The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-01-09
1T WAS SYMPATHETIC FOR
WEAKNESS IN U. S. STEEL.
The Rally Was Led by Union Pacific
Stock and the Result Was d Fairly
Steady Close.

Sew York, January s-The stock market
yielded this morning to the sympathetic of.
feet Of the acute weakness in United States
steel stocks and fell generally from l 10 >
points below last nights level for the
principal stocks, After the speculative
Liquidation in the United States Steel Is
sues had spent TIA force. there was an ef-
fectivc rally in tbn market led by Union
Pacific and the whole Of the transcontinent.
al group. The driving to cover Of the short
account which was put out yesterday aud
this morning on tho downward course Of
prices, helped on the recovery In the latter
part Of the day. The closing was very ac-
tive and strong, with prices aggresslyely
on the upgrade. The recovery in the steel
stocks was not decisive and they closed at
net losses OF y for the common and pre-
ferred. The extreme declines We're ~ for
the preferred and IL for the common Con.
sidering the fact that rumors recently N
circulation had placed the net carvings Of
the United States Steel corporation for the
quarter at as high as SSs,OOO,O0O aud that
other rumors had alleged average monthly
earnings of Sl2.O000OO, the actual figures
for the quarter of S2e.IJl,6i5 We're natural
ly disappointing factor. especially as the
three months showed successive declines
than SS,0OO,OUO. An increase OF only about
$1,OO0,OO0 over the previous quarter was
considered unsatisfactory, MS that previous
quarter included the period of the costly
been enthusiastic for some time past. The
enormous absorption of Union Pacific and
Its aggressive recovery TO lO4k from the
early low level OF lolSs was an effective
factor In soothing the gneasiness caused by
the proceedings against the Northern Secur-
tiles company In the supreme court, Owing
20 xFfN Ing
TO this whole subject, the resillency of this
group of stocks had a notable sentimental
effect on the whole market. There was no
news To explain the movement, unless IL
might be due to report that the Inter-
state Commerce commission had adjourned
its proposed inquiry into the AFFAIRS of the
Northern Securities company until later In
the month. IAe excuse offered by the
United States Steel authorities that car
shortage and freight blockades had AFFECT
ed their earnings was taken as renewed
business they could handle. The speeu-
iators used this as a favorable argument
Inconsistency last weeks sharp decrease
In gross earnings In some OF the soft coal
carriers was attributed also to car shortage.
Rock Island was strong on the large earn
fngs for November. The movement in Sugar
was characterized as that of an annual
meeting day The rise 10 i24A was az;
frIbnted to the appeal by the president of
the company for the abolition Of the duty
on raw sugar. The seeming certainty that
no gold viii go out this week and the hope
That next weeks probable outgo win he
OFFSET by receipts for cash from other
sources helped on the late rally. The firm
ness Of Amalganinted Copper and American
Smelling was due 10 reports OF heavy ex-
mort movement OF tcpper.
The bond market was somewhat Irregular.
buf responded to the latest rally OF stocks.
Sales, par value, xs.s0O,o0O
NEW YORK EXCHANGE
Resehfnarks. CONNER Today. Yesterday
eial. 90 aays..s....s % lS-ie % 1915