The Providence news. (Providence [R.I.]) 1891-1906, 1901-02-26
FINANCIAL NEWS
BULLS AND BEARS.

Wall Street Feb. 2J.--The market OPEN
ed feverish and unsettled, under the In
fluence of the conflicting moyements I'm
tho steel stocks. The sale OF bno0 shares
Of steel and wire carried that stock down
from 43h to a.. compared with 45 last
night. ON the other hand. American hoop
on the sale OF $500 shares, was quoted at
" and 35lt, compared with 80 last night.
National tube rose IA. The other mem-
bers OF the group showed fractional
changes both ways. The changes I'm the
railroad list were also mixed and the in
tefnational stocks generally failed TO re-
spOnd 10 the advances In london.
Prices OF tho steel stocks underwent
rapid fluctuations following the pubica-
tion OF authorized details OF terms on
which the stocks OF the various steel
companies will he exchanged into the new
II. $. steel corporation.
A heavy selling movement developed
while the street was analyzing the terms
offered which drove steel and wire PA
below last night. the preferred and Ma
tiOnal steel lis and lowered American
hoop pfd. and National tube points be-
low the high price at the start
Federal steel pfd. declined y from the
best while tin plate suffered point.
American hoop receded 10 ;5 but Federal
steel ruled better than at the start Heavy
liquidation of the smelling stocks lowered
them and 3il respectively, for the com
mon and pfd. In the general market
prices were easier for the railroads, but
the tobacco stocks Were strong. Toward
II o'clock the market recovered and trad
ing became very duh.
The railroads became generally strong.
st. Panl was the leader and rose rapidly
from l4s TO 15iA. Such stocks az Burling-
ton, Rock Island, Great Northern pfd.,
Penna. N Y. c., Atch., Kansas and Texas
pfd.. Northern Pacific Union Pacific and
Southern railway pfd., gained point or
over, and Delaware and Hudson and Ais
souri, Pacific were benefited 24 and 2ss
respectively. Minneapolis and ST. Louis
stocks were active and the common rose
/ and the pfd. 2is. The steel group except
American hoop, was feverish and under
steady pressure, tin plate lost ~. In all.
and Tenn. coal. National tube steel and
wire common and pfd.. and Federal steel
ruled at the lowest Of the morning at 10
points under last night. General Elec-
trio ran off but rallied sharply and Con-
tineutal tobacco pfd. advanced points.
Bonds were lower i'm most cases.
Railway stocks were forced 20 yield
sharply after midday owing TO the per-
sistent settling OF the steel stocks, but
st. Paul showed renewed strength. rising
TO 1884 Great Northern preferred ad
vanced pa and Northwestern Ia. North
ern Pacific sold about . points above
the forenoon lowest. Meanwhile the steel
stocks Were dropped steadily, Tennessee
Coal sold at 5ii1. National Tube 5s4. the
preferred 102is: Steel and Wire u.s.. ditto
preferred -, and Federal Steel iies. These
prices were between and 4 points be-
low Yesterdays finsl prices.
Supporting orders appeared in the metal
stocks late in the day and a rally was
forced amounting 10 2ss i'm Smelling, 2
I'm Tennessee Coal and 1Qlia I'm the re-
mainder OF the group. The recoveries
were effected on very small demand.
Railroad stocks on the other hand ruled
below the high prices except for the
Southern Railway issues which advanced
steadily business at o'clock was un-
usually dull and weakness was develop
ing in the local traction shares.