Evening star., 1902-01-07
Bears Seemed TO Have Control in
Wall Street Today.
HEAVY SELLING OF STEEL STOCKS
The Coal Road Shares Were Sold
f@sy Also.
GENERAL MARKET REPORTS
cial Dispatch to re q { Evening star.

Special Dispatch to Tss Evening star.
: NEW~f0RKs~ january 7.-Today's stock
market reflected unusual confusion in Sell
timent, traders being, arrayed against i'm
provement and the larger interests doing
i little more than protecting their holdings
against attack. Isondon sent over a higher
range <ofz prices sana4sso some buying Of the
Steel and Coal stocks' vas credited to that
center. Locally there was considerable
manipulation undercov &c, Of which sales of
long stock were easily detected.
again Interested in Having prices down and
some corroboratiYe evidence along this line,
such as gold export ruInors and a prediction
that the courts WILL decide against the
selling by professional traders. Money
loaned at per cent and under during the
active borrowing period and some shifting
Of loans was reported Friction between
two leading banking interests was again
limited at and runaorssof all sorts took the
place Of actual news s.developments.
The more active commission houses were
inclined to believe that the buying on the
declines was better than the selling, and
that sharp rally would follow from the
mixed depression Of today.
The Steel stocks held well, during the
morning under buying by the syndicate
and further assurances of the company s
business prosperity were reflected in the
semi-official announcement that the net
earnings of the company had been about
100000 per month, beginning with Oc-
tober = r, II
There was some doubt as to the showing
for December, but any falling off from
the amount named, 1t was said, would not
detract from the average. The attempt to
create an impression that the dividend on
the common stock might be increased was
not sanctioned by the inside interests, since
the policy is, as always, to build up con-
siderable surplus fund. ,.
A advance
United States Express, following equal
rise during the last ten days, was explain
ed by a series of rumors limiting at a mer-
ger with other companies upon a profitable
basis. The movement was largely mantp-
ulative and the fluctuations were from "
to q per cent on small transactions.
Tomorrow's session of the Interstate
which witnesses will appear in the matter
of the settlement Of the Northwestern con-
troversy caused some uneasiness. Union
Paclfic's case particularly as a joint
owner of Burlington, is regarded as one of
the more delicate subjects of investigation.
The stock named. as well as Southern Pa
cific, showed signs OF good selling.
Atchison issues were we'll bought on the
declines by purchasers who have looked
into earnings and prospects and encoun-
tered good reasons for considering both
stocks relatively under value st. Paul
and the hlgher-priced railway shares were
heavy. .....i - .'r..:e
The coal stocks were strong during the
early trading. particularly Delaware and
Hudson and the. Readings but later in the
day this group was forced to reeede under
the general selling by the ROOM, 49,
With the steel and coal stocks weak, the
entire market was forced back and the
support was not of the best.
American Sugar and Amalgamated Cop
per were the subjects Of special movements
for a time. both. stocks being stronger than
the market. The Industrial list held we'll
during the forenoo, -evival Of public in
terest, but thus far suits are disappoint-
...--.y,,