The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-01-09
Jtocks. Bonds and Money

NEW YORK, JAN 8.-The stock mar
ket yielded this morning to the sympa-'
thetic effect of the acute weakness In
United States Steel stocks and fell gen.
orally from one to two points below last
nights level for the principal stocks.
After the, speculative liquidation in the
United States Steel issues had spent its
force there was an effective rally in the
market, led by Union Pacific and the
whole of the transcontinental group. The
driving to cover of the considerable snort
account which was put out yesterday
and this morning in the downward
course of prices helped on the recovery
of the latter part of the day. The clos
ing was very active and strong, W1tn
prices aggressively on the upgrade. lie
recovery in the steel stocks was not de-
cisive, and they closed at net losses Of
Y for the common and preferred. Inc eX-
IRENE declines were "a for the pre-
ferred and 11s for the common.
Considering the fact that rumors re-
Gently in circulation had placed the net
earnings of the United States Steel cor
poration for the quarter at as hlgh a5
$S8 eco, 600 and that other rumors had al
legged average monthly earnings OF $lz,-
100000, the actual figures for the quarter,
$29 Isl, 615, were naturally dlsappolnt-
ment especially as the three months
showed successive declines down to the
estimate for December OF less than
S., 000, C00 80
An increase of only about $l,0O0,WO
over the previous quarter was CONSIDERED
unsatisfactory as that previous quarter
included the period of the costly strike
and reports of current trade have been
enthusiastic for some time past. me
enormous absorption Of Union Paclhc
and It's aggressive recovery to 4lO4zs frc1n
the early low level of 1918 was an Ell
fective factor in soothing the ,uneasiness
caused by the proceedings against Lne
Northern Securities company In the 81
preme court.
Owing to the wide reaching Importance
TO subject.
Siliency of this group .of stocks nau d
notable sentimental effect on the whole
market. There was no news to explain
the movement unless it might be due 70
report that the interstate commerce
commissions had adjourned its proposed
inquiry into the affairs of the Northern
Securities company until later IN tne
month. The excuse offered by the United
age and freight blockades had affected
their earnings was taken as renewed
confirmation that the railroads had all
the business they could handle; me
SPECTATORS used this as a favorable ar
gument for the rally in the railroads.
Somewhat inconsistently, last week
sharp decrease in gross earnings IN some
of the soft coal carriers was attrip -e
strong on the large net earnings for NO
Vember.
The movement in Sugar was character
istic of an annual meeting day. Inc rise
to 124A was aCtTlDuteu 70 inc Cpl 80 ~
the president of the company Tor the aD-
clifton of the duty on raw sugar. Inc
Seeming certainty that no gold will go
out this week and the hope that next
weeks probable outgo will be onset py
receipts of cash from other sources helpss
ed on the late rally The firmness OF
Amaigamated Copper and American
Smelling was due to reports OF heaVy
export movement of copper
The bond market was somewhat lrreg-
MAR hut responded to the late strength
of stocks. Total sales, par value, 81 o01,-
coo. United States bonds We're ali I'M
changed on the last CALL
Stocks.