The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-01-16
IN THE STOCK MARKET,
The Steel Stocks Furnished The Sensation
Of the Day.
THEIR FLUCTUATIONS WERE sRRATIC
.pJ n Convincing Evidence of I'm
settled Conditions Among
steel Interests.

New York January l5.-There was a very
confusion OF mixture of sentiment on the
stock market today. The steel stocks proved
the sensation Of the day, and their erratic
fluctuations were convincing evidence OF the
unsettled frame Of mind among the steel in
terests There was some early weakness in
the group, in spite Of an opening rise Of Sss
In National Tube and of 2 points in tin plate,
but the whole group became strong later and
rose on an average between and points
over last night. For some inscrutable rea-
son the declaration OF an per cent div-
dend on the common 5toek OF the American
| TIN flate 10 be distributed N quarterly
payments caused pronounced weakness in the
group. Tin rate itself dropped back near!y
| b points. The current surmlse as 10 what
| dividend should be declared reached the
| limit at ) per cent, so that the per cent
dividend was Tar in excess Of the most san
| gulne estimate. Some selling to realize by
| outsiders was TO be expected, but the sur
prislng fact was that the buying attracted
| by the large disbursement was quite insight
| fcant and entirely inadequate TO absorb the
| realizing. The more moderate conjeetures as
| TO future favorable developments in other
steel stocks made spectators feel that their
movement on good news was likely to be
SIN larry disappointing.
Inc bears were not slow to take advantage
of this frame OF mind. Their selling forced
| an extreme decline Of ga in February steel,
accompanied by a ruInor that todays declara-
| ton would be simply d quarterly dividend of
| ) per cent, emitting the expected lump divi-
dend Of per cent, After the close of the
market a per cent dividend was declared.
Steel and Wire was forced down AS anu
National steel, Smelling, Steel Hoop, Colo
RADIO Fuel and National Tube from 10
points. The episode by some Is regarded
as rejecting the impression produced by the
utterance and projects of the oountry's lead
ing steel magnate. To the same influence
was also tlaceable the weakness of the
trunk railway stocks, the magnate's projects
being reported 10 iacude the construction OF
a railway line from Chicago TO the seaboart
by way of P.ttsburg In order to secure salts.
factory freight rates for himself Penn
sylyania aud New York Central were bott
OFF about points.
Although the market generally gave WY
in the late dealings IN sympathy with tn,
break in steel stocks, there were examples
Of strength In the earlier part OF the day
The Erie stocks were generally and persst
entity strong and the grangess and Pacific
were al one time higher than last night. 81
Louis and San Francisco was strong on
rumor Of plan for retiring the company
fi.s preferred stock, At the low point tn
extreme declire in burlington was 2s4 tc
ST. Paul pa, in Lackawanua 21s and in bela
ware and Hudson ga. Sugar was errat
and dropped points from the early ad
vance closing with a net loss OF 81.
The break in sterling exchange this morn
ing made 1t evident that gold would no
, go out Immediately and this had an effec
on the early strength Of the market TIL
money ran up 10 per cent just before N
close and reports were current of soru
enormous borrowings by the Pennsylvani
s on account of It's purchases Of stocks 0
a other railways during the past year. Pay
b.. ments on account OF the Pennsylvania Goa
company are also In progress this week in
: volving some very heavy financial opera
tons. Cash continues to flow to this cit
Y In very large amounts and no notable hard
= enlng of the money market is thought to +
= possible.
; Bonds were weak in sympathy with stocks
n Total sales par value s2,l60,000.