The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-18
STOCK MARKET WAS WEAK
POWERFUL EFFORTS TO MAINTAIN
PRICES PROVED 8F LITTLE
EFFE6sRs
CLOSING WAS Ar THE LOWEST
ESsSe
HumOrs of War in the Steel Trade
and Statement by James j. HiII
Regarding ST. Paul Prime
Factoss.s

Gail money. New York;. 2-S 2n-3
NEW YORK. Jan. l7y9a-The state of
mind of the spectators today was one
OF more nervousness. The cloud of dis
trust was somewhat dispersed during the
course OF the day and prices were labor
1ousIy lifted to a level above last night
put uneasiness required in the late deal
lngs and the market closed with urgent
SelI1ng IN force and with violent and dis
ofoerly breaks in number of important
stocks. The excessive confusion of the
price movement during the early part of
the day served to put Speculate long of
STOCK in a. state of beWilderment There
was bold and powerful menipula ton used
10 support prices and to dissuade holders
from selling. The extreme ,dullness into
winch the market fell after the early
selling movement had been checked was
PROOF of the success achieved by this
1qaneuVer. but when 1T began to appear
tnat the marking up of prices had been
SIMPLY for the purpose of manipulating
the market to realize on, the market be.
came active again and the final break
in prices followed. The price movement
was so irregular and mixed at ali times
as to defy any close analysis. The open
ing weakness was most marked in the
steel group and the conditions among
the great steel corporations continued to
excite grave uneasiness during the ses-
sion. The conviction is taking form in
speculative circles that war between
the steel companies is dangerously iruIni-
nent. which, If it come. will demoralize
earnings in the trade. The tacit admis-
sion by inside authorities of a coming
bond issue by Federal Steel Is accepted
as foreshadowing a coming struggle.
That stock had a further decline of 3IS
and Federal Steel preferred of two points
on account Of this fear and declines in
other members Of the group, ranged from
l to 3 points. ,<.---.-.5 49,.
Meantime manipulative support was eff
fective in other parts of the list and
and a number of the Ra94f1cs and South.
westerns were lifted from one to two
points Then supporE-~as accorded to
the steel stocks and theprincipal mem
Steel. Tin Plate. Steel and Wire and
Smelling were lifted lsha5ply above last
night. Meantime there was realizing In
away there with OCCASIONAL exceptions,
which We're held up as a support to the
market In the finaL-slamp the whole
below last night, There were such VIC
III in o Manhaft f ri Tr oh9
sng g and a EG or f s RF seG 50 in
at the owe st @SeR f hs as9fef
closed. The statement ofnPresident Hill
owned a share Of st. Paul stock in his life
had greatly unsettlinagf1 influence on
spectators who have worked in the con-
control of Great Northern and Northern
Pacific The declaration Of a 2 per cent
dividend on New York. Chicago & st.
Louis second preferred, were all the way
from ~ to Per cent had been confident.
~ predicted, caused a readjustment of
ideas as to a large number of analogous
cases. The denial of the rumor that Met
ropolitan Street Railway had leased Man
haitian, upset another line Of speculative
calculations. The money supply con-
tinues superabundant, but the growing
BELIEF that a notable outward movement
Of gold had begun served as an addition.
al drag on the market.
The bond market was rather quiet and
irregular. Total sales, par. value, 81, $685..
GOD. United States bondsnTeFe unchanged
on the last call. re,i .:.5e7Iz.eozf q =
. STOCK QUOTATIONS.
Furnished by Charles H F. Smith d
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid: