The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-28
STOCK MARKET LIMITED
RANGE OF TRADING YESTERDAY
WAS LIMITED TO A FEW
IssHFs
TONE ON THE WHOLE STRONG
Spectators Disappointed at the If-
feet of the Incorporation. of the
Steel Trust On 0utstand-
ing steel shares.

Prev.
Bar silver, New York.. sG%. 81
Call money, New York;. La ~
NEW YORK, Feb. .27s14Today,s trading
in the stock market, While quite large,
was very mucn CoEgeSted in few
stocks. There was ettntdxTued strength III
St Paul. aud lateQbuoyant rise iii
Sugar, and Potable gains by some Of
the less prominent high priced industri-
ais, but the general market was not
much inclined te- respond in sympathy.
although the depression which existed in
some parts of the list early. in the day
was PARTLY relieved. The speculative.
tone was more inclined to sympat kize
With the continued heaylness of The steel
stocks thar witt: the strong features OF
the market. Fhe inclination of the steel
stocks to graVitate to lower level is a
distinct disappointment to the SpecuIa~
tive world, as It was hoped that when
the doubts and uncertainties attending
the period concerning the negotiations
were cleared up, and the great .consoli-
dation of control fully assured prices
of the securities would reflect the hoped-
for advantage to the owners of the
| properties. There was large trading
again in the stocks of the group today,
but it was If large part on drbftfage
| operations from one stock to anotli er
/ The discrepancy m the prices of the
stocks Gnd their privileges of conversion
into the stock. of the United States Steel
| corporation, forms the basis Of these OPP
| eI4eioIfs TlIAy consistsin the purchase
! of such members of tho group as ara
proportionately low and the 'sinnulrane-
| which are high The natural tendency
| Of these operations is to befing. tho
| prices of the various stocks to a basis
! consistent with their relative claims for
/ the new stock. It was quite evident to-
| day that this process of adjustment was
| serving to bring Gown tie prices of those
| stocks selling too high, rather than to
| bring up the prices of those which Wero
| & a n CoX
/ members Of the group Showed declines
on the, day, which extend to: 2a4 in Ma
tional Tube, III liz ePtate, and point
! each iii National Steel stocks and Ma
| tional Tube pl eferred- Steel Il Wire
| preferred advanced Is, Feder7ti
Steel preferred grlearIpa8 point ne ant
small fractions FosbtFe purpose of &C
| communicating these arbitrage. operators,
| there were also deaIipgs on the curb III
contracts TO- deliyeT1 when issued the
stock. The CONNIE has stock demanded
| 401a at one time this morning, and the
| preferred 841as but.Gse1oFe 2the; close~tthe
+ quotation for the Common stock had
receded to below SO, land that for the
| preferred to about 82.-1aaThe transactions
| amounted to- only few thousand
shares, but the Quotations were accept
| ed on the stock exchange as a basis of
peCted' TO -5bes1istedS dffSfmatei5s on the
stock exchange but it2is.4net' unusual
! Chat securities SO transferred 'front.' Stf3e
/ curb to the exchange to sell lower after
| the, change. An example is that Of the
| New Union PACIFIC convertible 4, peg nent
/ bonds issued to provide FOR the Southern
| Pacific purchase which sold inz4the ain4
| listed department Of the exchange for
| thetflESt time today. ove# crs5sa95g points
| below the recent outside quotation The
| strength Of ST. Paul today was accom-
| panied by assertions. that the diyI6eud
| will certainly be Increased by the ap-
/ preaching meeting. The movement of
| Sugar wig aftrfb1ted to- reports that the
| import duty on CJfbaffSFaW sugar Is t.
| be RENTED. The money market con
| tinued easy. today. notwithstanding the
large ABSORPTION qhg he1 SUB treasury On
account of customs pa$IpentSaS Borrow
| ers indulged the hope that. some Of the
| recent large loans incident. to- the. rail
! road conselida lions wfH-sifortIy- be paid
! offHep account dfsthe diStribatton' of new
| securities. f.asr ag7s8 T7tT7s1 57;,i Fitts
| Railroad bonds became somewhat r.
| regular an. d fair volume of dealings
Total sales, PAL. value, $, g65, 600 - Unitea
| States new As advanced g and the re-
funding Is Is per cent on the last call
~ STOCK QUOTATIONS. ss>eep.s
Furnished by Charles H. F. Smith Il
! Co., members Of the New York Stock
Exchange Pf0neeT Press bfildftii =, ga WHO
| have; direct wires. to. Chicago and New
| York. Closing prices are bid: !" ''h'