Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-01-29
FINANCE AND TRADE
Sharp Break in st. Paul at the
Opening.
GOOD BUYING AT $50
Action of Steel Trust Directors
Disapproved by Brokers.
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. January 29-Trading in to-
days stock market was not materially diff
ferent from the record OF preceding days.
As heretofore. the st. Paul matter gave
direction to prices and forced sudden
changes from strength to weakness.
The early trading was decidedly irreg-
ular in all departments. St. Paul sold
down to $50. at which price support was
met. and a rally OF per cent followed.
The general impression was that an eff
fort had been made to emphasize the weak
ness in this property. and to overestlmate
the significance OF the delay in announcing
the change of control. An unconfirmed
rumor had it that Mr.. Hill had cabled
friends in Europe that the deal was I'm
progress. but had not reached a definite
settlement. Circumstantial evidence points
to the likelihood Of the deals success but
the market seems destined to be subjected
to further period of unsetting rumor-
mongering before the facts are disclosed.
The buying of the stock on weak spots
and the unusual volume Of the business In
1t suggests the presence OF something more
important than mere manipulation.
The action Of the Steel and Wire directors
in adtourning until II o'clock today and
then Withholding the result of their DELHI
erattons until after the close OF business
was TYPICAL ana unpopular development.
The price OF the stock held we'll at times
and 1t was In good demand at 40.
Quotations were apuve or below these
figures several times but the buying above
was called better than the selling below. II
Is said that the annual report will show
splendid earnings for the year, but divi-
dend action at this time does not neces-
sarily follow. One faction of the board Is
supposed to favor no dividend action until
after the annual meeting next month. Those
favoring this delay supposed to be I'm
need of stock for voting purposes and might
buy the necessary amount at lower prices,
should the street be disappointed with to-
days dividend action.
As a matter of fact. however. the Steel
stocks rallied and declined with the general
market, and there was no evidence Of any
thing unusual being In contempla ton.
In the railroad list Southern Pacific was a
feature at the highest prices recorded in
some years. The scheme to divide the stock
into two classes. common and preferred, Is
received with favor, and the banking in
terest behind the property does not have to
buy such large blocks Of stock in order to
advance the price, as has been the case
hitherto.
A substantial advance in Mobile and Ohio
resulted from rumors of increasing bust
ness and the prospects for deal with
larger property. The southwestern shares
all acted we'll In spite Of extensive profit
taking. and predictions were made that
early hopes will yet be realized In the
group.
The final trading was at the best prices
or the day and commission house business
Increased in volume during this period
Buying on declines continues to be the
fashionable advice In commission house
circles. The probable passage of the ship
ping bill is added to the buying incentive.