Evening star., 1902-01-14
Heavy Liquidation Depressed Stocks
on New York Exchange.
INDUSfRIALS UNDER PRESSURE
The Immediate Outlook Not al
All Encouraging.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star.
NEW YORK. January I4.-Liquidation
of long stock was feature of today's stock
market. Traders were active In depressing
prices, but such a market as that OF yes
terday and the heaviness everywhere vis,-
BILE today are not the products of a mere
traders campaign In the short account.
The stocks sold may not have come from
the larger banking interests. but they
came from interests who have become ais
satisfied with prevailing conditions. Under
the circumstances all hopes for an imme-
diate public demand are shattered. Follow
ing hard upon the Atchison bond issue
which was far from being a popular flnan-
cial eXpedient. comes the semi-official an
nouncement that Erie is to issue from
S2O.O00oo0 to s25,oo00oo bonds
This intention became public somewhat
prematurely. 1t appears. since official de-
mails Were promptly circulated I'm the hope
of counteracting its effect. Later In the
day these denials were withdrawn and the
fact that such action was being consid-
cred admitted. Should this company carry
out such a plan. one of the most popular
OF the coal stocks will lose whatever value
attaches to a large public interest.
An increased dividend on the first pre-
ferred stock had been hoped for since earn
ings are equal 10 such payment. but a bond
issue Is substituted as the only likely
change in the condition of this stock.
The properties concerned In the Northern
Securities Company gave evidence OF good
selling the result of the uncertainty
growing out Of the legality Of that corpora
tion. Union Pacific was freely sold and
Southern Pacific gave evidence of pressure
also, the buying from inside having fallen
to minimum proportions.
These properties may have to account for
their relationship to each other before the
Interstate commerce commission. while
Union Pacifics joint ownership In BurIing-
ton brings it into the northern securities
dispute. While a matter of such magnitude
is in the hands of the courts there can be
no confidence in the securities concerned.
The market lacked any special features of
strength during a greater part OF the day
and there was no good commission house
business reported.
Selling in the steel stocks was called
good, the prices OF both issues going of
rather easily under pressure OF offerings.
This selling unsettled the entire industrial
list the heayiness in which completed the
record of the markets natural tendency.
The banks offered money rather freely
between AZ and per cent, thereby rellev-
ing the immediate money market OF any
responsibility in forcing out stocks.
In fact, bankers are hopeful of a pro-
tracted period of easy money, but at the
same time they fail to see anything 10 en-
courage an immediate employment of funds
In new market ventures. The fear Of gold
shipments is another factor. but above all
the uncertainty to the outcome Of the
western railroad deal is the real trouble.
The mass OF securities concerned. the
amounts loaned upon them and the Distress
ing influences of any attempt to return the
original issues to their holders are factors
which inspire extreme caution. The mar
ket may rally at any time on the short In
terest, but there is still little else ahead.