The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-01-16
DIVIDEND is TOO HIGH
TIN PLATE SLUMPED ON AN 8 PER
CENT. DECLARATION.
Entire List Was Weak Most of the
Day-LocaI business Hampered by
the BAD Country Roads.

At New York yesterday money on call
was steady at 21kq4 per cent; last loan,
21s per cent.
Prime mercantile paper. 4G5 per cent
STERLING exchange was easier. with actual
business in bankers bills at $4S7G4.S71s for
demand and s4.S3S. for sixty days; posted
rates $4S4 and $4.SS; commercial bills, 81. S2ls
Q4s3.
Silver certificates were 641zG651sc; bar sill
yer, 63Ac; Mexican dollars, 1910. Bar sill
yer at London was I'D lower at 29ls6 an
ounce.
There was a very confusing rlixture of
sentiment in the stock market yesterday.
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 interests. There
was some early weakness in the group In
spite of an opening rise Of S5s in National
Tube and points in Tin Plate, but the
whole group became strong later and rose
or an average between 1 and 2 points over
Monday night. For some inscrutable reason
the declaration of an per cent. dividend
on the common stock of the American Tin
plate Company, to be distributed in quar-
terly periods, caused pronounced weak
back nearly points. The current surmise
as to what dividend should be declared
reached the limit at per cent. so that
the per cent. dividend was far In excess
of the most sanguine estimate. Some SELL
ing to realize by insiders was to be ex-
pected. but the surprising fact was that
the buying attracted by the large dis
bursement was quite insignificant and en-
tirely inadequate to Absorb the realizing.
favorable developments in other steel
stocks made spectators feel that their
movement on good news was likely To be
similarly disappointing. Their selling
forced an extreme decline of Ga in Federal
Steel accompanied by rumor that the
days declaration would be simply quar-
terly one OF IL per cent, emitting the ex-
pected lump dividend of per cent. After
the close or the market per cent. divi-
dend was declared. Steel and Wire was
forced down As and National Steel, Smelt-
ing, Steel Hoop, Colorado Fuel and Nation
al Tube from TO points. The episode
by some is regarded as rejecting the inn
preston produced by the utterance and
projects or the c0untrys leading steel mag
nate. To the same influence was perhaps
traceable the weakness of the trunk line
railroad stocks, the magnates projects be-
ing reported to include the construction of
railroad lire from Chicago to the sea-
board by way Of Pittsburg in order to Sc
cure satisfactory freight rates for himself.
Pennsylvania and New York Central were
both of about 2 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 generally and persist
emily strong and the grangers ana Paci-
fics were at one time higher than last
night Kanawha < Michigan was advanced
s. St Louis & San Francisco was strong
on a rumor of plan for retiring the COM
panys first preferred stock. AT the low
point the extreme decline in Burlington
was "a. for st. Paul PA. in Lackawanna
PA and i'm Delaware & Hudson ga. Sugar
was erratic and dropped points from the
early advance, closing with a net loss OF
81 The break in sterling exchange made
IL evident that gold would not go out
Immediately and this had an effect on the
early strength of the market The money
rate raIs UP per cent. just before the
close Cash continues to flow To this CEN
ter In very large amounts. and no notable
hardening of the money market is though;
TO be possible.
Bonds were weak in sympathy with
stocks. Total sales at par value were 81
10000. United States refunding twOs de-
clined \ per cent. and fives, coupon. a or
the last call
Following are the days share sales and
the closing bid prices: