The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-10
Stocks CAME TO
A HALT|NG PLACE
HeSitatieu About Branching Out
Into New Courses
ST. PAUL UNDER PRESSURE
In the Late Dealings of the Day Prices
Went to the Lowest and Gen.
orally Closed There-Bonds
Were Very Dull.
ST. PAUL UNDER PRESSURE

New York January 9-Speculation came
30 a hating place today and showed
much hesitation about branching out into
new courses. The sharp upward move
ment in the latter part of yesterdays
session was evidently due to drive
against the shorts, which were put out
In the course of the speculative hquida-
lion on previous days. In the absence of
Important new developments the stock
market followed the normal course In the
elimination of a speculative movement.
The price vibrations became less by de-
xrees There were efforts which persist
ed during the greater part of the day to
contest the dropping tendency of the
market and to continue yesterdays re-
covery. The marking up of special stocks
was the device resorted to. 1t was not
very effective at any time, although there
was a rally one time which generally
wiped out early losses. In the late deal
lngs however, when the futlity of the
efforts of the bulls became apparent,
tired holders began to throw over stocks.
Prices went to the lowest point of the
day and generally closed there. st. Paul
was under severe pressure and lost 22s.
Declines of between IL and points are
numerous among the prominent stocks.
The principal stay in the market during
the time of resistance to the decline was
Manhattan. This stock was taken on an
enormous scale by brokers who have
been active In 1t ever since the present
advance began They made it touch
i40as, an extreme rise of AZ, after which
1t reacted, closing with a net gain Of "a.
The running of the first experimental
train by electricity over one of the COM
pany's lines was ostensibly the cause of
the stocks strength.
Metropolitan Street Railway and Brook
1yn Transit, the latter In a small degree
was affected In sympathy. There was a
strong advance of rs in Pittsburg Gin
cinnati, Chicago and st. Louis on sup
posed prospects of large dividends and
some of the junior Vanderbilts were af-
fected in similar way. Sugar, after an
early decline, had its period of strength
under operations by speculative com
bination based on expectation of a re-
mission of raw Sugar duties. The stock
afterwards weakened to the lowest and
closest at a net loss of g The action of
the United States Steel stocks has proved
a great disappointment to large ele-
ment among professional specula tors who
have been looking for a sustained rise in
those stocks and an aggressive bull lead
ership of the market. Both classes of
BUCKS were SOlu lOudy DOtu tut uoIH6 anu
foreign account. The hostile steps still
in prospect against the Northern Securi-
ties Company continued to form a repres-
sive influence. The money market has
lost its stringent tone but renewal of sup
plies Is by no means as abundant as ex-
pected. The sub-treasury has contributed
a small amount to the markets supply
owing to regular disbursements on ac-
count of postoffice contracts, but this is
contrasted with weekly gains during last
January last year from that source of
from $l,000,OG0 to over $3000,000.
Bonds were dull and irregular. Total
sales. par value, s3,630,O0O. United States
refundng Is coupon advanced u per cent
on the last call.
New York Stock Market.
Rv. I,riuafe Wire To Mnrnhx A Ca