Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-02-27
Government bonds firm.
State bonds inactive.
Railroad bonds weak.

Government bonds firm.
State bonds inactive.
Railroad bonds weak.
A large proportion of the dealings in
the stock market again conferred in
The steel stocks. The official statement
issued by the banking house having
the negotiations for consolidation in
charge, giving the terms of the ex-
change of the securities of the present
companies into those of the proposed
new company, dashed all the specula-
tive enthusiasm over the new steel
stocks. The effect was the more re-
markable in that the terms officially
promulgated were found in several
cases to closely conform with the con-
Jectural figures which have been cur
rent for several days past. With the
exception OF an upward dash in one or
Two of the steel stocks lust at the
opening, there was no Strength mani
test in the group during the day. 1t
was a few minutes after the opening.
IN fact, before the official statement
was given out. The contrast between
the volatile effervescence of the spec-
ulatlve spirit yesterday and in the first
few minutes of trading to-day with the
sober quietude of trading based on cal
culatlons with pencil and paper after
the actual state of affairs became
known was a glowing commentary on
the fascination of the unknown for
the speculative temperament. This
first fact to attract the attention of the
Spectators was that the price level OF
the eXising stocks did not consist with
the hpnoffc 4ha- v-Ono - ~~a.- --
the exchange. This led to a sort of ar
bltrage dealings in the effort to adj
Just the price level to a consistent
basis. American Hoop benefited by the
operation, while Steel & Wire was a
sufferer. But it was evident that he
insiders who have had time for mature
calculation had done their buying while
the outsiders were not inclined 10 iump
to conclusions in so vast a problem.
AS all of the stocks get from par
lEo per cent of the new securities in
the exchange with additional henefifs
in some cases, it is clear that on a
basis of equal value for the proDerties
concerned, the new stocks should sell
lower than the average prices of the
present stocks. OF the preferred stocks
concerned in the consolidation. fhe
highest priced is National Tube, which
sold last night at 1O6, while the low
est Is American Hoop which sold last
night at S31s. OF the common stocks
the highest is Tin Plate, which sold
last night at So, and the lowest is
American Hoop, which sold at So.
There was much calculation over the
PROBABLE price of the new securities.
but so far as known there Were no
dealings when issued" There we're
a few railroad stocks which were not
ably wrong. In view of the greater i'm
portance of the dealings in the steel
stocks and their need of support. the
assumption is not a violent one that O
purpose to sustain the general market
and something to do with the advance
IN some railroad stocks. st. Paul was
the most notable example of strength
rising at n time 5A points over last
night. The Southern Railway stocks.
Missouri Pacific and Pacific and West
ern railroad stocks generally gave evil
dence OF firnnsss. Yesterdays strength
in the Tobacco stocks continued
American Tobacco rising 8. OF the
steel stocks, Steel & Wire was most
under pressure, dropping at the la1
AZ below last night, after being vigor-
ously supported about Al. T~ixsplate
got back to last Thursday.s sing