The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-01-10
NEW YORK STOCK MARKET.

New York. January S.-The stock
market yielded this morning to the
sympathetic effect OF the acute weak
ness in United States Steel stocks and
fell generally from / TO 2 points below
last nights level for the principal
stocks. After the speculative liquida-
tion In the United States Steel issuez
had spent its force there was an efrec-
tive rally in the market. led by Union
Pacific and the whole OF the ~trans-con-
tinental group. The driving to cover OF
the considerable short account which
was put out yesterday and this MORN
ing in the downward course OF prices
helped on the ecovery Of he latter
part OF the day.
The closing vas very active ana
strong. with prices aggressively OF the
upgrade. The o in the Steel
Stocks was not decisive and they clos
ed at net losses of * for the common
and preferred. The extreme declines
were 2k for the preferred and IL for
the common.
Considering the fact that rurnnrs re-
Gently in circulation had placed The net
earnings OF the United States Corpora
ton for the quarter at as high "a S38.-
0n0. 0G0 and that other rumors had al
legged average monthly earnings of S2.-
GGn ron. the actual figures for the quart
or $29. 75l.615. were naturally n disap-
pointment, especially az the three
months showed successive declines
down to the estimate for December Of
less than So 900. 900. An increase of only
about 81 900. ono ov er the previous quar-
Ter was considered unsatisfactory. as
hat previous quarter included the pc
riod Of the costly strike. and reports uf
current trade have been enthusiastic
for some time past
The enormous absorption OF Union
Pacific and Its aggressive recovery tn
1n4h from the early low level Of i0iS
was an effective factor In soothing the
uneasiness caused by the proceeding
against the Northern Securities Compa-
nv I'm the supreme court. Owing to the
wide reaching Importance attached TO
this whole subject. the resiiiency OF this
grouD of stocks had a notably senti-
mental effect or the whole market.
There was no news 10 explain the move
mont. unless IL might be due, to a re-
port that the Interstate Commerce
commission had adjourned its proposed
Inquiry into the affairs OF the Northern
Securities Company until later In tho
month.
The excuse offered by the United
States Steel authorities that car short
age and freight biockades had affected
their earnings was taken a. renewed
confirmation that the railroads a all
the business they could handle. The
spectators used this as a favorable ar
yument for the rally I'm h railroads.
Somewhat inconsistency. last weeks
sharp decrease In gross earnings IA
some of the soft coa carriers was at
tributed also to car shortage. Rock Is
and was strong OF the large net earn
lnRs for November.
The movement In Sugar was charac-
~teristic Of IN annual meeting day. The
rise to 124k was attributed TO the ap-
peal by the president Of the company
for the abolition Of the duty or raw
sugar.
The bond market was somewhat ir-.
regular. but responded TO the late
strength OF stocks. Total sales. PAL
value. were s.. 500. 900. United States
bonds were all unchanged on the last
call. The total sales for h day were
$50. 200 shares.