The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-08
STOCK MARKET
WAS REAC TIONARY
Market Slipped Away Despite E
forts Of Bulls for an Advance.
STEEL STOCKS RALLYlNG POINT
These We're Deal. In on an Eaormous Scale
bui Eniled TO Stop Beeiinc, and Close
Mas Active and Easy ., About
The Lowest.
STEEL STOCKS RALLYlNG POINT
{By Associated rress.)

NEW YORK. Jan, The stock market
became decidedly reacuonary to-day.
There was the same contest during the
morning there was yesterday between
che faction working for an advance and
the reactionists. United States Steel
stocks were still the rallying point for the
bulls and were dealt in 10 an enormous
extent. The rest of the market kept
slipping away. however. and gained mo-
mentum CD the downward grade. The
buns were aieart TO avail themselves OF
every opportunity or creating any syrnpa-
thetIc Strength by Impressive advances
IN individual stocks. NO such effective
FACTOR came TO tnelr aid as the unexpected
IN The New Jersey Central dividend yes
tefday, and the market closed active and
easy at about the lowest OF the day.
There was n bul demonstration in
Sugar in the MIDST Of the session, which
carried 1t UP points. The movement was
apparently based on the active agitation
in behalf OF Cuban reciprocity and the
entry Of Cuban sugar free of duty. Anal
Eamated Copper was notably firm on the
rally In The raw COPPER market in Lon
don. Both of these stocks yielded. how
ever. before the. close. There was a
rather paipable effect to introduce spirit
into the lndustrials, while the Railroads
States Steel stocks were made the lead
ers on the strength of the General eX-
pectaton that a very favorable showing
OF earnings woulG be made at the days
meeting Of directors, which was not held,
however, until after the market had
closed. The extreme advance in the COM
mon stock only reached II, 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 IL under last night, ana the
preferred a point With this development
the reactionary tendency OF the market
WAS DractiCaliy nDcoDteStel,
Tho stocks of the various express COM
panies made notable advances reaching
10 points in American Express and S1a in
United States Express, with other eX-
plained cause than the recent extra dlVl-
dend disbursements and very large bust
ness. The inclination to sell stocks
seemed to be based upon considerations
OF dlstrust o. the money ouuook and of
the high level of prices. Confidence in
my early abundance of money. IS becom-
ing impaired with the conviction that CON
siderable gold will go out soon to help
the foreign markets in preparation for
the fiotation OF the expected new British
war loan and a large Russian loan. which
is imminent in Paris. The statement Of
circulation by the national banks attracts
attention. The continuing problem OF the
Governments surplus is seen TO have
growing Importance with the elimination
Of the available supply of Government
bonds for redemption. and the financial
world looks with some interest TO the IN
auguration of the new Treasury admins
tration in this connection.
The activity OF Interior trade may 0e-
lal the usual influx OF funds. There were
current reports OF loans by New York
banks on crude rubber security. This, IN
addition to the troubles Of industria com
blnatiofs recently dfsclQsed, Helped TO re-
pi ess the speculation and especially 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