The Montgomery advertiser., 1902-01-09
WALL STREET REVIEW ACUTE WEAKNESS OF UNITED
 STATES STEEL.
The Rest of the Market Yielded in Sympathy-An Effective Rally
 Later in the Session.

NEW YORK, Jan S.-The stock market yielded this morning to the sympathetic ef- Steel stocks and fell generally from to points below last nights level from the princi- the United States Steel interests had spent its effort there was effective rally in the market, led by Union Pacific and the whole of the transcontinental 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 of the latter part of the day The closing was very active and strong, with prices again aggressivelyson the upgrade The and they closed at net losses of A for the common and preferred. The extreme declines mon. Considering the fact that rumors re- gently in circulation had placed the net earn ings of the United States Steel Corporation for the quarter at as high as S39, 900, 900 and that other rumors had alleged average monthly earnings of SIP, 900. o0o the actual figures for the quarter ts2s.75i. 5 were naturally a disappointing factor, and especially as the three months showed successive declines down to the estimate for December of less than S8, 000. 900. An Increase of only about mill lion dollars over the previous quarter was con- sidered unsatisfactory as that previous quar- ter included the period of the costly strike thusiastic for some time past. The enormous absorption of Union Pacific and its aggres- sve recovery to lo4k from the early low level of IoIA was an effective factor in sooth- ing the uneaslness caused by the proceedings against the Northern Securities companies fin
 
 ing importance attached to this whole subject the resistance of this group of stocks had a notable sentimental effect on the whole market. There news to explain the movement. unless 1t might be due to a report that the Interstate Commerce Commission had adjourned it's proposed inquiry into the af- fairs of the Northern Securities Company un- til later in the month The excuse offered by the United States Steel authorities that car shortage and freight bockades had effected rtheir earnings taken as renewed confirma- tion that the railroads had all the business they could handle. The speculators used this a favorable argument for the rally in the railroads. Somewhat inconsistently last week S sharp decrease in gross earnings in some of the soft coal carriers attributed also to car shortage. Rock Island strong the large net earnings for November. The move ment in sugar characterized as that of an annual meeting day. The rise to l24li was attributed to the appeal by the president of the company for the abolition of the duty on sugar. The seeming certainty that no gold will go cut this week and the hope that next weeks probable outgo will be offset by receipts of cash from other sources helped on the late rally The firmness of Amalgamated Copper and American Smeltng was due to re- ports of a heavy export movement of copper
 The bond market was somewhat irregular, but responded to the late strength Of stocks Total sales tpar value), S3,9oo. 900. United States bonds all unchanged on the last call