The age-herald., 1901-02-15
RELAXATION OF SHILLING PRESSURE
 -." The Stock Market Showed a
 Slight Recovery BEARS hRF RATHER TlMIO knns incement of Terms of the Steel Merger Is Believed To Be Itnni- ncnt But Speculative World
 IS Puzzled.
BEARS hRF RATHER TlMIO

New York. February 1,.-Thcre was marked relaxation today of the pressure to sell stocks which carrXd prices G?''n- ward yesterday, and prices showa1 s2ne recovery. The recovery I:l not se'. ii un- LII the market had heeu rurthcr tested oy the bears, causing general declines sclow yesterdays level Tn col sequence, the let changes os the fay are. as a rule, sina4l out mostly ssir.3. London aj- vanced prices befsre .he cfeaing hour, but turned seller after perseivirE the drift c, ertiment in New York and sod .c- thousand snares on balan,e. There was no very manifest tarse for the re- covery, although T few usually obscure stocks s.,owcl aggressive strength, but the fact was very evident tliat the urgen- prcss1.c or speculative liquidation was relaxed. The bears who sold yesterday covered ,helr contracts in consequence. This probably accounted in great part for the show 0: frmrcss in the market.
 The bears have received too many se- were lessons in tho last few months not to have become rather timid, especially in tho face of tho possibilities constantly hinted at of further lmportan. financial developments. In yesterdays decline much was made of the fact that the stocks generally included in the interests of the prominent hnhncier who has borne the most important part in the recent consultations were uniformally weak and this was alleged to be due to the coming departure of this financier on his t~;,, tA AS though in reply to these considerations stocks thus involved were all supported today, including Federal Steel the siries, the Readings, Northern Pacific and Ma tional Tube. The sharp recovery i0 the steel stocks served as an admon!ti7n to those who have counted upon a break in the group.
 The announcement of the terms 's the steel merger Is believed to be immipent put the whole speculative world Is pro- foundly puzzled as to what tEe terms will be and she exact period when trey will be published. With this development hanging over the market there was hes ttation and more or less apathy tTt the trading. There was no sign of r4suD.p ton of the heavy buying by banking in- terests which has so often been IT cvi- dence previous to the recent conSolida-
 
 aaa San Francisco PA, and the sacond preferred 2h; Chicago Great Western preferred B3, and Q nu-.Ioer of Diin9r stocks 6 considerable amount on persis- tent rumors of consolidation. Lackaven- ma rose an extreme 31a, and Delaware & Hudson 47s orer last night General Flee trjc vas gnnf for an extreme advanca of 16 points ''Vrf' last night. with reaction of 3k. Tn" 'ocal traction stocks, sugar BTs tUt5 "t' were ccrSpicuo3s,y strong at time rand North Acericap y,g.s forced up points AtcEison was lified above b7 None oe these gains were fully held, and the tone of the market was rather heavy at the close, and the volume of dealings were very materially curtaiIed. A number of newly listed securities were dealt in for the first time
 Including the stocks of the American Agricultural Chemical Company, the Crucible Steel Company and the Toledo, St Louis and Western Railroad Con- pany, the quotations Of each beiuy ad- vanced over the opening prices. Indica- tions continue of harder money market. tAs 5ub-trcasury today taking s267. .O0e from .he market ou routine operations sn spite of heavy disbursements for pen. ajcne.
 Sterling exchange wos lover In spite of th, continued active demand for money 3D London. There was less doing in rail- 7otnd bonds and prices continued to move tTregu,arly. Total sales, par value A,- Oz5,Cc0
 United States is and 5a advanced N per cert each on the las, call.
 New Yor, Stock Market.
 By Private Wire to Murphy Ss Co