The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-16
EARLY STRENGTH
WAS DISSOLVED
Market Broke in Sympathy With
Steel Stocks.
MONEY HARDENED SLIGHTLY.
Cash Continues to IE1ow IN. However.
In Such Quantities that No Ma
Icriai Stiffenin= OF Rate
is Anticipated.
MONEY HARDENED SLIGHTLY.
tBy Associated Prcss.)

NEW YORK, Jan. 15.-There was a
very confusing mixture OF sentiment IN
the stock market to-day. The steel stocks
proved the sensation of the day, and
their wide and erratic fluctuations were
convincing evidence OF the unsettled
frame or mind among the steel interests.
There WAS some early weakness IN Inc
c-rolln in spite of an opening rise of 3ls
IN National Tube and points IN I'm
Plate, but the whole group became strong
later and rose on an average between /
and ill points over last night. For some
reason the declaration of 5 per cent. diNi-
,leud on the common stock OF American
Tin Plate to be distributed in quarterly
periods. caused pronounced weakness IN
the group. TIN Plate itself dropped nearly
. points. The current surm!se as 10 what
dividend would be declared reached the
limit of > per cent. so that the per cent
dividend was far in excess OF the most
Sanguine estimate. Some selling TO real
iZe by insiders was to be expected. put
the surprising fact was that the buying
attracted by the large disbursement was
quite insignificant and quite inadequate
TO absorb the offerings. The more mod
crate conjectureS as TO future favorable
developments in other steel stocks made
spectators feel that their InoVemnt IN
good news WAS likely to be similarly dis
appointing The bears were not slow TO
take advantage OF this frame of mind.
, Their selling forced. an extreme decline
of tT2i IN Federal Steel, accompanied by
ru,nor that to-day's declaration would be
simply q quarterly. one OF IA per cent,
emitting the expected lump dividend on .
per cent.
After the close OF the market a s per
cent dividend was declared. Steel and
wire was forced down AS and National
Steel, Smelling. Steel Hoop, Colorado
Fuel and National Tube from > to .
points The episode is by some regarded
as rejecting the impression produced by
the utterances and projects of the coun-
try'S leading steel maSnate. To the same
influence was perhaps. traceable the
weakness OF the trunk line railway
stocks. the magnate's projects being re-
ported to include the construction of a
railway line from Chicago to the sea-
board by way OF Pittsburg in order to
secure satisfactory freight rates for
pennsylvania and New York Central
We're both off about = points. Although
The market generally 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 consls-
tently strong, and the granGers and Pa
cities We're steady. At the low point the
extreme decline in Burlington was ~, in
St. Paul ~. in f-ackawanna 2i., and in
Delaware and Hudson 81. Sugar was
crratic and dropped points from the
early advance. closing with a net loss OF
81. The break in sterling exchange this
not go out Immediately. and this had an
effect On the early strength OF the mar
ket. The money rate ran up to per
cent Just before the close. and reports
were current Of some enormous borrow
ings by the Pennsylvania on account of
its purchases OF stock Of other railroads
during the past year.
a Philadelphia dispatch placed the
amount raised by the company as high as
500 600 since January. Payments on
account of the Pennsylvania Coal Com
pany are also in progress this week. in
rOlving some very large financial opera
tons. Cash continues to flow TO this cet.-
ire in very large amounts, and no nota-
bic hardening OF the money market is
thought 10 be possible.
Bonds were weak in sympathy with
stocks Total sales. per value. So 1906
United States refunding rs declined y
and IS coupon i on the last call.
To-day's total stock sales We're ], 113,200
shares.
MONEY AND .EXCIIANGE.-Mone on
cali steady at 2i3a4 per cent: last loan at
22l@ per cent; prime mercantile paper, 445
per cent. Sterling exchange easier, With
actual business in bankers bills at 81. $40
iS7Is for demand and 81 $50 for sixty
days: posted rates. 81. S4@4. 81: CONNER
cial bills. ST S2ia64. So. Silver certificates
641s6651s; bar silver. 63l4; Mexican dol
lars 49M. Government bonds weak; State
bonds inactive; railroad bonds weak.
STOCK QUOTATIONS