The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-01-08
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THE STOCK MARK EFT.
Decidedly Reactionary Yesterday

Decidedly Reactionary Yesterday.
New York, Jan. THE stock market
became decidedly reactionary to-day
There was the same contest during the
| morning as there was yesterday be-
tween the faction working for an adj
vance and the reactionists. United
States Steel stocks were still the rally
ing point for the bulls and were dealt
in to an enormous extent. The rest Of
the market kept slipping away, how
ever, and gained momentum on the
downward grade. The bulls were alert
to avail themselves of every opportuni-
ty of creating any sympathetic strength
by impressive advances in individual
stocks, but no such effective factor
came to their aid as the unexpected in
crease in the New Jersey dividend yes
terday, 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 four points. The move
ment was apparently based on the ac-
tive agitation in behalf of Cuban reci-
procity and the entry of Cuban sugar
free of duty. Amalgamated Copper
was notably firm on the rally in the
raw copper market in London. Both Of
these stocks yielded, however, before
4 ,ath nal Ina
effort to induce a transfer Of specula-
ton into the industrials while the rail-
roads We're sold to take profits. The
United States Steel stocks were made
the leaders on the strength Of the gen
eral expectation that a very favorable
showing Of earnings would be made at
the days meeting. Of directors, which
was not held, however, until the mar
ket had closed. The extreme advance
in the common stock only reached u
and in the preferred u, when they be-
gan to suffer in common with the rest
of the list from profittaking sales. The
common stock was carried Ia under
last night and the preferred point
With this development the reactionary
tendency Of the market was practically
The stocks of the various /
express companies made notable adj
vances. reaching 10 points in American I
Express and 81 in United States Ex-
press. which was said to be due to no
other explained cause then the recent
extra dividend disbursements and very
large business.
The inclination to sell stocks seemed
to be based upon general considerations
of distrust of the money outlook and of
the present high level of prices. Conf
dence in an early abundance of money
is becoming impaired, with the convic-
ton that considerable gold will shortly
go out to help the foreign markets in
for the f1otaton of the ex-
oected new British war loan and large
Russian loan which is imminent in
Paris. The retirement of circulation by
he national banks attracts attention.
rhe continuing problem of the govern
mems surplus is seen to have growing
Importance with the diminution of the
AVAILABLE supply of government bonds
or redemption, and the financial world |
ooks with some interest to the inau-
of the new treasury admins
ration in this connection. The activity !
# interior trade may also delay the
Usual refux of funds. There was a ]
rank discussion Of the current reports :
# loans by New York banks on crude !
ubber security. This addition to the :
roubles of Industrial combinations re-
emily disclosed helped to repress the
peculation, and especially to discour-
ge the efforts to lead it into that class
f securities Net losses of between |
nd points are quite general among
Prominent stocks
The bond market was affected by the
reakness of stocks Total sales par
alue S3750,OOo. G
Government bonds We're unchanged
n the last call.