The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-01-29
EtmnMcrHl.
THE STOCK MARK Ell,
st. Paul tho Dominant Factor Ycster-
day.


New York, Jan. 2S-The huge proper
ton of the dealings in st. Paul made
1t the dominant factor in to-day's mar
ket Its influence was marked on a
very few stocks nearly affiliated with
4 1t, but the general list showed drag
ging tendency both on the upward and
/ the downward course. The violent and
erratic movements In st. Paul kept the
market confused and unsettled for the
greater part of the day. Considerable
gains were established during the early
dealings and later in the day prices
fell below Saturdays level, but the net
changes are for the most part small.
st. Paul was at one time nearly 3
| points above Saturday and at another
time over points below and closed the
day with net loss of IA on sales of
$4,000 shares. The intermediate move
ments were excessively erratic and fe-
verlsh. A very noticeable feature Of
the trading In the stock was the much
heavier volume of transactions Of the
advance than on the decline Before
the advance was inaugurated, the price
ran off a point from the opening under
the crushing weight of the offerings
and very heavy blocks were taken at
each stage of the advance When the
price had touched 1853 3-S the buying
demand received an abrupt check and
was not at any time afterwards equal
to that Of the first hour although
there were occasional revivals in the
demand. On the down grade from
1853 3-8 to 1852 1-2 the offerings were not
overwhelming, but there was not suffi-
cient demand to absorb them. The
tipsters this morning put out state
ments in great detail Of the completed
plan for the transfer of st. Paul stock
in exchange for bonds Of the Great
Northern and Northern Pacific 1t
was further announced that the plan
would be officially published to-day.
Up to the close of business, however
the promised plan had not appeared.
The st. Paul movement was supple
mented by a strong rise in Kansas and
Texas preferred and in Manhattan. The
first irregularity of the market was
caused by weakness in the steel group,
in which the opening gains had been
moderate. The session of the directors
of the Steel and Wire company TO- !
cussed the attention of spectators in
the group No decision was announced |
on the dividend question before the
market closed, but the stock, after sell
ing down to SO ga, had a spasmodic |
rally to Al in the final dealings. The |
~ 4.
In sympathy, notably Federal Steel, did I
not have time to respond before the t
close. There was sudden stiffening
Of Southern Pacific in the final deal I
ngs also, but the closing generally was
heavy and dull. The cause of the re-
action in the market seemed to be con-
lined to technical grounds, the specula-
.ors who bought so largely on Saturday
III the strong bank statement selling to
'ealze and finding very little demand
% absorb their offerings. London was
small seller on balance through the
Usual channel but the further advance
n sterling exchange made it evident
hat the homeward movement of securi-
les continued very heavy. The atmos-
,here of the London stock exchange
vas reported to be serene and recent
lpprehensions regarding this weeks
mining sttlement seemed to be allayed
Business in railroad bonds continued
arge and prices advanced in the early
ealings, but yielded in sympathy with
tocks. Total sales par value $3,S76, 900. ,
Tnited States bonds were all UNCHANGED ,
n the last call.
SEW Y0RK STOCK MARKER. !
- Il