The Providence news. (Providence [R.I.]) 1891-1906, 1901-02-25
FINANCIAL NEWS
BULLS AND BEARS.

Wall Street. Feb 25.-The steel stocks
jumped 10 the front at the opening OF the
stock marAeI with sensational advances.
the common stocks leading. Tin plate
was particularly excited. Compared With
"a at the closing on Thursday hast, the
first sale of 100 shares was at ~. the next
100 brought ", and the next 400 went at
40.
The stock advanced by leaps and
bounds 20 20. an extreme rise OF 10
points and then dropped back 20 II. The
pfd stock was only up points. Tie
first prices In American hoop carried the
qnotntion points over Thursday. Ma
tional American hoop carried the quota
lion points over Thursday. National
tube rose ga.
There were 1000 shares OF steel and wire
sold at 40 ana 81 simultaneously, COM
pared with iSi9 on Thursday. 5O0o shares
OF Federal steel az 50ls and 50s4, compared
With as and 5000 shares OF National steel
az 4Sis 10 90 compared with A.. Federal
steel pfd. was the most conspicuous of
the preferred stocks and sold AT s7ia and
Ssia compared with $40. on Thursday. Inc
general list was comparatively neglected
but there Were gains of a point or over
in number of stocks. Burlington rising
Is. and there were wide openings il Atch.
and Southern Railway pfd.
The opening bulge attracted heavy
anu tutIt Ntit
actions extending To 3 points I'm some OF
the steel stocks beside the wide reactions
IN tin plate The latter stock yibrated
very feverishly mounting again 70 near
the top. Smelling was an exception
amongst the metal stocks and dropped of
points after "A fractional advance.
Enormous profit taking I'm the steel
stocks undermined the strength OF the
general market and except In isolated
"a nrifeG taI m Iha ln2s-
as I'm the steel stocks were very severe.
Tin plate fell back again 10 II. National
tube common and pfd. lost points. Ma
tioral steel 3l2 Tenn. coal ga American
Hoop and the remainder over points.
While the declines i'm other stocks were
less severe they made considerable In
roads on the opening gains which ran
from 20 points In many cases Amer
lean tobacco rose points and Continental
tobacco 4ls. but they subsequently lost
about half or their respective gains. Pa
cihc Mail dropped points and Pere Mar
quette and General Electric rose 2. To-
ward il o'clock the market quieted down
but the reactionary tendency was not ar
rested
Pressure gradually relaxed during the
second hour and offerings diminished.
When the shorts commenced 20 cover
there were sharp rallies. American hoop
rose pa. Prices Of the steel stocks gener-
ally failed 10 get to within from ] To s
points OF the high level. The room trad
ers were disinclined 10 operate In the
steel stocks I'm the absence OF any au-
thoritative news regarding the terms of
the merger. There was n good demand for
Southern railway stocks the common ris-
ing point and the preferred 2. The gem
eral market Was dull and rather heavy.
Bonds were active and higher.
There was general break I'm the local
traction group afternoon, Metropolitan
street railway dropping Ss, Brooklyn
transit ~ and Manhattan point. The
general market became semi-stagnant
and grsvitated TO a lower level Several
of the leading steel stocks were under
Thursdays level ST. Joe and Grand ISL
and first preferred rose 3la and a few
other unimportsnt stocks from TO 3