The Washington times., 1902-01-07
STEEL SHARES
LEAD MARKET.
Depressing News Causes
Sagging at Opening.
RaGoVERIES SCORED LATER.
Jersey Central. i.idend An
nouuccmcnt Gives aa toward
Fendcnc! 10 the HALLWAY List
SeGboarI Makes Good Sfto,v.p.s-
Chicago Houses Indulge in Selling.

Chicago Houses INDULGE in selling
NEW YORK. Jan ca number of cir
cumstanccs comhireG to produce 4 dull
and sagging stock market this morning,
although the dealings at large were char
acterized by considerable amount Of
irregularity. Among them could be cited
the additional evidences of unsound con
ditions in the industrial situation as set
forth in the embarrassment OF the Crude
Rubber concern, Saturdays disappointing
bank statement. the aggressive strength
of the foreign exchange market and The
uncertainty Of the results of the latest
move against the organization Of the
Northern Securities Company in the
G9ited States Supreme Court al Wash
,inston.
Failure Not II Surprise.
Il goes without saying that there was
theausual amount OF moralizing after the
event upon the troubles of The rubber
CONCERN. none of which was particularly
enlightening or edifying in its character
The financial difficulties of the indi-
viduals most directly identified with the
Rubber Company have been matters of
general knowledge in well-informed iinan-
cial circles Tor nearly a month. and il
is matter Of fact that no general sig
nifcanco can be attached 10 the break
down of the concern when the various
circumstances efiecting il are properly
understood.
r. At the same time, following so soon
upon the collapse of the trolley syndi-
in DhiO the coprern'S
ment furnished Z fresh text for the re
isctiOnists TO preach from. and they made
the most of their opportunity.
Liabilities Not Serious.
The liabilities of the unfortunate cor
poration are too limited to prove seri
Gus, ana in fact. the matter at large
would have attracted scant attention but
for the somewhat conspicuous identity of
its chief promoter.
1t was somewhat significant also that.
notwithstanding the amount OF attention
excited by this incident, the industrial
stocks ard the miscellaneous securities
at large were ty far the strongest fea-
lures of the days market.
The market opened with an uncertain
tone Under the depressing influences cited
and was further affected by the declines
showing in American stocks in the Lon
don market Foreign houses were buyers
of the United States Steel issues here.
but sold freely OF the internationally list
ed railway list.
Steel stocks the Leaders.
The Steel stocks were the leaders of
the market in respect of strength and
activity, and both issues scored further
advances ahead of the dividend declara-
tions and the quarterly statement of
earnings looked for tomorrow Other
consistently strong featrf es were Dis
II tiliing- of -AmeSica--A An Fleaa- Mailing,
and American Locomot. se common and
preferred.
a feature OF the dealings was the re-
newed and exceedingly heavy selling of
the general market by houses with pri-
vate wire connections with the West.
Commission house business was in some
what larger volume. but was still below
what had been expected upon the COM
pletioa OF the disbursements of the first
Of the year. According TO precedent
however, the demand from this quarter
seldom shows itself before the second
week of the month.
Hallway List Advances.
The railway list had an upward ten
dency during the forenoon, although a
few of the specialties there showed de-
El'uetli, tLt W dDdSH lsSuts. To-
gether with Colorado Southern and the
St Louis and San Francisco issues, being
noteworthy cases in point.
Early in the afternoon the announce
ment of the advance in the dividend on
New Jersey Central TO per cent a year
infused new life in the railway list
particularly in the anthracite coal stocks.
In the earlier dealings Missouri Pacific.
Union Pacific, and St. Paul all showed ma
terisl and effective pressure but they
shared in the subsequent recovery. The
further returns of railway traffic sub
m;tted today for various periods were
mostly very gratifying showings.
scaboard's Good Showing.
Most of the complete statements CON
tinued TO show heavily increased outlays
for operating expenses. but. as usual the
Seahcard Air Line Company was able to
make contrary exhibit The purchasing
agent CT this company must be genius
in his particular line inasmuch as for
the month OF November the company re-
duced its operating expenses about S
per ceLt while for the five months since
July the company has been able to reduce
operating expenses 1888 900. or about II
PSI GENT.
New York stock Exchange. jan o.