The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-17
MARKET SLUGGISH
AND IRREGULAR
With Short Demand Satisfied Buying
Became Apathetic.
MONEY MARKET CONTINUED EASY
There Vas Some Evidence of Support, and
This, WITH Positive Strength of Few
Stocks, Resulted ia Rcoovcries
ard Steadied the Tone.
tBy Associated Press. !,

NEW YORK, Jan. 16.--Thc strength
which developed in Yesterdays STOCK
market iaiicd TO persist to-day. With
The urgent demand from the shorts sans-
lied tho buying became apathctic. The
selling WAS not well absorbed. and the
inaiEet moved III q sluggish and iTTpgll-
lar way all day. The raIncr acute weak
ness which was manifest earlier in tie
week was not renewed, and there was
some appearance of support on the de-
3GilncS- |illS, and the positive siren 9Th %
a few stocks II Tho list, &teadied the tons.
after declines had reached considerable
ilEures and resulted in rccovcries.
The general level OF prices did not get
far from last nights level on the recGv-
cry. and the market became irregular
ifaln at the closing. There is an element
,.ul.onS stock operators which holds the
theory that large reserves of capital arc
in The hands of Investors ready to flow
ittJ securities the moment the downward
course OF prices is seen 10 have some lar
enough. This class hoped that the sup
jrort AFFORDED tho market would solve the
doubts al the owners of this waiting cap
itai and that IL would flow into this stock
market. but The commission houses this
morning failed TO reflect amy notable IN
crease in their orders for execution. The
opening advance quickly came 10 a stand
sun. Sharp weakness in Manhattan
helped The rcactionaTy tone, the stock
dropping during the morning. Spectators
haEc been satisfied with the hope that
traffic with the New York Central WAS
impending as q consequence OF the dis
aster in the Park Avenue tunnel. AS yes
icrday'S statement by the New York Cen
7Ts,i directors of their plans for terminal
improvement gave no co1Toboratlon 10
the plan Tor Interchange with Mallhat-
tan, that stock was sold freely by The
Spectators.
oral way Of the new bond ana stock is
EueS by various railroad companies. ana
The effect OF this discussion was untaVor-
able TO speculation. Recent heavy out
js:iTirp3d from The large
cllYcut profits were supposed to be a
tore staIlment Of necessary changes for
b@ttelmeI1IS and promise fuinre cuftali-
mcnt or expenses and the consequent
maintenance Of net prCfit in future per-
1pds of less prosperity. The current ten
tlcncT to increase capital issues has dis
Turhed this feeling OF security over The
future. The process OF plllnG' Zip reserves
In The New York banks. which seems TO
3lyye gained much Roadway during the
week. failed entirely to stimulate Spctn-
mo money market continued easy and
sterling exchange showed no advance.
Itho maintenance by the Sank OF i1l!tS-
land OF its foour per cont discount rate
1naN be regarded AS a notice OF It's lnlen-
q ior to lift the open market rates, he
Blanks reserve is Very strong ana Inc
market is practically free Of indebtedness
III The institution which would prompt
Ais governors. in their capacity as pIiTaic
a,alkers. TO lower the rate and secure
t,rSineSs. but in their SeInl-pllhtlc capaE-
aty and looking TO the coming issue OF A
.Tnyp,.llnoDt loan. IL may he incumbent
fppo them 10 take measures >to attack Tor
t2irn gold to the English money market
: There was some special strength IN to-
DAYS market by Southwestern railway
ttocl;s notably in the ST. Louis South
westerns. the St. Louis and 5 IN iran
lcisco and the Texas and l5aclhc stocks.
tsuear also showed strength.
! IIorts were more active and firm. Total
asaIes. mar value. S!.4tH.oM United
State bonds were all unchanged on The