The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-27
STEEL MERGER
AFFECTED STOCKS.
There Was No Great Strength Mani
tested by The Group.
RAILROAD STOCKS WERE FIRM.
St. Paul Was the Most Notable, Rising at One
Time Moro Than Five Points-Bonds
We're Lower in Price
Sympathctically.
RAILROAD STOCKS WERE FIRM.
q. Associated Prcss.)

NEW YORK. Feb. pa large proper
ton of the dealings in the stock market
aeain centered in the Steel stocks. The
statement issued by the banking
house having the negotiations for CONSOLE
dation in charge. giving The terms OF eN-
change of securities OF the present com
panieS into those of the proposed new
company. dashed all the speculative en-
LhuSiasm over the Steel stocks. The eI-
iect was the more remarkable in that
the terms officially promulgated were
found in several cases too closely con-
formed TO the conjeccurai figures which
have been current for several days past.
With the exception of an upward dash
in one or two OF the Steel stocks Just at
The opening. there was no strength mani
tested III the group during the day. IT
was few minutes after the opening. in
Iact. before the official statement was
given out. The contrast between the
volatile sense of the speculative spirit
trading to-day with the sober quieLudc.
based on spcculativeS with pencil and
paper after the actual state of affairs be-
came known. was a glowing commentary
on the fascination of the unknown for
the speculative temperament The first
fact 10 attract the attention OF the Specu-
latorS was that the price level of the eN-
listing stocks did not consist with the rel
aivc benefits they were to receive from
the exchange This led TO a sort of ar
biragc dealings in the effort to adjust
the price level to a consistent basis.
American ijoop benefited by the opera
ton, while Steel and Wire was a sufferer.
lJuj II WAS evident J?at the iCSlneTS- VINO
have had time for mature calculation. had
done their buying. while the outsiders
were not inclined to jump to conclusions
in so vast "A problem. AS all of the stocks
got from par to IL per cent. OF the new
securities in the exchange with addi-
1ionai benefits in some cases. j. is clear
that on basis OF equal value for the
properties concerned The new stocks
should sell lower than the average prices
of the present stocks. OF the preferred
stocks concerned in the consolidation the
jyE no N-lT1 NAL
sold last night at 106. while the lowest is
american Hoop. which sold last night 1t
ST.. OF the common stocks the highest
is Iin-Platc. which sold last night at 81,
and the lowest is American Hoop. which
sold at 81. There was much calculation
over the probable price OF the new securi-
ties. but so far as known there were no
dealings when issued" There were Il
few railroad stocks which were notably
strong. In view of the greater Importance
OF the dealings in the Steel stocks and
their need of support the assumption is
not violent one that Il purpose TO sus-
tain the general market had something to
stocks. ST. Paul HaS the most notable
example Of strength. rising at one time
Iti points over last night The Southern
Railroad stocks. Missouri Pacific and the
Pacific and Western Railroad stocks gen
orally gave evidence of iirmness. Yester-
days strength in the Tobacco stocks con-
OF tho Steel stocks. Steel and Wire was
most under pressure. dropping at the
last AZ below last night, after being Wig
orouSly supported about A. Tin-Plate
got back TO last Thursdays closing level.
but rallied a point. showing a net loss of
4 National Tube is 49, lower and the
preferred :; lower than last night. Federal
Steel loses "a; American Hoop and the
National Steel stocks are the only ones
that do not show losses
Railroad bonds tended lower in SYM
1athy with stocks. Total sales. par
value. Sa.61o.ON0. United States new As
advanced * per cent on the last call.
Total sales to-day were ,112.6O shares
MONEY AND TNCHANGE.-N1one on
call Steay at 1a.@2 per cent: prime mer-
camille paper, 3&:Gi1+ per cent: sterling
exchange firm, with actual business in
and at s.. S3:sGrS4. 90 for sixty days: post
ed rates. Si.S41a and Sass; commercial
bills. SI.S3M4. S3lh Silver certiiica ties,