The Birmingham age-herald., 1903-01-08
STOCK REACTION
 CAME AS EXPECTED Recovery of Late Has Been Practically Uninterrupted FIRST PRESSURE RESISTED Fer the Past Few Days the Recovery In the Market Has Been Praot'-
 caIly Uninterrupted and 6ulis
 Are Now More Hopeful.
FIRST PRESSURE RESISTED

New York. January 1.-The stock mar ket today had reaction which had peeh looked for for many days by the proAes sional element. The ground TOT .he eN pectation was that since the midoie oh December fully half of the previous Vio- lent decline which had extended irregu- IarIv over six weeks had been recovered. This recovery has been practically unin- terrupted. which is unusual in such d short and violent movement. Inere was no material change in conditions ai- fecting values since yesterday when the market was buoyant and animated up .o the very close, but the heavy puylns which has been going on meant a iarso increase in the number of holders wait ing to take profits. The offerings or thls class overcame the market today ana carried prices to a lower lev Ine us turbance to foreign sentiment by the Dardanelles protest by Great Britain was reflected in internationals at the opening. The selling for London account was heavy. The estimates of it's volume vary considerably, some of them runhiiis as high as 5O0O0 shares. This first pressure upon the market was strongly resis'eu and pretty general recoveries were CT fected within a few minutes put reaiiA- ing sales continued large at the rahs and the market gave way again. ooine subsequent efforts were made 10 reVNe the market by bidding up lnai'iouai stocks but the selling was renewed oh aii advances and the close was weak aho about the lowest. A later break Tn St. Paul to below 1O1 was an effective ln- fluence on sentiment. In the early deai- ings support was conspicuous in some of the Gould stocks including Manhattan and in Rock Island. The statement or the yearly net earnings of United States Steel induced some large buying put tne stock suffered equally with others Ill the realizing movement. The olnclal S'ae. ment that the rumors of a coming oiFi- dend on Tennessee Coal were unWarrant- cd had an unfavorable effect on the ron group. The declaration in Governor OdelIs message in criticism or the AAn A chise tax had some favorable enect upon inc stocks of corporations affected. The advance in Sugar was supported to neip sustain the rest of the market. inei was wide movements in some or the iees active stocks including gains or 31s eacIl in Hooking Valley and Chicago Great Western preferred and of 15 in Wells Fargo. The selling was attributed to a shifting of loans but the coal loan ra.e did not get as high as 6 per cent at any time and increasing liberality was snoWn by tenders in the matter or coiiateral. Il. The money market continued to gam from inc sub treasury which had an- other payment of s25oOoo today by trans, fer from San Francisco. The downwar1 course of discounts was arrested anu sterling exchange was slightly nigner, the demand being augmented py the large selling of stocks for Lonooh ac- count.
 The bond market was irregular In sym nathv with stocks. Total sales, par value, s3,sSO,OOO. United States bonds un- changed on the last call