The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-09
STOCKS AND BONDS.


New York, Jan. S.-The stock market
yielded this morning to the sympathetic
effect Of acute weakness in United States
Steel stocks and fel generally from 1 to ?
points below last nights level for the
principal stocks After the speculative
liquidation in the United States Steel is
sues had spent its force there was an eff
/ fective rally in the market. led by Union
Pacific anc the whole OF the trans-conti-
mental group. The driving TO cover of the
considerable short account which was put
( out yesterday and this morning in the
downward course Of prices helped on the
recovery the latter part of the day. The
closing was very active and strong, with
prices aggressive on the upgrade. The
recovery IN the Steel stocks was not de-
cisive, and they closed at net losses of q
for the common and preferred The ex-
IRENE declines were 214 for the preferred
and IL for the common. Considering the
fact that rUrors recently in circulation
had placed the net earnings of the Uni
ted States Steel corporation for the quar-
ter at as high as SSS eoo.0 00. and that other
rumors had alleged average monthly
earnings OF SI3.c00.o01 the actual figures
for the quarter SO. 81. SIS were naturally
& disappointment, and especially as the
three months showed successive declines
down 20 the estimate for December of
less than SSe00.e0 An increase OF only
ABBOTT q million dollars over the previous
quarter was considered unsatisfactory as
that previous quarter included the period
of rhe costly strike and reports Of current
trade have been enthusiastic Tor some
time past The enormous absorption OF
Union Pacific and its aggressive recovery
10 Jol,s from the early low level OF l01Ss
was an effective factor in soothing the
Unessiuess caused by the proceedings
against the Northern Securities company
IN the supreme court. OWNS 20 the wide
reaching Importance attached 10 this
whole subject, the resi5ency Of this group
Of stocks had 2 notable sentimental e.
feet on the whole market There was TO
news 70 explain the movement unless It
might be due 70 = report that the Inter
State Commerce Commission had ad-
iourRed It's proposed inquiry into the az
fairs Of the Northern Securities com
pany until later in the month. The ex-
cuse offered by the United States Steel
authorities that car shortage and freight
blockades had affected their earnings was
taken as renewed confirmation that the
railroads had al the business they could
handle. -hS spectators used this as a IA
vorab.e argument for the rally il the
railroads. Somewhat fpcoasistently the
last weeks sharp decrease in gross earn
ings in some OF the soft coal carriers was
attributed also 10 car shortage Rock
Island was strong on the large net earn
ings for November The movement IL
sugar was Characteristic OF an annual
meeting day. The rise 10 iz4st Was at
tribuyed to the appeal hy ths president OF
the company for the abolition Of The duty
on NV sugar. The seeming certainty that |
TO gold Vii 70 oat this week and the
hope that next weeks probable outgo VIII /
- Offset by receipts % cash from other
sources. holped on the late rally.
The hrmuess Of Auiaigahate6 CONFER and
American smelling was due to reports CT /
o heavy export movement 81 copper.
Inc bond Earket was somewhat irregu- /
lar. bat responded 10 the late strength q /
stocks. Total saies. par vslue. s. - 81 j
United States bonds were az unchanged
on the last call