The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-08
STOCKS AND BONDS.

New York, Jan. THE stock market
/ 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. L s. Steel stocks were
still 1.-The rallying point for the bulls and
were dealt into an enormous extent. The
rest Of the market kept slipping away,
however, and gained momentum on the
downward grade. The bulls were alert to
avail themselves of every opportunity Of
creating any sympathetic strength by, i'm
pressive advances in individual stocks. No
such effective factor came to their aid as
the unexpected increase in the New Jer-
sey Central dividend yesterday and the
market closed active and easy at about
the lowest of the day. There was a bull
demonstration in sugar in the midst OF
the session which carried it up points.
The movement was apparently based or
the active agitation in behalf OF Cuban
reciprocity and the entry of Cuban sugar
free Of duty. Amalgamated copper was
notably firm on the rally in the raw cop
per market. Both of these stocks yielded
however, before the close. There was a
rather palpabel effort TO induce a trans
fer of speculation into the industrials
while the railroads were sold to take
profits The United States Steel stocks
were made the leaders on the strength of
the general expectation that a very fav-
orable showing Of earnings would be made
at the days netting OF directors. which
was not had however. until after the
market had closed. The extreme advance
in The common stock only reached half
and in the preferred p when they began
to suffer, in common with the rest Of the
list from profit taking sales. The COM
mon stock was carried u under last night
and the preferred point. With his de-
velOpment the reactionsry tendency Of the
market was practically uncontested. The
stocks of the various express companies
made notable edvance, reaching ten points
in American express and S1z IN United
States express with no otehr explained
cause than the recent extra dividend dis
burSements and very large business. The
movement to sell stocks seemed based on
general considerations of district 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
viii go out soon TO help the foreign mar
kets in preparation for the hotation of the
expected new British war loan and a large
Russian loan which is imminent in Paris
The redemption of circulation by the nat
ional banks attracts attention. The con-
tinuing problem Of the governments sur
plus is seen to have growing Importance
WIN the dlmunatiOn or the available sup
ply of government bonds for redemption
and the financial world looks with some
interest to the insuruagation of the new
treasury administration in this cOnnec-
ton. The activity of interior trade may
ayso delay the usual reflex of funds
There was frank discussion of the current
reports of loans by New York banks on
crude rubber security. This addition to
the troubles of industrial combinations re-
speculation, and especially tc discourage |
the efforts to lead it into that class of !
securities. Net losses of between 1 and /
8 points are quite general among promin- !
ent stocks.
The bond market was affected by the /
weakness of stocks. Total sales, par value, |
s. $50 600.
Government bonds were all unchanged I
on the last call.
The leading stocks closed as follows: