The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-08
NEARLY ALL STOCKS
WENT SLIDING DOWN
u. S. Steel Was the RaIIying
Point for Bulls.
SUGAR WENT UP 4 POINTS
The inclination to Sell Stocks Seemed
to Be Based Upon a Dlstrust of
the Money outIook-7onds
Were Weak.

New York. January THE stock mar
ket became decidedly reactionary today.
There was the same contest during the
morning as there was yesterday between
the faction working for an advance and
the reactionists. United States steel
stocks were still the rallying point for
the bulls and were dealt in to an enor-
nous extent The rest of the market kept
slipping away, however, and gained mo-
mentum on the downward grade. The
bulls were alert to avail themselves of
every opportunity of creating any sympa-
thetic strength by impressive advances
In industrial stocks. No such effective
factor came to their aid as the unexpect-
ed increase In the New Jersey Central
dividend yesterday and the market closed
Easy at about the lowest of the day.
There was bull demonstration In sugar
which carried it up four points. The
movement was apparently based on the
active agitation in behalf of Cuban re-
ciprocity and the entry of Cuban sugar
free of duty Amalgamated copper was
not very firm on the rally in the raw cop
per market in London both of these stocks
yielded however before the close There
was rather palpable effort to induce
the transfer of speculation into the indus
trials while the railroads were sold to
tako profits. The United States steel
stocks Were made the leaders on the
strength of the general expectation that
a favorable showing of earnings would
be made at today's meeting of directors
which was not held, however, until after
the market closed. The extreme advance
In the common stock only recovered half
and In the preferred q when they began
to suffer in common with the rest of the
list from profit taking sales. The COM
mon stock was carried ~ under last
night and the preferred a point. With
this development the reactipnary tenden-
cy OF the market was practically uncon-
tested. The stocks of the various export
companies made notable advances reach
ing 10 points In American express and
By In United States Express with no
other explained cause than the recent
dividend disbursement and very large bus
mess. The inclination to sell stocks SEEM
ed to be based upon general considera-
lions of distrust of the money outlook
and Of the present high level of prices
Confidence in an early abundance of
money is becoming impaired with the
conviction that considerable gold will go
out soon to help the foreign markets in
preparation Tor the notation of the eX-
pected new British war loan, and large
Russian loan which is imminent in Paris.
The retirement of circulation by the ma
tional banks attract attention. The con-
tinuing problem of the governments sur
plus is seen to have growing Importance
with the diminution of available supply
of government bonds for redemption and
the financial world looks with some in
terest to the Inauguration of the new
treasury administration. The activity of
Interior trade may also delay the usual
ref1ux of funds There was frank discus
sion of the current reports of loans by
New York banks on crude rubber secu-
rity. This addition to the troubles of
Industrial combinations recently disclos-
ed helped to repress the speculation and
especially to discourage the efforts of the
element in that class of securities. Net
losses of between l and points are
quite general among prominent stocks.
The bond market was affected by the
weakness of stocks. The total sales par
value $3,7500O0. Government bonds were
all unchanged on the last call.
New York Stock Market.
BY Private Wire to Murphy & Cn.