Evening star., 1902-01-08
heavy Selling of Steel Issues in Wall
Street.
DUE TO YESTERDAYS STATEMENT
New York Central Also Sold Some
what Freely.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK January s.-Today.. stock
market opened under pressure. and was
forced into weakness by continuous offer-
ings of stocks In all departments The Steel
stocks were sold in unusual volume. as the
result OF disappointment growing out OF
yesterdays quarterly statement of earn
ings. Instead Of $36,Oo0.o 600 being shown,
as had been predicted the amount was
s2aloO.o0o. and the street sold both issues
freely In consequence.
1he full statement OF the company for
nine months shows the average monthly
earnings to have been something like So
100000 and the only month in which rec
ord of S12.000O0o was made was October.
To have insisted upon the maintenance OF
record earnings during a period in which
lake navigation is closed was a rather high
standard to set and the subsequent ex-
pressfons of disappointment cannot be re-
garded as wholly Justifiable
The weakness in the steel stocks, coupled
with the talk of gold exports and the Su-
preme Court case against the Northern
Securities Company. produced an air OF
dependency during ts1 ,1 :yry,.4I2n. ::yrryys,.44In.
The accident I'm the New York Central's
o'th street tunnel caused some Selling Of
that stock. and traders made the most Of
the weakness In Offering down stocks OF
an investment character
After the noon hour the entire market
raileu under bidding up OF the specialties
and the cornering OF short sales A sharp
raHy In American Sugar. equal to per
cent from the low level, followed adyIces
from Washington respecting the prospects
Tor favorable action on the Cuban import
duty. The price was bid up by prominent
trader upon the appearance of new buying
la i'm Of
est followed.
Rumors from Chicago have It that Rock
Island will be recapitalized at double the
present amount in order to build the road
to the Pacific coast. These rumors came
from purely speculative sources close to the
management. but IT is evident that some
plan ls under consideration looking to a
greater Rock Island system.
The adjournment of the interstate conn
merce commissions meeting In Chicago,
owing to the failure to secure prominent
witnesses. was followed by a sudden ad-
vance In Union Pacific, I'm which good
houses figured conspicuously. The adjourn
ment covers period of nearly three weeks.
and this respite was construed to be a most
favorable development.
Chicago Terminal issues after a period of
neglect, came into prominence under the
inhuence of rumors relative to contest
for control between Baltimore and Ohio and
Wabash. The ambitions of the latter prop
erty seem likely to be made the subjects
OF numerous market movements during the
present year
me coal stocks, especially Reading were
given good support, and numerous houses
In the street continue to look upon the
group as the real leaders OF the market.
There is some difference of opinion as to
Erie's prospects for an increased dividend
and the same is true of Delaware and Hud-
son, but both properties are well bought on
the declines
The rally in the market during the after
noon again changed sentiment and an adj
vance in prices was more generally pre-
dicted. Money ruled around @ per cent in
spite Of the free offerings at 5 at midday.
The situation is still confused. aud no sus-
tained Improvement is likely without some
new business from public sources