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Show 4 WffiJL CLOSE Heavy Selling lo Take Profits JlS on Recent Advance the - Principal Cause. I Itkawng contends wjth jf I . DEPRESSING ELEMENTS I American Smelting Breaks; f '" Statement of Earnings of B. & 0. Not Cheerful. NEW TORK, Jan. 20. The stock mar7 I ; icet seemed indisposed to move far in 1, Neither direction today, the many waver-tei waver-tei ItiKB of the early part of the day giving vn:flv to marked dullness until the sudden 5 decline Just before the closing. The actunl 8 ' 'occurrence of events anticipated by suc-f suc-f ueasive buying: is likely to lead to heavy Belling' to take profits. That such selling t vhb In moderate volume today might be 't partly attributable to the larsc amount P of realizing effected during' last week. .'rhe conclusive evidence furnished by f Saturday's phenomenal. bank statement of i -sue vapid progrcFfllvenees towards a con-J. con-J. dJtlon of practical redundancy of the i f monev market was clearly an event to it schedule in the list of hopes realized. :. There has been considerable previous j-? v speculation, also, based on the oxpecta-2 oxpecta-2 i tion that government authorities would 6 fit. penult a modus vivendi for the coal-car--mJuifr. rvinfr railroads pending the judicial ascer-ir ascer-ir tj : tainmcnt of the validity of the law re-Da re-Da ii f quiring the divestment of the ownership th't of their toal properties. The confession " of this expectation on Saturday was cal-iteulftted cal-iteulftted to invite realizing sales by sp-ec-. JV'I7 illative buyers of the coal stocks, and ugwr-those stocks were mainly affected by sell- 0 prjlc ing. ... yi? Bcsldss these technical reactionary Jlffr t-aiiscs In the market, there were several v elements of positive depression with ? lS ft which the market had to contend. Amer-loti Amer-loti 8 Iran Smelling broke with some wildnes3 inTiln the early dealings and again at the 5rcd ifi'Iose. and its weakness was accompanied hp.r-lby gossip rogardlng the source of the selling calculated to aggravate the sennit senn-it if mental effect of the episode The state-IraV'fnienL state-IraV'fnienL of earnings for December of tho sprii.J Baltlmoic & Ohio was impressive for sev-I'dor sev-I'dor ?! eral reasons. Coming a3 the first of tho e"-ij 'L large sjs'ems to make return for t.ha.t f period, ' was not a. cheerful index of 'ii'vftue ?eiural showing likely to be made OlortA jjy 0ti)Cr companies. Tts significance was teres A enhanced the fact that only a small bejlvimrcase in the operating cost figured in idpS'hP result, which was primarily duo to lW;Sthe falling off In the gross returns. The w 'I statement of the president of the com-"tfiifjl'anv com-"tfiifjl'anv accompanied the report that So per . r-nt of the falling off in gToss earnings X'Ufj'vas in connection with the steel indus-'!! indus-'!! rv touched another phase of the present v& ll situation on which speculative sentiment "J - always sensitive. 3 hi The resisting power of the market rin : med to be negatively indicated by the flo a'1'1 thft Baltimore .fc Ohio Rnd the yi '"n'ted States Steel stocks were affected Annlv In a trifling degree by this Incident, rl t On tin; other hand, the market was slug-1SJ slug-1SJ i'lh in responding to some of the factors nf positie strength. A strong sustaining iS3 :'ifliieneo was offered In the absorption i t!f Southern Pacific on a rising scale, ull f Pennsylvania responded temporarily to ,jl ih" action of the Pennsylvania Supreme IQ1 ' ourt against, the validity of that State's ill V Iwo-cent passenger fare law. A decision 'f a Federal court in Missouri against the mate's, effort to penalise the transfer of M suits bv foreign corporations from State UJ ii to I'ede'ral courts was made something of 8 Jfls eidence of the judicial safeguards 1 Sugainet wrongful measures against corpo- itf $ rations. tm k Bonds were irregular, total sales, par ?1 lvalue. ?S.SSO.O00. 'r" L'nitcd Stales twos declined per cent M f o tall. . ,Ui f New York BondB. 1 If T 5 rif -B, rcg. .101 j do las, cert.. S6S !r- do coup ..... 104 I do cert, d ser 84 'M f T. S 3s, reg ... 100iL & X uni 4s.. 07j il do coup 101 plan con gd 4s. 95 3 f f S nw 4?, reg 1185'Mex Cent 4s. .. 74 ll do coup 101, do Jsfc int; ... 15Z 1 iu Tob is.... 00 !M & St I. 4k... 7S iio 6f 101 M, K & T 4s.. 36 If AKli gen ts . . fSJ do 2nd;; S4 I do adj 'Is ... SG !X R II 31 co 4s 7S ? do 4 SS X Y C gen 3Js 89 S do 5s 375 X J C gen os.. 1L2 i C L 4s SSiiXorth Pacific is 100 i l? A- O -is SSi: do 3s G9s ,1o ais 31aX & y con 4p. 34j I H n T cv 4y... TL'slO S U rfdg 4s. SS ;L i.r G as 101 jPenna cv 3Jy.. 34 'o 1st ino ... F5 Road gen -Is , . P5i t io 2nd inc ... 4ilSL. & I.M co 5.j 107 J 3rd inc. ... Hit ISL, & SF tg 4.m. 74 f ' A O lis 10Ls St j HW con 4s 6fi X- A 3s .... 2 'S A L Is S'J ff. ' B&Qn 4a. 9S2South Pacific 4s 85"s f, n I & P 4.. fili do 1st 4?. ccr 98j do col 5s 70 South T.v 5x . . 88 f i',C,C & SI- gls P6J'T A P 1st ... 118i I 5s, er A,. 4S 'T, St J, & V 4s 71 ft folo IMId 4s 53$ Union Pacific 4s" 392 ''olo Sz South 4s SS'c' do l'v 4s S7 i ruba 5s 10.1 r SSil 2nd 5s SSI P 8t. R G 4s ... 35 i rabash lsts .. 10S t Dipt See 5s . . do deb H ... 4 7 I Krie pr liftn is. Sr. Wupt ?.Id 4? . . K5 iW I 'io San 4s ... 6S W & 1j F. Is... 72J 1 Hod; Val 41s.. lOUi.Wise Out If .. 8i .lapan 4e 76 lint Met '. . 6 1 A 1 : New York Money. Js X S'bJK "YORK, .lan. 20. Money on coll ri r;isy. zfyZ per cent; ruling rale, of- a-3 Jf ti'fd. 2 per cent. j w Time loans easj sixty and ninety days, S ' per cent; six months. 5 per cent, a K '"lose: Prime mercantile paper. 6j to S R ' er t'ent. It Sterling exchange steady, with actual ' islness in bankers' bills at S486.S0!4S6.8o rA o" demand, and at S48.'l.l0ps4S3.15 for 'I ff -iNly-dav billb: commercial biils, ?4S2.75- if i Bar sllvor. CoEc. ID Mexican dollars, 41c. 'a ft Honds Governments, easy; railroads, 7 ft rregular. |
