The age-herald., 1901-02-28
STOCK TRADING
 WAS EXPENSIVE t.
 Though Market Was Greatly
 CongeSted in Spots STEEL STOCKS ON DECLINE Tendency to Gravitate to Lower Level Is Distinct DisaPpoint- ment to the Speculative World.
 Process of Readjustment.
STEEL STOCKS ON DECLINE

New York, February T-Today's trad ing in the stock market while quite large was very much congested In few or the stocks. There was continued strength in St. Paul, and a little buoyant rise III sugar and notable gains by some or the less prominent priced industrials' put the general market was not much inclined to respond in some places, although the oe- precision which existed in some parts or the list early was partly relieved. The speculative tone was more inclined to sympathize with the continued heavi- ness of steel stocks than with the strong features of the market.
 The inclination of the steel stocks to gravitate to a lower level is a distinct disappointment to the speculative world as 1t was hoped that when the doubts and uncertainties attending the period or negotiations were cleared up and the great consolidation of control fully as- sured, prices of the securities would re- fleet the hoped for advantages to the owners of the properties. There was large trading again in the stocks of the group today, but it was in large part on arbitrage operations from one stock to another.
 The discrepancy in the prices or the stocks and their privileges of conversion into the stock of the United States steel corporations forms the basis of these operations. They consist in the purchase of such members of the group as are pro portionately low, and the simultaneous sale against these purchases or stochs which are high The temperate tendency of these operations Is to bring the prices of the various stocks to a basis consis- tent with their relative claims for the new stock
 It was quite evident today that this process of adjustment was serving to bring down the prices of those stocks selling too high rather than to bring up the prices of those which were relatively low. That is to say most members or the group showed declines on the day which extended to 2A in National Tube 2 In Tin Plate and a point each In the National Steel stocks and National Tube preferred. Steel and Wire preferred was advanced IF, Federal Steel preferred nearly a point net and American Hoop and Tip Plate preferred, small fractions For the purpose of accommodating these arbitrage operators there were also deal- 1nRS on the contracts IO utiiNci nliOh A'H sued, the new United States Steel cor poration stock. The common stock de- manded 4c1s at one time and the preferred Sh, but before the close the quotation for the common stock had receded to De- low 3S and that for the preferred to about g. The transactions amounted to only few thousand shares, but the quo tations were accepted on the stock 'ex- change as a basis Of operations
 !..4 4la.x ,a.Nxtf convertible per cent. bonds, issued to provide for the Southern Pacific purchase which sold in the unlisted department of the exchange for the first time today over 2 points below the recent outsloe ouotatio1. The strength Is in St. Paul today; accompanied by assertions that the dividend will certainly be increased at the approac ching meeting. The movement ol sugar was attributed to reports that the ,p,nort on the Cuban raw sugar IS 10 De remitted. ~ .
 The money market continued easy to- day The borrowers indulged the hope that some of the recent large loans mel dent to the recent railroad consohoa 'ioh will shortly be paid off on account or the distribution of new securities
 Railroad bonds became somewhat lrres ular on a fair volume Of dealings, lo'ai sales. par value, g, 2,S65,C0o. United states new As advanced as and the reluhuihs -a l 'per cent. on the last call
 New York, February 27.-Close: Money m call quiet at 1902 per cent Prime mercantile paper Ss4@4A per cent. Sterl- ing exchange firm, with actual business in bankers bills at s4.S7A@4.S7ss for de, mand and s4. sS7s@4.S4 for 60 days; posted rates $4.s41k@4.S5 and SASS; commercial hills S4. .S31414. .S3% Silver certificates ei1s G6sc; bar silver ,6Q7sc; Mexican dollars 49c. Government bonds strong; state ih- active; railroad bonds irregular
 New York Stock Market.
 By Private Wire to Murphy Co.