The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-01-18
New York Stock Market.

New York Stock Market.
New York, January 16.-The exces-
sive confusion OF speculative opinion
today was shown by wild and frequent
fluctuations IN prices. often in conflict
in different groups OF stocks. An evil
the movement of the steel stocks from
that of the railroad stocks. The ac-
tion of the steel group yesterday made
it very evident that a decline in them
was to be faced. Some effort was made
at h opening to contest this event,
and supporting orders effected a rise
Of a point over asst night in Steel and
Wire and Tin Plate and of IL in Ma
.tiona1 Tube, but the last. named stock
was the only one which retained any
show of strength in the later dealings.
There was some h of support in
Federal Steel early in the day and af-
ter an opening decline of IL it was
rallied a point, out the selling of the
stock was persistent and urgent on
account of disappointment by Specula-
tors that no action was taken at yes
terday's meeting to insure quarterly
dividends for the coming year, in which
there has been great faith. There were
occasional rallies in the stock, and it
was lifted vigorously, at last, 2 points
above the lowest, but manipulation
was paQpable in the rally. At the low
level this stock was Az below last
night and the preferred was off 3k.
Next to this Tin Plate was most
acutely affected in spite Of yesterdays
s per cent. dividend declaration, and
fell an extreme 4 points. Colorado
Fuel was down 3A, American Hoop 8,
Tennessee 2A and Others of the group
from 1 to ~.
The conditions in the railroad list
were exceedingly irregular during the
early dealings, but there were suffi-
the few opening declines caused by.
sympathy with the London market and
with the weakness Of the steel stocks.
There was a manifest disposition to
realize in cOalerS and a Sagging tend
ency at other points. St Paul was
vigorously taken in hand in the midst
Of this uncertainty and marked up
nearly 6 points, precipitating a large
volume of forced buying from the
bears.
The market generally responded In
sympathy, but with a quick relapse OF
2 points in ST. Paul began to run OF
again.
Then Burlington took up the move
ment on the decision Of the directors
10 increase the stock 10 per cent. to be
issued at par to stockholders. The re-
sulting rise in the stock reached As.
but the doubt engendered by the de-
monstrated manipulation Of St. Paul
detracted from the effect On the gen.
eral market, and prices did not get
back to the top. The advances had
reached ~ in Northern Pacific, 8 in
Delaware and Hudson. rs in Rock
Island, and 2 points in st. Louis and
San Francisco second preferred. Man.
haitian and Sugar also roSe about 2
points.
When h futility of these measures
to hold the railroad list became evil
dent. h speculative liquidation in
reased to a very heavy volume. The
c~oaqers. the Paciics, the local trac-
tions, Peoples Gas and Sugar were
thrown on the market in a torrent OF
large blocks. The general level Of
prices was forced considerable below
last night, only a few small net gains
The reactions reached S
points in St. Paul. AZ in Manhattan
and from 2 to 3 points in the other
pfOIiAArC1Il ONOChS IIF0ICdCC0.
The closing was unsettled and irreg-
ular, but there was no evidence Of
any demand from other than short in
terests.
The announcement of gold exports
today for tomorrow's steamer did no1
seem to affect sentiment, as h early
strength in the market developed after
the shipments were known. The ac-
emulation Of money at h center
continued on so large a scale that the
interest rate tended lower today, in
spite OF the gold exporxs. and the soft
ness OF the exchange market showed
that the absorption of exchange bills
sold against h gold exports was not
easy.
The bond market was moderately.
and eased of in sympathy with
Total sales. par value, were
s.. 100000 United States old As decline
Y per cent- and b SIS registered y
per cent on the last cal. Today's
total stock sales were LAG. 900 shares.