The times. [volume] (Washington [D.C.]) 1897-1901, 1901-01-30
DOMINATED BY ST. PAUL
A Decline in the Stock Affects TIE
Entire Market.
Standardization of fhe Consolidation
way List-A sharp Rise in south
ern Pacific and Pacific Mail.

ern Pacific and Pacific Mail.
NEW YORK, Jan. 29.-The dominating
and, indeed, the controlling influence of
st. Paul in livestock market was clearly
demonstrated in today's dealings. II had
been commonly expected that as a result
of the conference held yesterday there
would have been some announcement
made today in regard to the disposition of
that property.
As a matter OF fact, the public, so far
as this news was concerned was left in
the same state of uncertainty in which it
has rested for the last few weeks. In con-
sequence the early dealings showed heavy
speculative liquidation in st. Paul stock,
wherein a decline of more than four points
was shown. There have been few Incl
dents in recent years more interesting
and in a certain way more inexplcasie
than the movements in this stock.
1t is now a matter of common knowl-
edge that certain powerful persons have
made advances TO the controlling inter-
ests Of the St. Paul property, looking to
the acquisition of the road upon a virtual
guarantee in excess of per cent. 1t is
likewise matter Of common knowledge
that this offer has been deemed by the
parties in question to be inadequate.
Hence, SO far as St. Paul stock is con-
cerned it would seem TO be only ques-
ton as to what the future dividends are
to be. If those persons practically con-
trolling the stock have refused to accept
guaranteed return of more than per
cent IL can be for no other reason than
that they expect to realize a larger re-
turn upon their investment than that Of
fered
1t is of course. only natural that there
should be heavy speculative selling OF the
stock because Of the nonrealizSkion of the
so-called deal But, on the other hand,
the actual investment status of the stock
would appear TO be clearly indicated.
The absence of any definite announce
ment in regard to the disposition of the
st. Paul property was reflected in an ir
regular and generally heavy stock mar
ket. The speculation continued most ac-
tive in the railway list, although the
views were diversified
Northern Pacific, within a narrower
range of fluctuations, again followed the
movements in St. Paul. The Erie and the
Reading issues were distinctly weak.
without any attending news or gossip.
There was also nothing definite to ae-
count for the decline in Norfolk and |
Western. or Louisville and Nashville. |
notably strCng feature CT the railway list |
was Southern Pacific With showed ma |
terial advance en- large transactions.
As was the case in the Tema nder of The |
railway list no particular discussion at |
tended ,he movements Of the stock. No |
well informed persons expect that a div |
idend is likely to be declared in the i'm
mediate future, although, according to
recently published statements. the road /
has earned only little less than 4 per /
cent upon the stock
In all probability. the prospects of the |
passage OF the Shipping sui sidy bin htd |
something to do with the rise in Southern |
Pacific, inasmuch as Pacific Mail a con- |
trolled property. also advanced sharply !
on the same reasoning
The movements in the specialties were /
generally Irregular. Cons olidated Gas |
WAS weak. while General Electric rose
sharply, and Peoples Gas and the c. pper |
stocks were frmer than for some time.
The industrial division of the market
also showed wide and irregular iuctua-
tons Interest naturally centred n
American Steel and Wire, on account of
the action on the dividend on the common
stock expected today. II was announced
early in the forenoon that no official an
nouncement would be made until after
the close OF business, and the defermen;
OF the official declaration regarding the
dividend was followed by a sharp recoy-
cry in Steel and Wire.
Everybody within access of the leading
spirits in this property have recently
been told definitely that no dividend |
would be declared on the common stock.
Statements to this effect may without
equivoeation be set down to those inter-
ests recognized as controlling the prep
erty.
The fact that speculative Wall Street
was disposed TO buy the stock in the face
of these definite assurances only goes to
show the esteem in which the notorious
Spectators in charge of this property are
held. The London market for American
stocks was weak. particularly for st. Paul.
The transactions in this market for for
eign account, however. were not upon an
influential scale. Additional satisfactory
traffic returns for various periods were
submitted today. which together with re-
newed ease in the money market, eonsti-
tuted the most important of the days de-
There Was no particular change in the
technical circumstances OF the dealings.
Commission houses again report light
volume Of business. and while the days
dealings attained fairly large aggregate.
they seemed to be largely for professional
account
The bond market continued active and
firm.