The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-01-08
STOCKS AND BONDS.
The Market Distinctly ReactiOnary
throughout the Session.


New York. Jan. .Te-The stock mar
ket became decidedly feactionary to-
day. There was the same contest
during the morning as there was yes
terday between the faction working for
an advance and the reactionists.
United States Steel stocks were still
the rallying point for the bulls and
were death in TO 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 them
selves of every opportunity of creating
any sympathetic strength by impress
sive advances in individuals stocks.
No such effective factor came to their
aid as the unexpected increase in the
New Jersey Central dividend yester-
day, the market closed active and easy
at about the lowest of the day. There
was a bull demonstration in sugar,
which carried it up four points. The
movement was apparently based on
the active agitation in behalf of Gu
ban reciprocity and the entry of Gu
ban sugar free of duty Amalgamated
Copper was notably firm on the rallv
on the raw copper. Market in Lon
don. Both of these stocks suffered re-
actions, however, before the close.
There was a rather palpable effort 20
induce a transfer 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,
very favorable showing of earnings
would be made at to-day's meeting
of directors, which was not held, how
o. the Tr1aPLaf had rinGad
The extreme advance on the common
stock only reached ls, and in the pre-
ferred q, when they began to suffer.
and common with the rest Of the list
and profit-taking 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 uncon-
tested.
The stocks of the various express
companies made notable advances. ten
points in American Express and So
in United States Express, with no other
explained cause then the recent extra
dividend disbursements, and a very
large business. The inclination 10 sell
stocks seemed to be based upon gem
eral considerations of distrust of the
money outlook, and of the present high
level Of prices. Confidence in an early
abundance of money is becoming Inn
paired with the conviction that con-
siderable gold will so out soon to help
the foreign market for the prepera-
ton for the fiotation of the expected
new British war loan and large Rus
sian loan which is imminent in Paris.
The retirement of circulation by the
national banks attracts attention. The
continuing problem Of the govern
ment's surplus is seen TO have grow
ing Importance with the diminution
of the available supply OF government
bonds for redemption and the finan-
cial world looks with some interest 10
the Inauguration of the new treasury
administration in this connection.
There was frank discussion of the
current reports of loans by New York
banks on crude rubbep security. This
addition 20 the troubles of industrial
combinations recently disclosed helped
TO repress the speculation and. espe-
cially to discourage the efforts to lead
Il into that class Of securities. Net
losses OF between ] and 3 points are
quite general among prominent stocks.
The bond market was affected by the
weakness Of stocks Total sales. par
value. $3.750.000. Government bonds
all unchanged on the last call.
Total sales OF stocks to-day we're
oil 800 shares. including: Atchison,
$4,000: Atchison preferred. 10000: Bal
timore and Ohio. 1000; Chicago Great
Western. $500; Delaware and Hudson,
$500: Erie. 24.600: do first preferred,
1000; do second preferred, $500; Louis
willie and Nashville. $500: Manhattan.
q. 500: METROPOLITAN. 800, Mexican
Central. 1920. Missouri Pacific. 1900.
Ontario and Western. 10. 900; Pennsyl-
ysnia. ii.2O0. Reading. iO3ilO0. do first
preferred, $500. do second preferred,