The news & observer., 1902-01-08

TIL faction working for an advance and
the reactionistS. United States steel
stocks were still the rallying point for
the bulls and were dealt in to an enor-
nous 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 SYM
pathetic strength by impressive advances
in individual stocks. No such effective
factor came to their aid as the unexpect-
ed increase in the New Jersey Central
dividend yesterday, and the market clos
ed active and easy at about the lowest
of the day. There was bull demonstra-
tion in sugar in the midst of the session
which carried it up four points. The
movement was apparently based on the
active agitation in behalf of Cuban re-
ciprocity and the entry of Cuban sugar
free of duty. Amalgamated Copper was
notably firm on the rally in the raw cop
per market in London. Both of these
stocks yielded, however, before the close.
There was rather palpable effort to in
duce transfer of speculation into the
industrials, while the railroads were sold
to profits. The United States Steel stocks
We're the leaders on the strength of the
general expectation that a very favora-
BILE showing of earnings would be made at
the days meeting of directors which was
net held, however, until after the market
had closed. The extreme advance in the
common stock only reached ~ and in the
preferred q, when they began to suffer,
in common with the rest of the list,
from profit taking sales. The common
stock was, carried to 17 under last night
and the preferred a point. With this de-
velopment the reactionary tendency of he
market was principally uncontested. The
stocks of the various express companies
made notable advances reaching ten
points in American Express and S1a in
United States Express, with no other
explained cause than the recent extra
dividend disbursements and very large
business. The inclination to sell stocks
seemed to be based upon general consid-
erations of distrust of the money outlook
and of the present high level of prices.
Confidence in any early abundance of
money is becoming impaired with the con-
viction that considerable gold will GO
out soon to help the foreign markets in
preparation for the f1otation of the ex-
pected new British war loan and large
Russian loan which is imminent in Paris.
The retirement of circulation by the ma
tional banks attracts attention The
continuing problem of the Governments
surplus is seen to have growing i'm
portance with the diminution of the avail
able supply of Government bonds for re-
demption, and the financial world looks
with some interest to the inauguration
this connection. The activity of interior
trade may also delay the usual re1ux of
funds. There are frank discussion of the
current reports of loans by New York
banks on Crude Rubber security. This
addition to the troubles of Industrial
combinations recently disclosed helped to
repress the speculation, and especially
to discourage the efforts to lead it into
that class of securities. Net losses of
between / and points are quite general
among prominent stocks.
The bond market was affected by the
weakness of stocks. Total sales par val
ue $3.50, 600.
Government bonds were all unchanged
on the last call.
Total sales of stocks for the day were
GIL 500 shares, including Atchison, 25,-
900; preferred. 10000: b. and o., 1000;
Chicago and Great Western, $500; Del
aware and Hudson, $500; Erie, 24,6OO;
first preferred, 1000; second preferred,
$500: L. and N, $500: Manhattan 90
500; Metropolitan, 5,400; Mexican Cen
traI, 5000; o. and W., O,40O; Pennsyl-
v@ania, 11,200; Reading, 103, 100; first
preferred 600; second preferred, 24,200;
st. Louis and San Francisco, $500; South
ern Pacific. Is, 500; Southern Railway, 81
100; Union Pacific, 31,700; Wabash pre-
ferred, $500; Copper, $1,000; United
States Express, 5000; B. r. T.. 15,100;
Republic Steel, S,900 Sugar, 45,S00
Steel, III 200; preferred, 101, 500; Ameri-
can, Locomotive. 1880; preferred, 12,2OO.