The age-herald., 1902-01-04
PROFIT TAKING
 NOTED IN STOCKS The Market Was Kept Well in
 Hand However. ENORMOUS FUNDS OFFERED Recent Speculative Favorltes Were Under Acute Pressure. But There
 Were Many Strong Spots
 Due to Manipulation.

New York, January 9.-The preliminary nished by the banks themselves gave as- surance that the return flow of currency from the channels of domestic trade has set in in force. There was q quick re- sponsa in the money market. where enor- nous offerings of funds carried the rate down to per cent.
 There was points of strength during the day and the speculative liquidation was kept well in hand with the assistance of he strong spots in the market which were in part due to manipulation. There was a very palpable shifting of specula- i've accounts from Reading into United States Steel and there were evidences of similar transfers at other points in the market Early in tho day the strong points predominated over the weak ones, but the profit taking became more general IS the day progressed. Transactions in United States Steel were on a very large scale and those stocks held their advant- ige more firmly than the genera, mar ket. 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 1t did last.
 
 Central traffic and Southwestern rail- roads. The Wabash's were conspicuous, and the Toledo St. Louis and Western stocks were unusually active on rumors of absorption by the Vanderbilt interests On the other hand the recently prominent speculative favorites were under acute pressure. These included the coalers, es- pecially Reading the grangers and Pa cifics. As ostentatious advance of 3a in Great Northern Pacific and bidding up of Northern Securities Company on nominal transactions in the outside market failed to deter spectators from selling the Pa- cific. There was nothing in todays news of sufficient importance on the side of de- pression to account for the reaction and 1t was attributed purely to realizing of speculative profits. This development rather discredited the recent theory that the late strength of the market was due to support by great capitalists and bank ing interests with a view of prosecution of future projects and seemed to put the professional stamp on the recent bull movement. The easing of the money rate was accompanied by higher rates for for eign exchange and the simultaneous re- lapse of sterling exchange in Paris mar rows the margin toward the point of profit in gold exports Todays statement of the Imperial Bank of Germany com pares the showing of the astonishing pro- pOrLlOnS OI the year cru ueIlaHu On all the great foreign banks. That bank S loan account for the week was expanded upward of $33, ,O00,0O0 and the note circu- laton increased over SS5,000. 900. But the foreign money markets are promptly re- spending to the January disbursements and are all becoming easier.
 The indications are that our own clear ing house statement tomorrow will show a gain of upwards of $7,O00.0 GOO cash. A further cut in the price of Copper was a slightly disturbing factor and the re- ports of requests for extension of ac- commodation by a large promoting syndi- cate in Ohio received some consideration. The market closed active and easy at about the lowest.
 The market for bonds was active and broad but still somewhat irregular. Total sales, par value, s5,160,0O0. United States bonds were all unchanged on the last call
 New York Stock Market.
 By Private Wire to Murphy q Ca