Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-01-28
Fluctuations in st. Paul Unsettles
Entire Stock List.
CONFLICTING RUMORS AFLOAT
Good Buying Of Standard Shares
on the Declines.
GEN NERAL MARKET REPORTS
pecial Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, January 2S.-The trading
in todays stock market was more confus-
ing than any recently recorded. and the
frequent changes in direction had an IT.
regular net result.
London sent over range OF prices
fractionally higher than those recorded here
on Saturday. and the local opening was
steady at moderate gains.
The st. Paul deal was revived and the
price Of the stock crossed 15S. A news
agency item came out during the advance
and announced the formation of a syndi-
cate to underwrite an issue of 31s per cent
bonds. to be guaranteed by the mysterious
purchasing property, and to be exchanged
for the common stock of St. Paul on the
basis Of $4,000 bonds for 100 shares of
stock. Later "hitch'' was reported. and
the stock declined to 154S, the difficulty be-
ing that $4,000 bonds were demanded in
the trade.
Following hard upon this explanation
came composite denial of the entire pro-
ject from directors in every road in any
way suspected of being in the transaction.
From the same source and almost stimuli
taneously came assurances that prominent
officials of st. Paul, Great Northern and
Northern Pacific were in conference and
all refused to discuss the object Mr.. Nor
gan was reported as being present at the
conference st. Paul sold down to 152is
under the influence of these confusing state
ments. some 5000 shares being sold at the
low price.
AS matter Of fact everything points to
the success of the deal, in due time. but 1t
is quite likely that its speculative signih-
canoe will be oyerestimated The bonds
offered in exchange for the stock will not
sell at par right away. and at 30 would
make the present price Of the stock about
high enough. unless the $4,000 basis be
adopted.
The general market was unusually sensi-
tive to the movement in St. Paul and
strong or weak according to the direction
of the leader The buying on declines was
good. Northern Pacific, Southern Pacific.
Atchison. Erie and the southwestern issues
find a good demand on all concessions.
The market is void Of big public de-
mand. but reflects big public interest. IL
the advance gains impetus the volume OF
business should increase. Earnings are
good. many of the roads showing handsome
gains over the prosperous times last year
The increase Of the best known lines is
fully 10 per cent In excess of the same
period last year. Money is cheap and Ii
In sufficient volume to admit of the many
transactions now in the formulative stage.
The industrial shares were erratic, espe-
cially the steel group. and helped to in
crease and emphasize the unsatisfactory
features of the day.
American Steel and Wire directors met
to consider the dividend on the common
stock of that company
The price of the stock was advanced to
~. but broke per cent upon the adjourn
ment of the board for a recess without
having taken action. Federal Steel was
weak in sympathy, as was the entire steel
list. Considering the encouraging trade
outlook. this internal warfare Is a misfor-
tune. American Smelling was weak under
sales for both accounts.