The daily morning journal and courier., 1902-01-04
Etna,teta1
 THE STOCK M ARK E7.
Close. Below That of tn. Preceding Day.

Closes Below That of the Preceding Day.
 New York, Jan. 3.--The preliminary l figures of the weekly cash movement l furnished by the banks themselves gave
 assurance that the return flow of cur
 rency from the channels of domestic l trade has set in in force. There was a l quick response in the money market, | where enormous offerings of funds car~
 ried the rate down to 6 per cent This | is exactly the development that the re-
 cent rise in stocks has been intended to l anticipate. Yet the stock market yield
 ed to-day to overwhelming offers to
 realize profits and ended at level sub stantially below that of last night.
 There were points of strength during the day and the speculative liquidation
 was kept well in hand with the assist ance of the strong spots in the market,
 which were in part due to manipula- tion.
 There was very ralpable shifting of speculative accounts from Reading into
 United States Steel, and there were evil
 dences of similar transfers a other
 points in the market. Early in the day
 the strong points predominated over the
 weak ones, but the profit taking became
 more general as the day progressed
 Transactions in United States Steel
 were on a very large scale and those
 stocks held their advantage rather more
 firmly than the general market The
 local traction stocks showed strength,
 led by Brooklyn Transit, which is one of the few stocks on the list which
 started this year at price far lower than it did last There was strength also in number of central traffic and southwestern railroads. The Wabashes were conspicuous and the Toledo, St, Louis and Western stocks were unusu- ally active on rumors of absorption by the Vanderbilt interests,
 On the other hand, all the recently prominent speculative favortes were under acute pressure. These included the coalers, especially Reading the grangers and Pacifics. An ostentatious advance of 3M in Great Northern pre- ferred and bidding up of Northern Se- curties company on nominal transac- tions in the outside market failed to deter speculators from selling the Pa cifcs There was nothing in the days news of sufficient importance on the side of depression to account for the 1, reaction, and it was attributed purely 1 to realizing of speculative profits. This ! rather discredited the re- cent theory that the late strength of the market was due to support by great | and banking interests with | 8 view to prosecution of future proj- ects, and seemed to put the professional stamp on the very recent bull move ment.
 The easing of the money rate was ac- by higher rates for foreign exchange and the simultaneous relapse lf sterling exchange in Paris narrows the margin towards the point of profit in gold exports To-day's statement of lhe Imperial Bank of Germany com oletes the showing of the astonishing of the year-end demand oh Ill the great foreign banks. That L banks loan account for the week was expanded upwards of s33, 100000 and the lote circulation increased over 5.0OO,- 100. The foreign money markets. how yer, are promptly responding to the disbursements and are all be- 'oming easier. The indications are hat our own clearing house statement O-mOfrOW Will SHOW gain or UDWdrdS | fl S7000,0 900 in cash. l,
 A further cut in the price of copper vas a slightly disturbing factor and | he reports of requests for extension of recommendation by q large promoting l yndicate in Ohio received some consid- ration. The market closed active and asy at about the lowest prices of the ay, The market for bonds was active and 2