The Washington times., 1902-01-15
PRICES SEEK
LOWER LEV Ell.
Current Developments De-
press the Market.
STEEL AND SUGAR RECEDE.
Evident Pressure Shown by Erie
Common md PTcfcrred-Specu-
fntors Awaiting the Outcome G.
the Northern Securities Company
Litisnticr Before Proceeding.

NEW YORK, Jan. 14.-Price movements
and market conditions generally in to-
days market were upon the same lines as
those which prevailed yesterday. The
dealings were in light volume and largely
fol professional account, while showing
at the same time an admixture of COM
mission house selling.
Foreign houses continued buying here,
but on such small scale that their oper-
aticns were without any material effect
or prices. There was little or nothing
that was new to which the sagging ten
dency OF prices could be directly referred,
and, in fact, attention and discussion
were altogether taken up with the same
matters which have recently been engag-
ing notice.
Little Other News.
There were few returns of railway t-af-
fic submitted, no essential alterations In
the money or foreign exchange markets.
and, in fact, no other changes in the fun
daE1entals Of the financial situation at
large.
Speculative Wall Street has apparently
reached the conclusion that there will be
no Improvement in market conditions gen.
orally until a final disposition has been
made of the Northern Securities case
now in a measure pending before the Su-
preme Court of the United States. That
general subject, indeed, appeared fairly
to monopolize discussion today, but II was
obviously difficult, in the nature of the
case, 10 arrive at any common conclusion.
Period of Uncertainty.
Two weeks. ct least, of uncertainty
must prevail, and it is possible, of course.
that the period of doubt as to the fate OF
the project in question may be indefinite
ly deferred.
In The bond market and in the outside
demand fer investment securities a leth-
argy corresponding with that in the spec
uIation in stocks was reported. although
the venders Of recent issues OF bonds de-
clared that their offerings were meet
ing with satisfactory response. 1t was.
perhaps, on account of the criticism
which has been directed toward the recent
bond issue by the Atchison Company that
runners were persistently circulated today
that other companies were contemplating
Similar action in the near future.
Official DeniaIs Made.
Teday's reports in this regard were
particularly definite in the case Of the
Erie and the Union Pacific companies, al
though en- behalf Of the first-named, cfn-
cial denials were forthcoming and Gppar-
entity some misccnception existed as to
the purposes OF the Unicn Pacific Com
pany.
The dissemination of these rurnors.
however, had q further unsettling effect
upon the market, and even the corrections
Of the reports did little to allay the evil
dent uneasiness.
Weakness in Eries.
Erie common and the Erie preference
shares were aElong the weakest features
of the market, and there was further and
effective pressure in Atchison securities.
ST. Paul and Union Pacific were firm in
the early dealings, and subsequently,
showed some degree OF resistance to the
declining tendency of the market Other
relatively firm features were Louisville
and Nashville, Southern Railway, Mis-
scuri Pacific and ST. Louis and Southwest
ern.
There was an extensive decline in St
Louis and San Francisco, On heavy profit
realizing sales, and New York, Chicago.
and St. Louis was decidedly reactionary.
fractions Also Reccdc.
The local traction stocks were steady at
the opening of the market, and particu-
larly in the case of Manhattan. but the
whole group subsequently receded along
with the railway list.
In the miscellaneous group, ATnalgam-
ated Copper showed further pressure,
while Tennessee Coal and Iron and Colo
RADIO Fuel and Iron were comparatively
firm. Sugar Refining declined sharply on
the announcement of cut in price, for
all grades, Of ten points, and slight re-
cessions were noted in the Steel issues.