The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-17

! was some show of support in Federal
Steel early In the day, and after an
opening decline of III 1t was rallied a
| point. But the selling Of the stock was
persistent and urgent on account of the
disappointment by spectators that no
action was taken at Yesterdays meet
ing to insure quarterly dividends for the
coming year, in which there had been
great faith There were occasional raj
lies in the stock and it was lifted vigor-
ously at the last two points above the
lowest, but manipulation was palpable
in the rally. AT the low level this stock
was AZ below last night and the prefer
red was off 3R.
Next to this Tin Plate was most
acutely affected in spite Of yesterday S
per cent dividend declaration, and
fell an extreme points Colorado Fuel
was down 3k, American Hoop 8, Ten
nessee Coal ok and the others of the
group from / to 11a.
The conditions in the railroad list
were exceedingly irregular during the
early dealings, but there were sufficient
points Of strength to overcome the few
opening declines caused by. sympathy
with the London market and with the
weakness of the steel stocks. There
was manifest disposition to realize
also on the callers and a sagging ten
dency at other points ST. Paul was
vigorously taken in hand in the midst
of this uncertainty and marked up
nearly points, precipltating q large
volume of forced buying from the bears.
The market generally responded in sym
pathy, but, with a quick relapse of 2
points in St. Paul, began to run off
again. Then Burlington took up the
movement on the decision of the drec
tors to increase the stock 10 per cent to
be issued at par to stockholders. The
resulting rise in the stock reached AZ.
But the doubt engendered by the dem
onstrated manipulation of st. Paul de-
tracted from the effect on the general
market, and prices did not get back to
the top. The advances had reached 2A
in Northern Pacific, 3 in Delaware and
Hudson, OK in Rock Island and 2 points
in St. Louis and San Francisco second
preferred. Manhattan and Sugar also
rose about 2 points.
When the futility of these measures
to hold the railroad list became evident
the speculative liquidation increased to
a very heavy volume. The coalers, the
Pacifics, the local fractions, Peoples
Gas and Sugar were thrown on the
market in a torrent of large blocks. The
general level of prices was forced con-
siderably below last night, only few
small net gains remaining. The reac-
ton reached points in st. Paul, 43s in
Manhattan and from 2 to 8 points in
the other prominent stocks indicated
The closing was unsettled and irregu-
lar, but there was no evidence of any
demand from other than the short in
terests.
The accumulation of money at this
center continues on so large a scale that
the interest rate tended lower to-day in
spite of the gold exports. And the soft
ness of the exchange market showed
that the absorption Of exchange bills
sold against the gold exports was not
easy,
The bond market was moderately ac-
tive and eased off in sympathy with
stocks. The total sales par value were
s., $50, 900.
United States old tours declined u per
cent and fives registered a per cent. on
the last call.