New-York tribune., 1902-01-08
BONDS.
THE DAYS OPERATIONS IN STOCKS.

Trading in yesterdays stock market was mod
erately active an irregular movement Of
values. In the early dealings there were appar-
ent efforts on the part of the trading element to
advance securities but the absence of public
buying induced renewed operations for lower
prices before noon. and in the afternoon stocks
declined throughout the list. In the greater
number of active issues substantial net losses
were recorded Exceptions TO the declining ten
dency were found in few Of the usually in
active securities, such American Express,
United States Express and some of the minor
railway issues American Sugar Refining stock
was the only important strong feature among
the active securities. The advance in this stock
suggested the enforced retreat Of considerable
short interest. The excuse for the movement
however, was based the expectation that
Congress will make satisfactory concessions on
Cuban products which will benefit both the
Cuban planters and the domestic sugar interests.
Considerable uneasiness was noted in specu-
lative circles over the decision of the United
States Steel directors not to issue their report
of earnings until after the close Of business.
Traders assumed that the statement would not
make such an encouraging exhibit as had been
expected, and a consequence they sold stocks
in the afternoon dealings throughout the list
The pressure in the steel shares effective in
carrying down the price of the common over one
point while the preferred suffered a fractional
reaction. Dealings in these issues We're heavier
than in any other stocks the list. Next in
Importance to the steel shares in point of ac-
tivity Reading common. In which total
dealings amounted over one hundred thou
sand shares. This stock declined over a point
while throughout the anthracite coal list losses
were general. The Erie shares made fractional
net declines but Delaware and Hudson and
Delaware Lackawanna and Western closed at
net losses of from one point TO two points. At
the close the general market at the lowest
prices of the day On the decline good buying
reported in the Colorado Southern issues;
also in Wabash stocks and bonds. Dealings in
the Wabash debenture bonds were enormous.
and buying was said to be for the account of i'm
portant inside interests. The remarkable ac-
tivity in these issues in the last few weeks un-
doubtedly foreshadows important developments
in the affairs of the company and in the stand
ing Of these securities. 1t was reported in well
informed circles yesterday that the debenture
b bonds would be retired, and that in their place
regular per cent bond would be issued. The
Wabash preferred and common stocks have
been accumulated by a good class OF buyers
The annual report Of the United States Steel
Corporation, which issued after the close
OF business. showed remarkably heavy earnings
and reflected extraordinary condition of
prosperity in the steel and iron trades in the
United States. Although net earnings for De-
cember were somewhat under the heavy records
of the few preceding months, the total for the
nine months Of the company's organization
amounted to the enormous net balance of nearly
SS5.o0O.oOO. The small decrease in December
from the November and October records was
due TO the fact that the company was unable
TO secure enough carry it's product to
market. In the nine months from April to De-
cember the company showed a balance, after
ali charges, dividend payments and operating
expenses. of S19.414,497. This remarkable
showing Of earnings ought to have important
effect the stock market, especially for the
steel shares and the industrial list in general.
The money market not important int1u-
ence jim yesterdays trading, rates ruling at a
comparatively easy level.