The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-26

ernI Points with Weakness at the
Close Firmncss in Railways.
NEW YORK. Feb. 25.-Some OF this
mornings fluctuations in the shares of
the steel Industrial properties. which it
is believed will be taken over by the new
amalgamated concern, attained astound-
ing limits. The exceptional fluctuations
and activity in these stocks was sufficient
evidence OF the present virtual concen-
tration of interest in the pending deal,
and of the keen speculative excitement
that has, in consequence, been developed.
The publication this morning of state
nnents which purported to give the actual
details of the pending combination and the
basis upon which the older securities
would be exchanged for the new. was The
main incentive in this mornings excited
speculation. Aside from the taking cut of
articles of Incorporation of a company
supposed to be identical with the new
amalgamated concern, the public at large
was still wanting in authoritative and
definite information regarding the subject.
At the same time the figures published
this morning were. correctly or other
wise, generally accepted as trustworthy,
and the days speculation was in coase-
quence largely based on estimates and
conjectures as TO the probable market
levels of the new common and preferred
stocks.
Roughly speaking today's movements in
these stocks seemed TO foreshadow mar
ket level for the new securities of about
par for the preferred and between 40 and
50 for the common. but necessarily the
nh nd of fOrrp1
to proceed more or less in the dark. II is
more and more apparent that hopes of
more stable general market conditions
must be deferred until the steel combina-
tion has been brought TO successful con-
clusion.
The initial advances in the stocks con-
cerned in the deal ranged from two and a
half to fifteen points the latter eXtraor-
binary rise taking place in American Tin
Plate. By the noon hour many of the ad-
vances in these stocks had been either
materially shaded or altogether lost.
number of issues. American Steel and
Wire and National Tube IN particular be-
ing dealt in below Thursdays figures. The
dealings in the steel industrials also fell
away materially in respect of activity af-
ter the opening, and the trading in them
was characterized by good deal of fe-
yerishness.
Apart from the steel stocks there were
industrial quarter, including sharp ad
vances in American Tobacco and CONT
mental Tobacco. Sugar Refining was also
particularly animated, and for the most
part was firm. presumably on expectations
that some advance might be made in the
dividend rate when the directors meet to
take action on that matter early in March.
The fluctuations among the other indus
trial shares not concerned in the pending
amalgamation were comparatively linz
tied.
Notwithstanding the extent TO which in
terest was focused upon the steel stocks,
the railway list still furnished very fair
quota to the days large transactions.
Quite a firm tone was shown by that quar-
ter of the market, and number of stocks
were conspicuously strong. These were
notably Southern Railway common and
preferred. Burlington and Quincy, Rock
Island, Union Pacific. Northern Pacific,
and the Atchison shares.
The dealings in Southern Railway were
particularly animated, ana the strength
shown was apparently in large part ow-
ing TO the general belief that the dividend
upon the preferred stock will be advanced
TO per cent basis in March. No special
news or even any gossip of interest or
credibility attended the movements else
where in the railway list. The latter was,
however, helped by the material advances
shown In American stocks in the London
market. and by the subsequent disposition
of the dealings here for foreign account,
which, however, amounted on balance TO
the purchase of only about % ,000 shares
of stock.
The strength in turn of the London mar
ket was owing both TO the continued rise
in money there and the reported decisive
British successes in the hostilities in
South Africa. Some features of the days
situation OF especial interest were the
pronounced ease in money, which was per-
haps a reflection of the changing condi-
tions expressed in Saturdays bank state
ment firmer market for sterling eX-
change, and the exceptionally satisfac-
tory statements of railway traffic sub
mitted by lines operating in various sec
lions
Little attention, however, was paid to
any OF these phases of the situation. on
account of the thorough conveyance of
interest upon the steel trade negotiations.
Those stocks continued to lead the mar
ket IN all respects throughout tie day
and they retained the reactionary ten
dency which appeared after the initial
dealings. The selling appeared to be
largely based upon both the absence of
any confirmation of this mornings re
ports, together with the circulation of
rather low estimates of the values at
which the new securities might be ex-
pected 10 sell.
The dealings in the bond market were
upon fairly large scale and showed a
more sustained tone than did the trad
ing in stocks.