The Montgomery advertiser., 1902-01-08
WALL STREET REVIEW THE MARKET DECIDEDLY RE-
 ACTIONARY. Bull Demonstration in Sugar in the Midst of the, Session Which
 Carried That Security
 Up 4 Points.

NEW YORK. Jan. 7.-Tne stock market be- came decidedly reactionary today. There was
 was yesterday between the faction working
 for an advance and the reactionists. United
 poins oi' for ' the bulls and were dealt in to an enormous extent. The rest of the market kept dipping away however, and gained momentum
 to avail themselves of every opportunity of
 creating any sympathetic strength by impress
 sive advances in industrial stocks No such
 effective factorscame to their aid the unex
 pected increase in the New Jersey Central
 dividend yesterday and the market mar T closed Lea easy bull demonstration in Sugar in the midst of the session which carried it up points. The agitation in behalf of Cuban reciprocity and the entry of Cuban sugar free of duty. Amal-
 ssmated @ copper was no, very nrm om .ne Ta, pniS | of these stocks yielded. however. before the close. There was rather palpable effort to dustrials. while the railroads sold to | take profits. The United States Steel stocks
 were made the leaders on the strength of the | general expectation that favorable showing | of earnings would be made at todays meet
 s until after tSe | arst cosed os hed The | treme advance in the common stock only re- | covered F and in the preferred & when they began to suffer in common with the rest of | the list from profit taking sales. The conn
 mon stock was carried iA under last night and the preferred a point. With this develop ment the reactionary tendency of the market | was practically uncontested. The stocks of | the various express companies made notable advances reaching 0 points in American Ex- | press and Sh in United States Express, with | no other explained cause than the recent dividend disbursement and very large bus- | ness. The inclination to sell stock seemed to | be based upon general considerations of dis trust 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 to help the foreign markets in prep 1 aratlon for the fioataton of the expected new | British war loan and large Russian loan. | which is iminent in Paris. The retirement of circulation by the National banks attracts continued attention. The continuing problem | of the Governments surplus is seen to have | growing importance, with the diminuton of available supply Of Government bonds for re- demption and the financial world looks with some interest to the inauguration of the new | treasury administration in this connection | The activity of interior trade may also delay | the usual refiux of funds. There frank | discussion of the current reports of loans by | New York banks on crude Rubber security | This addition to the troubles of industrial | combination recently disclosed helped to re- l press the speculation and especially to dis 1 courage the efforts of the element in that class l of securities Net losses of between 1 and 3
 points are quite general among prominent | stocks.
 l The bond market was affected by the weak ! ness of stocks. The total sales (par value) were S3.75o. GOO. Government bonds were all unchanged on the last call.