Daily inter mountain. [volume] (Butte, Mont.) 1881-1901, 1901-02-25
AND
COMMERCIAL

New York, Feb. 25.-The crop OF rumors
surmises and gossips regarding the sup
posed details of the great steel merger,
accumulated during three days interval
While the stock exchange was closed had
it's fruit in some wild and sensational
happenings of the stock market this
morning. The SOLDERING influences of
market quotations demanding cash pay
ments had the effect of quieting the ex-
element before the first hour had expir-
ed. 1t became known that SO far as au-
lucrative information and knowledge
the public We're exactly where they We're
on Thursday when the exchange closed.
The current rumors professed to give de-
tails of the terms of exchange for the eX-
listing steel stocks into those of the new
corporation. These rumors place the
valuation very high, in some cases more
than double the existing prices for the
stocks. The excited bidding of the spec
ulators at the opening on the basis of
these rumors, carried tin pate up Il
points on small transactions: American
Hoop five: Federal Steel preferred "A
Steel and Wire pfd 5s4 and other men,
bers of the group from one to over three
points. The way in which stocks came
out at the higher prices caused the spec
ulators to pause in their headlong rush
and prices promptly fell back and the
market became quiet.
| The only actual news which develop
! ed was the filing of the articles of ncor-
| poration of the United States steel cor
| poraton in Jersey City. The nominal
capitalization and the names of the in
corporators failed to throw any light on
| the organization of the new company
| All authorities We're exceedingly reticent
and no confirmation could be secured Of
| the food of rumors. No Official an
nouncement was given out at the office
of the financier having the merger in
| charge. No statement could be secured
as to the progress made in the negotia-
! tons nor of the time at which an Off
cial statement would be given out At
the office of the lawyers connected with
! the negotiations arrangements We're be-
ing made for further consultations. The
belief gained currency that details of
valuation and agreement are yet to be
| fixed.
American Tobacco rose two points
and Continental Tobacco 4A but subse-
quently lost about half of their respec-
| tive gains. Pacific Mail dropped three
points. General Electric rose two points
Pressure gradually relaxed during the
second hour and offerings diminished.
| When the shorts tried to cover sharp
rallies resulted. American Hoop rose
"a. Steel stocks generally failed to get
from within to points of the high lev
ell. Room traders were disinclined to OPP
crate in the steel stocks in the absence
of any authorize tive news regarding the
terms of the merger. There was good
demand for Southern Railway stocks, the
common rising point and the pfd Two
L & N also gained a point and ST
Louis and San Francisco two The gen.
eral market was dull and rather steady
| Weakness of the steel stocks became
acute. Steel and Wire fell four points
under Thursday. Tennessee Coal and
National Steel two; National Tube Is.
and Federal Steel point. Tin Plate
reacted II from the highest Gains else
where were generally wiped out, Bur-
lington falling fraction under Thurs
day. Delaware and Hudson dropped Y
from the best. In the final dealings there
We're some purchases to cover in tht
steel stocks which rallied. American
Hoop to the best prices of the day and
helped some of the others to the extent
o fone to two points. Meanwhile thu
railroad stocks were dropping steadily
and the market active and regular.
Bonds were higher.