The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-09
ACUTE WEAKNESS
IN us. STEEL STOCKS
Principal Stocks Yielded Read
lily Through Sympathy.
BONDS ARE UNRESPONSlVE
The Close Was Active and Strong
With Prices on the UP Grade.
It Looks Like No Gold VIII
Go Out This Week.
ONOS ARE UNRESPONSlVE

New York, January s.-The stock mar
Net yielded to the sympathetic effect OF
the acute weakness in United States steel
stocks and fell from 1 to points below
last nights level for the principal stocks.
After the speculative liquidation in the
United States steel issues had spent its
force there was an effective rally in the
market. led by Union Pacific and the
whole of the trans-continental group
The driving to cover of the considerable
short account which was put out yes
terday 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
agressively on the upgrade. The recov-
cry in the steel stocks was not decisive
and they closed at net losses of y for the
common and preferred The extreme de-
clines were for the preferred and ~
for the common. Considering the fact
that rumors recently in circulation had
placed the net earnings of the United
States steel corporation for the quarter
at as high as s3S, 100000 and that other
rumors had alleged averages monthly
earnings of $4,000 900 at actual figures
for the quarter $29. Isl, 615, were naturally
a disappointing factor and especially as
the three months showed successive de-
clines down to the estimate for Decem-
Der of less than So, 000, 900. An increase of
only about a million dollars over the prev
lous quarter included the period of the
costly strike and reports of current trade
have been enthusiastic for some time. The
enormous absorption of Union Pacific
and its aggressive recovery to 1041s from
the early low level of 1918 was an effec-
tive factor in sooting the uneasiness
caused by the proceedings against the
Northern Securities Company in the Su-
preme Court Owing to the wide reach
ing Importance attached to this whole
subject the resistance of this group of
stocks had a notable sentiment effect on
the whole market There was no news
to explain the movement unless it might
be due to a report that the interstate
commerce commission had adjourned its
proposed inquiry into the affairs of the
Northern Securities Company until latter
In the month. The excuses offered by the
United States steel authorities that car
shortage and freight blockades had eff
fected their earnings, was taken as re-
newed confirma ton that the railroads had
all the business they could handle. The
spectators used this as a favorable argu-
ment for the rally in The railroads. Some
what inconsistency last weeks sharp de-
crease in gross earnings in some of the
soft coal carriers was attributed also to
car shortage. Rock Island was strong on
the large net earnings for November. The
movement in sugar was characterized as
that of an annual meeting day. The rise
to 12414 was attributed to the appeal by
the president of the company for the
abolition of the duty on raw sugar The
seeming certainty that no gold will go
out this week and the hope that next
weeks probable outgo will be offset by
receipts of cash from other sources help
ed on the late rally The f1rmness of
Amalgamated copper and American
smelling was due to reports of a heavy
export movement of copper.
The bond market was somewhat irreg-
ular but responded to the late strength
of stocks. Total sales $1,2SO000. United
States bonds were all unchanged on the
last call.
New York Stock Market.
By Private Wire to Murphv a. On