The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-01-16
STEEL GROUP WIS ACTIVE
FLUCTUATIONS WERE WIDE AND
ERRATLC, THOUGH CLOSE WAS
FAIRLY sIaRoNG
gs5vA
WEAKNESS IN TRUNK LINES
Rumor That Carnesae VIII Build a
Railroad of His Own As
crfbed as the
Cause.
WEAKNESS IN TRUNK LINES

Bar silver, New Yorkc!... 631l 62h
Can money, New YoFha&E215@4 2AQ4
NEW YORK, Jan. 15.3rnere was a
very confusing mixture of sentiment in
the stock market today. The Steel stocks
proved the sensation of the day. and their
erratic fluctuations We're 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 SIS in National
Iupe ana of points In Tin Plate but
the whole group became strong later and
rose on an average between 1 and 3
points over last night. For some inscru-
table reason the declaration of an 8 per
cent dividend on the common stock OF
the american Tin Plate company, to be
distributed In qarterly dividends, caused
pronounced weakness in the group. Tin
late itself dropped back nearly points.
The current SurTDise as to what dfyi-
dend would be declared reached the limit
az per cent, so that the per cent div
Sulne estimate. Some selling to r0Ilize
by insiders was to he expected, but the
surprising fact was that the buying at
tracted by the large disbursement was
quite insignificant and entirely made
quate to absorb the realizing The more
moderate conjectures as to future favor
apie developments IN other steel stocks
made spectators feel that their move
ment on good news was likely to BE-
similarly disappointing. The bears were
not slow to take advantage of this frame
e
IRENE decline of "a in Federal Steel, ac-
compapied by rurnor that today's dec
laratfon would be simply a quarterly one
Of IA per cent, emitting the exrec11ed
lump dividend Of per cent. After the
close of the market a 5 Ier cent dividend
was declared. Steel e. Wire was forced
down AS and National Steel. Smelling.
Steel Hoop, Colorado Fuel and National
Tube from TO 3 points,, The episode Is
by some regarded as rejecting to the
Impression produced Pgthe utterances
% a.
magnate. To the saneeHItfrest was. per-
haps, traceable the Txaa kness of the
Trunk line railroad socks, the mag
mates projects being Igp8Eted to Include
the construction Of Railroad line from
Chicago to the Seab3afa by way OF
Pittsburg in order to setsfsre satisfactory
freight rates for himssSlfs4 Pennsylvania
and New York Central-~ere both off
about points. Although the market gen.
orally gave way in 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 were generally---and persistently
strong and the CHANGERS and Pacjf-s
We're at one tine higheF Sian last night.
kanaWha & Michigan was advanced 5.
st. Louis & San FranciScoS was strong on
q rumor of plan for retiring the COM
pany's first preferred stHck At the low
point the extreme tIeclffie Fin Burlington
was 2%, in st. Paul N, in Lackawanna
~ and in Delaware & Hudson 81. SUI
gar was erratic and dropped 4 points
from the early ADVANCE CLOSING WIFI a
net loss of "a. The break in sterling
exchange this morning made 1t evident
that gold would not go cut immed :ate'y,
and this had an. effect on. the cary
strength of the market. The money rate
ran up to per cent Just before the close
. and reports were current of some enor-
nous borrowings by the Pennzylvania
railroad on account ofoits. purchases CT
stock of other railroads during the pa.
year. A Philadelphia dispatch placed the
amount raised by the company since Jan.
] as high as $50C0o0G0. Payments on ac-
count of the Pennsylvania Coal company
are also in progress this week, involving
some very heavy financial operations.
Cash continues 10 flow to this center In
very heavy large amounts and no notable
hardening Of the money market Is
thought to be possible. -1s--
Bonds were weak in sympathy with
sticks. Total sales, par value, 21f0001.
United States refunding Is declined p per
cent and IS, coupon 4, on the last call.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
CO.. members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid "