The age-herald., 1901-10-03
MARKET STARTED
 WITH A RUSH Stock Traders Early Impressed by U. s. Steel Earnings lNDUSTRlALS WERE WEAK At the Close the Level of Prices Was Generally Carried Below Mon- days Final Figures-Bonds
 Dull and Irregular.

New York, October 2.-The market started out today with something of an upward rush of prices. Apparently the professional traders were impressed with the idea that the statement of net earn ings officially promulgated last evening as the market closed by the president of the United States Steel Corporation would have a strengthening influence on the whole list. There was quite an active demand for awhile for United States steel which lifted the price 1A over yesterday. Colorado Fuel and Tennessee Coal showed some strength on the assump tion that the favorable conditions in the trade revealed by the statement of steel corporation earnings would benefit those companies only. The railroad list was af- fected by demand for the shorts, but the force of the demand spent itself early md the market fell into dullness and heaviness, punctuated by a number of weak spots among the industrials The friends of United States Steel were in clined to attribute this weakness to the contrast afforded with the policy of that company in the publication of it's earn ings, but the United States Steel securi- ties fell back with the rest of the mar ket, and the professional speculative sen- timent in the street failed apparently to be impressed with the new policy of the United States Steel Corporation as an epoch-making departure. The large prof Its reported by that company had some reassuring effect nevertheless owing to the w1de-reaching importance attached to prosperous conditions in the iron and steel industry. The distrust left by the Amalgamated Copper episode and the an- nual reports of one or two industrial cor porations recently showing net earnings insufficient to pay the current rate of div idend and consequent encroachment on the surplus for that purpose, probably &C., counted for the continued weakness in that class of securities. The American car stocks, the pressed steel car stocks, glucose and National Salt were notably affecting, losing from 2 to points. Ma tional Biscuit, rubber goods. Internation- al Paper, International Paper preferred fell from 1 to 1A; Brooklyn Rapid Tran sit continued weak under pressure of liquidation, which Is attributed to weak annual report expected soon. The stock fell an extreme 4ss to below O. the lowest price of the year. Manhattan declined 2lh, partly in sympathy. The level of prices generally was carried below last night, but net declines did not reach a point in important railroad stocks, except for Mis- souri Pacific. The money market con- tinued steady, and sterling exchange ad- vanced again. The demand was attributed to requirements for purchases of stocks bought recently in the London market The announcement from the treasury de- Iiartmentafhat the purchase of. govern ment bonds for the sinking fund would cease will cut off the main source of re- plenishment of the New York money market for some time past against the interior for currency. There was a sig nificant drop in quotations on cell for government bonds following the an- nouncement. The postponement of the meeting of the Atchison directors, which was expected to increase the dividend rate of their common stock caused some disappointment and depression. Covering of shorts rallied the market slightly and it closed about steady.
 Railroad bonds were dull and irreeu- lar. Total sales. par value, $1, ,605 OOO. Uni ted States old As declined A and the Ss and 5s and new 4s 1 per cent on the last call.
 New York Stock Market.
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