The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-08
SEVERAL EFFORTS TO RALLY
WERE MADE BY THE BULLS.
The United States Steel Was Used for
That Purpose and the Market Closed
Easy at the Lowest Of the Day.

New York January THE stock market
hecnma decidedly spactionary today. There
was the same contest during the morning
rs there was Yesterday between the fsctiol
Working for an advance aul the reaction
lists United States steel stocks were s'Ill
the rallrlng point FOR the tulls and were
dealt 10 10 40 enormous extent The rcst
Of the market kept slipping away, how
ever. and gaiI Cd momentum on the down
ward grade. The bulls We're alert to avail
Themselves Of every opportunity OF creating
any sympathetic strength by Impressive adj
vnEccs ia Industrial stocks. NO such
effective factor came 20 their aid AS the
unexpected Increase Ia the New Jersey
Central dividend yevterday, End the murket
closed easy, AT about the lowest OF the day.
There was huh demonstration In the sugar
market in the midst of the session wni"h
carried II up 4 points, she movement was
apparently based on the active agitation In
behalf OF Cuban reciprocity and the entry
of Cuban sugar free of duty. Amuleamat-
cd Copper was not very nrm on the rally
IN the raw copper market In London Both
of these stocks yielded, however, before the
close. There was a rattle, palpaole effort
10 induce a transfer of speculation into the
industrlals, while the railroads were sold
90 take profits. The United States steel
stocks were made the leaders on the
strength of the general expectation that
favorable showing OF earnings would he
made at todaT's meeting of the directors,
which way not held however. until after
the maj ket closed. The extreme advance In
fhe COMMON stock only recovered half aud
Ga the preferred u when they began TO snf
fer In common with the rest OF the Hist from
profit taking sales. The common stock was
carried IL under last night and the pre-
kerTed point. With this development the re
aciionary tendency OF the market WAS prsc
tieally uncnntested The stocks Of the Varl-
Gus express, companies made notable ad'
vances. reaching 10 points In American TX
press and SA Ia United States Express, with
70 other explain cd cause than The recent
dividend disbursement and very large bust
ness, The inclination TO sell stocks seemed
10 be based upon general considerations Of
distrust OF the money outlook and of the
present high level OF prices.
Confidence In early abundance Of money
Is becoming impaired with the conviction
that considerable gold will go out sooN 10
help the foreign markets In preparation for
the Rotation of the expected new British
war loan and a large Russian loan. which
Is imminent in Paris The retirement of
circulation by the National banks attracts
attention. The continuing problem Of the
rnverr n,ent's surplus Is seen to have grown
VT b the diminution Of available sup
government bonds for redemption
financial world looks with some In
he Inauguration OF the new treas
'lst' alton In this connection. The
In erlor trade may also dplay
rthuex of funds. There was frans
OB OF the current reports OF loans
tNcN York banks on Crude Rubber Sc
tffties. This addition TO the troubles OF
d ti,isirial commission recently disclosed
helped 10 repress the speculation, aud es-
ment IN 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. The total sales, par
value were S3,iS0,OOO