The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1902-01-15
STOCKS CLOSE
ACTIVE AND WEAK
Net Losses Running from One
to Six Points
RUMOR OF BOND ISSUE
Erie Railroad Stocks Decline IA
Polnts--cut In Price of Sugar
Cost That Speciality 3 Points.
Selling Well Distributed.
RUMOR OF BOND ISSUE

New York January 14.--There was con-
siderable disturbance of speculative SEN
tinlent in the stock market today and the
movement to sell gained increasing FORCE
The weakness became rather rout IN
the final hour, when the heaviest selling
of the day was done and the market CLOS
ed active and weak and generally at the
lowest. net losses running all the way
from one to six points for the prlnclpai
stocks which affected the general mar
Ike. by sympathy to some extent, put
the movement as a whole, was due TO
general causes. which have been gaining
an influence for several days past. All
minor differences of Interpretation over
tho standing of the case against the
No. tbern Securities Company are sunk
In the general consideration that LEGALITY
of the combination is to be submitted 10
determination by the courts and that the
value of its securities are to be in abey-
ance during a probable prolonged htiga-
ton. The bearing of the decision In other
combinations. not only those made but
some others In contemplation, makes the
decision in this case of vast Importance
to tho whole securities market. The diff
ficulties developed in the several indus
trial combinations which have suffered
from impaired credit have given rise to
much more conservative spirit among
lenders of money and buyers OF securi-
ties. Today's upset in the grain markets,
resulting from over commitments III
speculation, brought some liquidation dl-
rectly upon the stock market. Besides
these general considerations Wall street
had rumors that new bond issue by the
Erie Railroad Company was imminent
and on these the stocks of the company
declined IA and 2% points. The remark
of the president in the last report that
at would seem that the day is approach
ing when arrangements for new capital
can be prohtably made was regarded as
A substantial basis for these rumors.
The cut in the price of refined sugars
cost that speciality three points. There
was noticeable weakness in group OF
stocks in which there has been specu-
iation on hopes of dividend increases or
the beginning of dividends. There were
fears that these hopes would be disap-
pointed. The New York, Chicago q ST.
Louis stocks the ST. Louis & Frisco
stocks; Lake Eric and United States Elk
press might be included in this category.
The Atchisons were heavily sold on con-
tinuing, dissatisfaction over the deben-
ture bond issue. Aside from these IN
stances the selling was pretty well DIS
tributed. There was a period of some
strength in the morning led by Manhat-
tan with a rise of 49, but that stock
fell with the rest of the market.
Glucose rose 3ss in face of the general
decline Sterling exchange was some
what easier leading to the supposition
that gold may not be exported after all
this week, but the market was little af-
fected by this development and by the
liberal gains of cash on subtreasury OPP
erations The payment today OF 100000
In redemption of the Hawaiian loan as
sumed by the United States will accrue
to the benefit of the market. Active bonds
weakened in sympathy with stocks but
with some less active issues held early
gains
Total sales par value $S,675,000
United States bonds were all unchanged
on the last call.
New York Stock Market.
BY Private Wire to Murphy d ca.