The daily morning journal and courier., 1902-01-15
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THE STOCK MARKET.
Weakness Becomes Acute In the Final
 Hour

New York, Jan. 14--There was dis
 turbance of speculative sentiment in
 ment to sell gained force. The weak
 ness became rather acute in the final
 hour when the heaviest selling of the
 day was done. and the market closed
 activ and weak and generally at the
 lowest, net losses running all the way
 from to 6 per cent. for the principal 1 tsocks There were some special causes
 of weaknesses of individual stocks
 which affected the general market by
 sympathy to some extent. The move-
 ment as whole, however, was due to general causes, which have been gain ing an influence for several days past
 All minor differences of interpretation | over the standing of the case against the Northern Securities company are
 sunk in the general consideration that
 the legality of the combination is to be
 submitted with determination to the
 test of the courts, so that it's right
 to exist and the value of it's securi-
 probably prolonged litigation. The
 bearing of the direction of other com
 binations, not only those made but
 some others in contemplation, makes
 the direction of this cause of vast im-
 portance to the whole securities mar
 ket The difficulties developed in the
 several industrial combinations which
 have suffered from impaired credit
 have given rise to a much more con servative spirit amongst lenders of money and buyers of securities This influence is not overcome in day and must probably await some clearer light on the untangling of the affairs invloved. To-days upset in the general markets, resulting from over commit ments in speculation, brought some li- quidation directyl upon the stock mar ket
 Besides these general considerations Wall street had rumors that a new bond issue by the Erie Railroad com pany was imminent. The remark by President Thomas in the last annual report that Tit would seem as though the day is now approaching when ar- engagement for new capital can be made" was regarded as substantial basis for these rumors. The Erie stocks themselves lost from 1 IA to 3-4 on these rumors. The cut in the prices of refined sugars cost that GnpniaItU ,oi1,te rrboro y1yac ble weakness in a group of stocks in | which there has been speculation on hopes of division of increases or the | beginning of dividends There were | fears that these hopes would be disap- | pointed. The New York, Chicago and | St. Louis stocks, the St. Louis and San | Francisco, Lake Erie and Western and | United States Express might be includ- | ed in this category. The Atchisons | were heavily sold on continuing dissat- l over the debenture bond issue Aside from these instances, the selling | was pretty well distributed. There was l ! period of some strength in the morn | ing led by Manhattan with a rise of | Is, but that stock fell with the rest Df the market. Glucose rose 5-8 in face of the general decline. Sterling exchange was somewhat easier, lead Ing to the supposition that gold may not be exported, after all, this week. put the market was little affected bv his development and by the liberal gains of cash on sub-treasury opera ions. The payment to-day of $500 GOO Il redemption of the Hawaiian loan which was assufed by the United States will accrue/to the benefit of the mar let
 Active bonds weakened in sympathy vtih stocks, but some less active is- tues held their early gains. Total sales 'ar value s9,675,ooo.
 United States bonds were all un- hanged on the last call.