Omaha daily bee., 1901-02-08
MOVEMENTS OF STOCKS AND BONDS.
Wall street Speculation stiII Nightly
Lnnnenced hN the steel ncnI

NEW YORK, Feb. THE glamour of
the vast projected steel combination was
the speculation almost completely. A re-
newed upward movement in Union Pacing
formed another furry steel stocks all
vances under the flood of buying orders
attracted by the significant admissions from
authorities in the steel trade as to the real
ity of pending negotiations.
The enormous volume of the offerings
during the first hour and especially in
Federal Steel, made II clear to the traders
that holders of very large amounts of this
stock were willing to avail themselves pt
the good news to realize the profits. The
amount of stocks encountered at 50 was
apparently illimitabe, and not only Fed
eral Steel, but the whole market staggered
under Il. Consideration of the known facts
regarding the steel negotiations disclosed
that a good deal was being taken Tor
granted by the speculators; That Mr.. Car,
the control of his property seemed TO be
admitted, but the surmises regarding the
further plans for the "billion;dollar steel
yond the ascertained facts. There were
negotiations were still in a somewhat In
that unbridled speculation In the securities
concerned might seriously interfere Win
its consummation. The idea of being long
on the steel stocks when the proposed
combination collapsed and was abandoned
was sufficient to cause a nervous state OF
have taken on enormous lines of these
stocks. The appearance OF inside selling
added to their perturbation.
With the speculative position thus made
vulnerable, the stocks were subjected to
severe handling during the afternoon
There was momentary pause In the talI,
but It was renewed again, carrying Federal
Steel down an extreme 5h. Federal steel
National Steel and Colorado Fuel 4a,, and
other members of the group from to j
points. That these violent declines were
due to a speculative raid was made mani
sudden
shorts began to cover, Steel and Wire raj
lying pa, Federal Steel preferred 2le ard
The railroad list had its opening bulge ana
subsequent decline on profit-taking, but 1t
was stiffened up again to some n,on Issps5 ps5
cllc of 3la points to 9Il2.
The rumor that proposed stock ,ssue to
provide for Southern Pacific purchase
had been underwritten at par was the
cause of the excited speculation on Uni p1
Pacific Here again the high level t invited oisei
mildly responsible and only few other
level i'b above % last night. With the late drive
against the steel stocks the, whole list
crumbled, Union Pacific Itself yielding ~,
but small fraction of It's advance and
many market leaders among the granSerh'
coalers, trunk lines, Paciiics and South-
westerns falling from ,,p to p0ntNy on N,ssaSy, oe,uT
Pacific was especially urgent, carrying thdt
stock "a under last nights level an cX-
treme drop or points L ne HIldi Ia't
Union Pacific left 1t with a net gain of 1bs.
The volume of dealings again reached a
figure far above the nominal and near to
the record and there have seldom beer,
such excited dealings and such wide ana
erratic fluctuations In the market
The reduction In the Bank OF Ergia1u
rate and the fall In the sterling exchange
rate put gold exports at present out OF the
question. =, -. q
The rate for loans did not rise above
per cent on the exchange but spectators
are not entirely free from uneasiness as
to the possible effect on the money marker
of the enormous financial operations III
contemplation. --..,.., ...,.,,
The railroad bond market continued very
| active, but there were some recessions ,ll
prices In sympathy with the, reacuooma 10 oah
| stocks. Total sales, par value. T3lO,Cco
| United States bonds were all unchanged on
| The following are the closing prices on
the New York Stock exchange: