The Savannah morning news., 1901-02-28
STOCKS AND BONDS.
The Steel stocks Again the Feature
in Their Declines


in Their Declines.
New York, Feb. 27.-To-day's trading In
the stock market, while quite large, was
very much congested in a few stocks.
There was continued strength in ST.
Paul and late buoyant rise in Sugar
and gains by some of the less prominent
high priced Industrials, but the general
market was not much inclined to respond
in sympathy, although the depression
which existed in some parts of the list
early in the day was partly relieved.
The speculative tone was more inclined
to sympathize with the continued heavl-
ness of the steel stocks tnan with the
strong features of the market. The incli-
nation of the steel stocks to gravitate to
a lower level is distinct disapp n ment
TO the speculative world as it was hoped
That when the doubts and uncertainties
attending the period of neg tlations were
cleared up and the great consolidation OF
control fully assured. prices of the secu-
rites would reflect the hoped-for adVan-
tages to the owners of the properties
There was large trading again in the
stocks of the group to-day, but it was
in large part on arbitrage operations from
in the prices of the stocks and their priv
ileges of conversion into the stock of the
United States Steel Corporation forms
the basis of these operations. They con-
sist in the purchase of such members of
the group as are proportionately lowest
simultaneous sale against the purchases
of stocks which are b gh. The natural
tendency of these operations is to bring the
prices of the various stocks to a basis
will 1af Ofa
the new stock. Most members of the
group show losses on the day which ex-
tend to "a in National Tube, . in Tin
Plate and po mt each in the National
Steel stocks and National Tube preferred
Steel and Wire preferred was advanced
", Federal Steel preferred nearly point
net, and American Hoop and Tin Plate
preferred small fractions.
For the purpose of accommodating
these arbitrage opera ions there were so
dealings on the curb in contracts to de-
liver when issued the new United States
Steel Corporation stock. The common
stock demanded 4012 at one time this
morning and the preferred SAY, but be-
fore the close the quotation for the COM
mon stock went below 80 and that for
the preferred to about 81. The transac-
tons amounted to only a few thousand
shares, but the quotations were accepted
On lHe DUCK IAtUdIISc as Il DdSlS VI bp-
erations. These securities are expected to
be listed ultimately on the Stock Ex-
change. but it is not unusual for securi-
ties so transferred from the curb TO the
Exchange to sell lower after the change.
An example is that of the new Union Pa
cifc convertible 4 per cent. bonds issued
to provide for the Southern Pacific pur-
chase which sold in the unlisted depart
ment of the Exchange for the first time
to-day, over 2 points below the recent
outside quotation. The strength of st.
Paul to-day was accompanied by asser-
lions that the dividend will surely be in
creased at the approaching meeting.
The movement in Sugar was attributed
to reports that the import duty on Cuban
raw sugar is to be RENTED. The money
market continued cay, notwith 'tandlng
the large absorption by the subtreasury
on account of customs payments.
Railroad bonds became somewhat ir-
regular on a fair volume OF transactions.
Total sales. par value, $,865,000 United
States new as advanced q and the refund
ing Is X per cent. on the last call.
Total sales of stocks to-day were ga
500 shares, including Atohison, 100; do
preferred, 9,400; Chicago, Burlington and
Quincy, 1890; Cine matt, Ind annapolis
and Louisville, 10000; Louisville and Nash
vile, $500; Manhattan, 10000; Missouri
Pacific, $685. New York Central, $500;
Northern Pacific, 10 200; Reading, s $50;
st. Paul, 1850; Southern Pacific. 500;
Southern Railway, 391O0; Southern Rail-
way preferred. $500; Union Pacific 3OS)O;
National Tube 8 300; Copper, 800; smelt-
ing and Refining, 2O,9O0; Steel Hoop 81
800; Steel and Wire, 0,4O0; Tin Plate, 5000;
American Tobacco, 1910; Brooklyn Tran
sit, 26,100: Continental Tobacco, 26,400;
Federal Steel, 1880; Federal Steel pre-
ferred. 60, 800; Natioral Steel, 9.2oO; Peo-
pies Gas, 1900; Sugar. 1872, 700; Tennessee
Coal and Iron, 5000; Leather 9,100
Neuv Work stock list