The Washington times., 1902-01-09
STEEL BREAKS
AND RALLIES.
Market Receivers from
Early Disappointment.
CLOSING STRONG AND ACTIVE.
Heavy Dealings in Union Pacific At
tended by sympathetic Advance
i'm ST. Paul and the General Rail
way List-Noucy Market Firm
Gold Exports FOrcshntiOwed.

way List-Woncy Market Firm
Gold Exports ForcshndOwed.
NEW YORK, Jan. S.--Throughout the
forenoon session the stock market wa!
very much unsettled. chiefly in sympath!
with the further extensive declines that
resulted from the dealings in the United
States Steel stocks.
Shortly after midday the liquidation ap-
peared to culminatc for the time being
and there was a general rally in prices
although the trading was in small vol
ume, largely for professional account, and
still characterized by irregularity. Spec
ulative Wall Street professed grave dis
appointment over the showing made by
the United States Steel Corporation for
the last quarter of the year, and particu-
larry for December.
Larger Earnings Expected.
Apparently, by reason of the recent dis
semination of wholly unwarranted re-
ports the street has been led to believe
that the earnings of the Steel Corporation
for the last quarter of the year would be
much larger than the returns actually
show. Yesterday afternoons violent break
in these stocks was taken at the time as
foreshadowing some disappointment in re-
spect to the statement, and there was re-
newed and heavy liquidation in these
stocks upon the opening of business this
morning.
The company reported net earnings for
the third quarter of the year amounting
to over $4,000, ,0G0. as against s2S,0O0,OOO
for the second quarter and S2o.OoO,OoO Tor
the first quarter. There was appropriated
for sinking funds on the corporation S
bonds, and for depreciation. improve
ments, and other purposes, nearly $l2.-
eco 600, or about IA per cent of the net
earnings for the nine months.
Good Available Balance.
After providing for the interest On the
company's bonds, and for the three quar-
terly dividends upon the preferred and
common stocks. the company reports a
final balance applicable to surplus. new
construction, or any ether purposes of
over S10.o00,Oo0.
A gooG deal of attention was attracted
to the fact that the estimated net earn
ings for December were 81. 600 below
those Of November. and about s4,50o, coo
less than for October. December returns
We're also the smallest reported for any
month since last April. when the opera
tions of the company began.
The falling away in December earnings
was accounted fer partly by the closing
of navigation on the Great Lakes, which
reduces the returns from the corpora
tinn's mining and transportation com
panies, and the returns for the ensuing
three months are apt to be affected by
the same circumstances.
Ability to Maintain Dividends.
Inasmuch, however. as the corporation
net surplus earnings for the nine months
cf its fiscal year have exceeded by nearly
s., SEQ, GOO its full requirements on all ac-
counts for the entire year it would seem
that there can be no question whatever
as to the ability of the concern to main
tain present rates of dividend for all time
to come.
At all events. the companys statement
for the full period reported ought to give
an investment rating of the first class TO
the preferred shares. Apart from the con-
OF the United States Steel Corporation
there was little or nothing in the days
situation which attracted much attention.
Money Market Firm.
The money market was firm, the bulk of
the borrowing being effected between
and per cent, and sterling exchange con-
tinued easy around yesterdays levels.
The withdrawal OF an additional sum of
gold from the Treasury, the amount
being $500 900, was assumed to foreshadow
further exports of the metal later in the
week. but otherwise the indications in the
market to this effect were by na
means definite.
The weakest features OF the railway list
in the carly dealings were New York Cen
tral and st. Paul. but both stocks rallied
sharply in the recovery after midday
Firm features of the railway list were the
Reading shares, Rock Island, St Louis
and San Francisco, and the Southern Rail-
way issues.
Strength in SpcciaIties.
The local traction stocks, while sharing |
N the irregular movements in the general |
market, had firm uniertone.
Among the specialties, noteworthy |
strength was shown by Western Union,
tuIp1T. anu American
Smelling. Sugar Refining continued firm. /
American stocks were sharply depressed |
Il the London market for the same reasons |
hat were effective in the local trading, !
and on balance foreign houses sold about |!
20, 100 shares Of stocks here.
Closing Strong and Active.
The market closed strong and active,
with very heavy dealings in Union Pacific |
he features of the trading. No gossip at
ended the movement in that instance, but |
he rise in the stock was attended by a
advance in St. Paul and in the
'ailway list at large.
The United States Steel issues also recov-
red quite sharply from their low point OF
he forenoon. The increased activity in
southern Pacific, together with the ad-
ance IN that stock and the rise in Union
acifc, was taken to indicate that the be-
ginning OF dividends on Southern Pacific
tock might not be so remote as had been
eretotore understood.
lew York Stock Exchange, Jan. 6
High Low Clos Net
est est. ing. ch'g's
NAL Cope? ,....... 715s 7OH 7l1k + q
m. Car e. Fdy...... 301s 3O4 307s + *
m. Car Fdy pf... S724 ST. s74,