working easier III SPtte
of 1be enormous demands OF the Speculd-
tion. The rather gloomy condition OF lot
ai.r1l markets. instead OF haNlnS any oe-
pressing effect seems to SaihuIate si'e PEI
ia1iye activity here by the strong con
1rast of this country'S prosperity: ne
DAYS record OF business was carried lar
rryo,,d the previous high level. the aGgfe-
,eo,onared with ,S37.90O shares on last
Friday, which mace tiiS ieN'- y Wy ~
sales OF Individual stocks today in
cluard Is, 500 shares OF Sugar. t''"'m OF
baltimore and Ohio. 13l.4eo Of BurilnS-
ION $50 600 Erie. 2,oaa Northern Pacific.
~, 700 Ontario and Western, 1ii,2A' OF
Reading, IA, 500 Rock Island, and lo2,:in
shares of St Paul. This scale OF trading
has never before even been appro Gl III
tho history of the Stock Exchange
There was nothing like the activity or
strength il railroad bonds that there was
in stocks Total sales, par value, 81. .o',-
900 United States refundinS IS declined
- per cent. on the last call
To-day's total stock sales were 2,l4t,lV
shares.
MONEY AND OBSERVATION-DISCLOSURES on
can easier at :i3G4i& per cent; last loan
nj , per cent: prime mercantile paTer,
~. d:5i. per cent. Sterling exchange firm,
with actual business in bankers bills 81
81. S65s for demand and al S4.S2iS for sixty
DAYS; posted rates. S4.Si&i2 and St.SIi&;
commercial bills. S4.S2G4- S2l%. Silver GER
1ificates 641s@ti3M; bar silver. 633S: Next
can dollars 49fs. Government bonds weak:
State bonds steady; railroad bonds
strong.
STOCK QUOTATIONS.
Closing Bid.
AtchisOn ----.-.. -'.'-'.-' -,
AtchiSpD pfd --....... ---'.---.---.
Baltimore and Ohio .----- 1880. 3l%s
+. .si.,,, Jp,r;fc .. 81
,.!it1f!.' southern 81:
SSS SaI1s'>'s 90 Ohio ilti.
, 80 I.reat Western 1G%;
~ e'' D. .,,,i Ouincv 14G3.
n III Ind ana T.. .... o5A
chi. Ind and l.. pfd. 81
80 ,rs mast Illinois . OK
81 ma r+twestern 1874: