The Savannah morning news., 1902-01-09
STOCKS AND BONDS.
Most Issues Active ut Material RE-
coveries.

coveries.
New York, Jan S.-AThe stock mar
ket yielded this morning to the sym
pathetic effect of the acute weakness in
United States Steel stocks and fell gem
orally from 1d2 points below last
nights level for the principal stocks.
After the speculative liquidation i'm
the United States Steel issues had
spent it's force there was an effective
rally in the market, led by Union Pa
cific, and the whole of the trans-con-
tinental group. ae;~
The driving to cover of the consider
able 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 aggressively on the
upgrade. The recovery in the steel
stocks was not decisive and they de-
elined at net losses of q for common
and preferred. The extreme declines
were "a for the preferred and Ia fer
the common. Considering the fact that
rumors recently in circulation had
placed the net earnings of the United
States Steel Corporation for the quar-
ter at as high as $685. 700 and that
after other rumors had alleged average
monthly earnings of $12,000,000, the
actual figures for the quarter, 81, ,645,
were naturally disappointment. es-
pecially as the three months showed
successive declines down to the esti-
mate for December OF less than $S,000.-
900. An increase of only about a mil
lion dollars over the previous quarter
was considered unsatisfactory, as that
previous quarter included the period of
the costly strike and reports of current
trade have been enthusiastic for some
time past.
The enormous absorption of Union
Pacific and it's aggressive recovery to
1919 from the early low level of 1919
was an effective factor in soothing the
uneasiness caused by the proceeding
against the Northern Securities Com
pany in the Supreme Court. Owing to
the wide-reaching Importance attached
to this whole subject the resiliency Of
this group of stocks had a notable SEN
timental effect on the whole market.
There was no news to explain the
movement, unless it might be due 20
a report that the Interstate Commerce
Commission had adjourned its proposed
inquiry into the affairs of the North
ern Securities Company until later in
the month. The excuse offered by the
United States Steel authorities that
ear shortage and freight blockades had
affected their earnings was taken as re-
newed confirmation that the railroads
had all the business they could handle.
The spectators viewed this as a fav-
CRADLE argument for the rally in the
railroads. Somewhat Inconsistency,
last weeks sharp decrease in gross
earnings in some of the soft coal car
riers was attributed also to car short
age. Rock Island was strong on the
large net earnings for November. The
movement in Sugar was characteristic
of an annual meeting day. The rise to
l24k was attributed to the appeal by
the president of the company for the
abolition of the day on row sugar.
The bond market was somewhat ir-
regular, but responded to the late
strength of stocks. Total sales, par
value, s., 800, 900. United States bonds
were all unchanged on the last call.
The total sales for the day were