The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-29
STOCK MARKET
VERY ERRATIC
Violent Movement in St. Paul Caused
Confusion.
THE NET CHANGES WERE SMALL.
There Were Considerable Gains Es-
tab!ishcd in the Early Dealings,
But Later in the Day Prices
Fell Away Considerably.
The NET CHANGES WERE SMALL.
(Ey Associated Pres..1

NEW YORK, Jan. oS.-The huge pro-
portion of the dealings in ST. Paul made
ii the dominant factor in today market.
Its influence was marked on Il very few
stocks most nearly affiliated with it, and
the general list showed a dragging ten
dency, both Oh the upward and the DOWN
ward course. The violent and erratic
movements in ST. Paul caused confusion.
There were considerable gains cstab-
liEhcd during the early dealings, and later
in the day prices fell considerably below
Saturdays level, but the net changes are
for the most part small and some gains
arc mixed with the preponderant losses
St. Paul was at one time nearly : points
above Saturday. and at another time over
- points below, and closed the day with
a net loss OF IL on sales of $4,000 shares.
The Intermediate movements Were excess
siNcly crratic and severe. A notable fea-
turc of the trading in the stock was much
heavier volume of transactions on the ad-
vance than on the decline. Very heavy
offerings had TO be taken, in fact. before
The advance was inaugurated the price
running off n point from the opening I'M
der the crushing weight of the offerings,
and very heavy blocks being taken at
each stage of the advance.
When the price had touched 1JS;A the
buying demand received an abrupt check.
and was not at any time afterwards equal
to that Of the first hour, although there
were considerable reViyalS of demand
from time TO time On the down-grade
from 1osIs to 1927 the offerings old not
appear to be of overwhelming volume.
but there was not sufficient demand to
absorb them The tipsters then put out
statements in great detail of the COM
pleted 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 the promised
plan had not been published. The st
Paul movement was supplemented by a
strong rise in Kansas and Texas pre-
1eI-red and in Manhattan. The first irreg
ularity of the market WIS caused by
weakness in the steel group, in which the
opening gains had been moderate. The
session of the directors of the American
Steel and Wire Company focused the at
tention of spectators in the group. No
decision was announced on the dividend
question before the market closed. but the
stock. after selling down to ;;Sag. had
sIpasrnodic rally 10 II in the final dealings.
The other steel stocks which had weak
ened in sympathy, notably Federal Steel,
did not have time to respond before the
close. There was q sudden Stifening of
Southern Pacific in the final dealings,
also; but the closing generally was heavy
and dull.
The cause of the reaction in the mar
ket seemed to be confined to the
financial situation. London was q small
seller on balance through the usual chan
nels but the further advance in sterling
exchange made it evident that the home
ward movement Of securities continued
very heavy.
The atmosphere of the London Stock
Exchange was said to be serene. and re-
cent apprehensions regarding this weeks
mining settlement seemed to be ailaEed
Business In railroad bonds continued
large and prices advanced in the early
dealings. but yielded in sympathy with
stocks Total sales. par vallle. 81 N6.~H.
Tinted States bonds were all unchanged
on the last call
Total sales of stocks to-day Were 1,ooG-
700 shares.
MONEY. AND observation-disclosures on
cali steady at 1462 per cent; prime mer-
camille paper 311SG44 per cent Sterling
exchange firm, with actual business in
bankers bills at S4.SI1s for demand and
at SsSsdI. sax for sixty days: posted
rates. s4.S41a44 S4Hss: commercial bills.
81 S3l1Gi4 .S324. Silver certificate, 63laG65;
bar silver. 611a; Mexican dollars, As. Gov
eminent bonds steady: State bonds firm: