The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-01-16

and points over last night. For some
inscrutinable reason the declaration of
an s per cent. dividend on the common
stock OF the American Tin Plate Company
10 be distributed IN quarterly periods,
caused pronounced weakness in the
group. Tin Plate itself dropped back
nearly points, The current surmise as
to what dividend would be declared.
reached the limit at ) per cent, so that
the per cent. dividend was far i'm ex-
cess OF the most sanguine estimate.
Some selling to realize by insiders was
to be expected. but the surprising fact
was that the buying attracted by he
large disbursement was quite insignificant
and entirely inadequate 10 absorb the
realizing. The more moderate conjec-
lures as to future favorable developments
in other steel stocks made spectators
feel that their movement on good news
was likely to be similarly disappointing
The bears were not slow to take ad-
vantage of this frame Of mind. Their
selling forced an extreme decline of 6A
in Federal Steel, accompanied by a rumor
that days declaration would be sim
ply a quarterly one of IA per cent, omit
ting the expected lump dividend of per
cent. After the close of the market a 8
per cent. dividend was declared. Steel
and Wire was forced down 4lA and Ma
tional Steel, Smelling, Steel Hoop, Col
orado Fuel and National Tube from to
points. The episode is by some regard
ed as rejecting the impression produced
by the utterances and projects of the
countrys leading steel magnate. To the
same influence was perhaps traceabie the
weakness of the trunk line railroad
stocks. the magnates' projects being re-
ported to include the construction of a
railroad line from Chicago to the sea-
board by way of Pittsburg in order to
secure satisfactory freight rates for him
self Pennsylvania and New York Cen
tral were both off about two 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 gen.
orally and persistenty strong, and The
Changers and Pacifics were at one time
higher than last night. st. Louis and
San Francisco was strong ON rumo:
of a plan for retiring the company's first
preferred stock. Al the low point the
extreme loss in Burlington was "a in
St. Paul ga, in Lackawanna 2is, and III
Delaware and Hudson. 3A Sugar was
erratic and dropped 4 points from the
early advance, closing with net loss or
SA. The break In sterling exchange this
H1du6 IL eNlutIl hildl BOlU MOulh
not go out Immediately, and this had
an effect on the early strength of the
market The money rate ran up 10
per cent just before the close, and re-
ports were current of some enormous
borrowings by the Pennsylvania Railroad
on account of its purchases of stock of
other railroads during the past year.
A Philadelphia dispatch placed the amount
raised by the company since Jan. /, as
L, sz.l
of the Pennsylvania Coal Company are
also in progress this week. involving some
very heavy financial operations Cash
continues to flow to this center in very
large amounts, and no notable hardening
of the money market is thought to be
possible.
Bonds were weak in sympathy with
stocks. Total sales, par value, 81, 100, 900.
United States refunding rs declined y
per cent. and IS coupon a on the last
call.
To-day's total sales of stocks were I, -
1920 shares, including Atchison, 10, 500;
do preferred, $500; Baltimore and Ohio.
l1,6OO; Chicago Great Western, 500; Chi
cago Burlington and Quincy, 1880; Chi
cago, Rock Island and Pacific, 800; Erie,
$500; do first preferred, 1920; Louisville
and Nashville. 800; Manhattan, 3S, 400;
Missouri Pacific. 1850; Missouri, Kansas
and Texas preferred, 1880; New York
! Central, 715o; Norfolk and Western, $500
| Northern Pacific, 1860; Ontario and
| Western, 22,1OO; Pennsylvania, 1920
Reading, 26,l50; do first preferred, 9,4OO
do second preferred, 5000: st. Louis and
San Francisco. 10000; do second preferred
500; ST. Louis, Southwestern preferred
1880; st. Paul, AZ 500; Southern Pacific
200; Texas Pacific, $780, Union Pacific
$1,000; Copper, $500; Smelling, % 300; Steel
| and Wire, 1900; Steel Hoop, 5000; Amer
lean Tin Plate, 49, 100; American Tobacco,
Is 1907 Brooklyn Transit, 1880; Colorado
Fuel. 800; Continental Tobacco, 80, 300;
Federal Steel, $780, do preferred, 1900;
National Steel. 7.40O; Peoples Gas, IA, 800;
Sugar, $500; United States Leather 1920.