The Washington times., 1902-01-04

NEW YORK, Jan. with the expert
ence OF the last month in mind it was
perhaps not remarkable that there should
have been quite q general disposition on
the part OF the spectators in stocks to
day to realize profits which have accrued
through the fairly rapid advance in prices
since Tuesday afte.n noon.
About the main feature cf the dealings
today was the selling OF this character
whiol appeared ~ she outset o. lusi-
ne s. aeremllz ..sr.-. H.-h fhe course OF
tn day. and F. ..,a 9s,.si2Hally turned
III course dov-aa.5. rAe market opened
gcn-.liiy firm. sa- 81 1he early dealings
some substantial. au.an--s were scored.
A Eeactionars Tendency.
Subsequently there was a marked fall
ing OF il the respect Of activity and the
general market developed a reactionary
tendency. to which. however, there we.e
n number Of exceptions. particularly the
miscellaneous grade of stocks in and out
Of the railway list.
Lingering apprehensiOns respecting the
monetary situation seemed 10 re again
factor in the general profit realizing in
progress. Notwithstanding that the bulk
at per cent. that rate being established
through the placing of very large amounts
Al that figure by = conspicuous banking
institution.
Strong Preliminary Estimatcs.
The preliminary indications are favor
able for very strong showing by the
banks in the weekly statement OF aver
ages tomorrow. Net gains on the weeks
movement OF money were estimated at
from s. coo 600 TO $S,0C0, COO, and it would
appear wholly improbable that there
should be any such increase in liabilitie1
as materially to reduce the final result Of
surplus reserves.
Sterling exchange again moved up frac-
tionally. the tone of that market being
doubtless Influenced by the easier local
monetary situation. and it was further al
fected By the renewed selling here for
foreign account, which on balance
amounted TO 20.ocJ sba- es.
little SIarIzct Gossip.
In the early dealings foreign houses
were fairly large buyers here, particular
ly of steel issues, but they subsequently
abruptly reversed their position.
Very little that was novel was pre-
sented for consideration during the course
of the business session. a further reduc-
tion in the price Of copper was announced
by the selling agency OF the Amalganated
Company. but AmaIgamated stock did not
occupy a very prominent position in to-
days market
The rapid progress toward the CONVEX
sion of Northern Pacific and Great North
ern securities into those OF the Northern
Securities Company was reflected in fur
theT advances in both Great Northern
preferred and Northern Securities stock
in the curb market. but this matter ap-
peared to carry less weight in the general
trading than it did yesterday. Both stocks
also reacted quite sharply from the high
est level with the course of the day.
Firm Railway Features.
Comparatively firm features of the rail-
way list were the Iowa Central shares,
the Southwestern roads, Pennsylvania. and
the Wabash stocks. The fuctna c6s in
st. Paul and Union ps---frificW pes---friic we're quite cr-
rate, bot1~sTccks being strong at the
9psnng and subsequently reacting rap
idly on heavy selling for Western ac-
count.
The anthracite coal stocks likewise re-
fected exceedingly heavy and persistent
profit-taking. The United States Steel is
sues furnished the bulk of the dealings
in the Industrial quarter, and advances in
excess of l point were scored in both the
common and preferred in the forenoon,
while ii was noted that these stocks par
ticipated but TO a small extent in the
subsequent reaction.
The general market movement appeared
TO be swayed largely by the extensive op-
erations of the professional element