The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-04
STRENGTH SHOWN
BY STEEL STOCKS
Railroads Showed Disposition 10
Rise Also.
PROFIT TAKING GENERAL
From Noon on the Market Showed sassns
tendency. and the Close Was Active
and Easy a, Abort the
Lowest Prices.
PROFIT TAKING GENERAL
fBy Associated rrcss.a

NEw YORK. Jan. 3.--The preliminary
figures OF the weekly cash movement lui :
n!shed by the banks this evening give as
Eurance that the return flow OF currency
from the channels of domestic trade mas
set in III force. There was Guick re-
spcnse in the money market. where ehot-
nous offerings of funds carried the rate
scwr, TO 6 per. cent. Standing loans We're
nil readily marked Down 10 that rate on
reuuest OF the borrowers. This is eSacti3
the uexeiopment that the receht rise III
stocks was intended to anticipate Set iiLe
BLOCK market yielded TO-DAY 10
ended at q level substantially peioW tilae
of last night. There were points OF
strength during the day, ana the Si,ecus
iative liquidation was kept wen III manu-
with the assistance. of the strong spots
In the market. which were In part Que 10
manipulation. There was very palpapie
shifting of speculative accounts from
Reading :rto United Steel, ana there were
evidences of similar transfers at otner
points in the market. Early IN the day
The stronr points prcdo,ninated over the
weak ones. but the proft-taklng became
more general as the day progressed,
Transactions in United States Steel We're
on a very large scale, and those stocks
held their advance rather more nrmiY
than the general market. Inc local
Traction stocks showed strength, leu py
J
the few etocks on the list which started
this year a, price far lower than 1t dio
last.
There was strength also in a number Of
Central traffic and Southwestern rail-
roads. The Wabash's were conspicuous,
and the Toledo, St Louis and western
stocks were unusually active on ruin2rs
OF absorption by the Vanderbilt interests.
On the other hand, ali the recently pro,
!nent speculative favorites were under
acute pressure. These included the Coal
ers, especially Reading. the Changers ama
Pacific. An ostentauous advance OF Sfa
ia Great Northern preferred, bidding up
of Northern Securities Company on nomi-
nal transactions in the outside market,
failed to deter spectators from seiiihs
the Pacific.
There was nothing in the days news of
sufficient Importance on the side Of the
depression to account for the reaction,
and 1t was attributed purely TO realizing
OF speculative profits This development
rather discredited the recent theory tina
the late strength of the market was due
to the support by capitalists and banking
Interests, with q view to prosecution or
future projects. and seemed TO put the
professional stamp on the recent bull
movement The indications are that the
Clearing House statement tomorrow will
show g. ga!n OF upwards of $1,000 in
cash. The market closed active and easy
at about the lowest.
The market for bonds was active and
broad. but still somewhat irregular Total
sales. parvalue, Sa,160,0po United States
bonds were all unchanged on the last call.
The total sales of stocks fer the to-day
were ], OF, 100 shares.
MONEY AND EXCHANGE -Money on
cali firm at 5@7 per cent; closed bid and
asked 5Ms per cent; nrime mercantile
paper. 575lb per cent, Sterling exchange
firm. with actual business in bankers
bills at s4.S65s@4,ST for demand and at
ST .S3a404. 81 for sixty days: posted rates,
Bi.S4I% and s4.S7i9: commercial bills
81. S3Gl4. S3Is. Bar silver 56ik: SMexican
dollars. 44A. Government bonds, steady:
State bonds inactive; railroads bonds ir-
regular.
Total bank cleatings week ending Jan