The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1903-01-08
YESTERDAYS STOCK MARKET
BuUyanI and Animated Up to the Very
Close.

BHUyanr and Animated Up to the Very
New York, Jan. THE stock market
/ o-day reacted, as had been expected
! by the professional element. The
ground of expectation was that since
the middle of December fully half Of
the previous violent decline, which
lasted irregularIy six weeks had been
recovered. This recovery has been
practically interrupted. which is I'M
usual in such short and violent move
ment. The market was buOyant and
, animated up to the very close yester-
day but heavy buying which has been
going on, meant a large increase in
the number of holders waiting to take
profits. The offerings of this class ov-
ercame the market to-day and carried
prices to a lower level. Foreign senti-
ment over the Dardanelles protest by
, Great Britain was reflected in interna-
tional stocks at the opening. The SELL
ing for London account was heavy
This pressure upon the market was
strongly resisted and pretty general
recoveries were soon effected. But
realizing sales continued large at the
rally and the market gave way again.
Gt1hsAn,1at1+ 20
vive it by bidding up individual stocks,
but the selling was renewed on all adj
yances and the closing was weak at
about the lowest. A late break in St.
Paul to below 1S1 was a marked in
fluence upon sentiment. In the early
dealings support was conspicuous in
some of the Gould stocks, including
Manhattan, and in Rock Island. The
statement of the yearly net earnings
of United States Steel induced some
large buying of the company's stocks
but they suffered equally with others
in the realizing movement. The Off
Cial declaration that rumors Of COM
ING Wv Ahclil DlI ltIlHESSeS NOdI were
unwarranted at present had an unfa-
yorable effect on the iron group. Amer
lean Car, however, rose a point on the
strength Of its dividends and favorable
showing of earnings. The declara-
tons in Governor Odelrs message in
criticism of the franchise tax, had some
favorable effect upon the stocks of cor
porations affected. The advance in
Sugar was accompanied by rumors of
a proposed dividend increase, and this
stock was supported to help sustain the
rest of the market The proposition
for practically doubling the stock Of
the Pennsylvania railroad depressed
that security. There were wide move
ments in some of the less active stocks,
including gains of 1-2 each in Hook
ing Valley and Chicago Great Western
preferred and Is in Wells Fargo. The
selling was attributed in some quarters
to shifting of loans, but the call loan
rate did not go as high as per cent.
at any time and increasing liberality
was shown by lenders III the matter
of collateral The money market con-
tinued to gain from the sub treasury.
The downward course of discounts in
London was arrested and sterling ex-
change rates here were slightly higher.
the demand being augmented by the
large selling of stocks for London ac-
count. The reaction in the copper mar
ket hurt Amalgamated Copper.
The bond market became irregular in
sympathy with stocks. Total sales par
value $685., 900 United States bonds
were all unchanged on the last call.