The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-16
FtmnMctHi.
THE STOCK MARKET.

Very Con fusing Mixture OF Sentiment.
New York. JAN 15-There was verv
confusing mixture Of sentiment In the stock
market to-day. The steel stocks proved the
sensation of the day, and their wide and
cratic fluctuations were convincing evil
dence of the unsettled frame of mind
among the steel interests. There was some
early weakness in the group IN spite of an
opening rise Of 39s in National Tube and or
2 points in Tin Plate. But the whole group
became strong later and rose on an average
between 1 and points over last night. For
some inscrutabe reason the declaration OF
an ger cent. dividend on the common
stock of the American Tin Plate company,
to be distributed in quarterly periods, caus-
ed pronounced weakness in the group. Tin
Plate itself dropped back nearly 5 points.
The current surnise as to what dividend
would be declared reached the limit at
per cent. so that the per cent. dividend
was far in excess Of the most sanguine es'
innate. Some selling to realize by insiders
was to be expected. But the surprising
fact was that the buying attracted by the
large disbursement was quite insignificant
and entirely Inadequate to absorb the real
izing.
The more moderate conjectures as to fu-
ture favorable developments in other steel
stocks made spectators feel that their
movement on good news was likely to be
similarly disappointing. The bears were
not slow to take advantage of this frame of
mind. Their selling forced an extreme de-
cline of 6A in Federal Steel, accompanied
by Il rumor that tO.day's declaration would
be simply a quarterly declaration of IA per
cent, emitting the expect ca lump dividend
zet 5 per cent. dividend was declared.
Steel and Wire was forced down Az and
National Steel, Smelling, Steel Hoop, Colo
RADIO Fuel and National Tube from 10 3
points.
The action of the steel group is regarded
as due to the published utterances of the
leading steel magnate OF the country. The
same influence was perhaps accountable for
the weakness of the trunk line railroad
stocks, the magnates projects being report
ed to include the instruction OF railroad
line from Chicago to the seaboard by way
of Pittsburg in order to secure satisfactory
rates for himself. Pennsylvania and New
York Central were both off about two
points.
Although the market generally gave way
under the late dealings in sympathy with
the break in the steel stocks, there were
examples Of strength in the earlier part of
the day. The Erie stocks We're generally
and persistently strong and the grangers
and the Pacifcs were at one time higher
than last night. Kanawaha and Michigan
was advanced 5 points. st. Louis and San
Francisco was strong on runor of a plan
for retiring the company's first preferred
stock At the low point the extreme de-
cline In Burlington was 22s, In st. Paul "a,
in Lackawanna 215 and in Delaware and
Hudson 3A. Sugar was cratic and dropped
4 points from the early advance, closing
with a net loss of 3A.
The break in sterling exchange this morn
ing made it evident that gold would not go
ont Immediately, and this had an effect on
the early strength OF the market. The
money rate ran up to per cent. just be-
fore the close and reports were current of
some enormous borrowings BY the Fenusyl-
vanla railroad On account OF its purchases
of stock of other railroads during fine mn ST