The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-20

governing committee having decided them
an its favor 1t is impossible to make
any prediction worth anything as to the
immediate market but some of the most
conservative people are of the opinion
| chat if prices go off further stocks should
De bought for a good advance after the
steel announcement has been made.
One or two securities showed some dis
| position TO resist the downward tendency
OF prices for no particular reason that
could be ascertained. Sugar, which was
very weak on Monday. advanced sharply
TO 1877, and closed at 1875 3-S, with fair
net gain for the day. 1t was said thai
the advance was n move the shorts,
who were most aggressive on Monday
Southern Pacific held its own, and Union
Pacific common advanced during the day
il was said that the Southern Pacific buy
ing came from Europe. Western Union
went off more than a point, but recovered
portion of its loss and undoubtedly was
supported to a certain extent by insiders.
The talk of a sharp advance In this stock
in the near future as the result OF I'M
portant developments in the company is
SIN heard.
The greatest interest was manifested in
the steel stocks, though the trading in
them was not 50 heavy as il has been
heretofore. The stories regarding the
proposed terms of the deal are numerous,
and very evidently there is no informa-
tiCn leaking out that can be depended on.
One statement yesterday was that the
United States Steel Company" will be
simply a holding company, and that the
present companies will retain their identity
and their securities. The parent company,
it was said viii issue itssecurities against
its controlling interest in the present COM
panies This plan would not force hold
er of the present securities to sell out
unless he wished to do so. Such a plan is
physically possible, of course, but it is
not probable. II there is to be a holding
company, as seems likely, it will wish TO
own all the securities of the present COM
panies, and not simply a portion of them.
There were unofficial" figures in the
street yesterday of the prices to be paid
for the present securities, in the deal,
based, of course on the idea that the en-
tire capital stocks are to be absorbed by
the United States Company. These figures
We're: Wire common, 81. preferred, 81;
Federal Steel preferred So; National Steel
preferred, 100; common 90; National Tube
common, e.; preferred LOG.
Federal Steel common took the place of
Wire common yesterday in being strong.
These two securities have seesawed back
then the other ahead. On Monday Wire
common held its own two points ahead of
Federal Steel. Yesterday the latter caught
up point on the former and closed with
a net gain for the day. The low prices
touched by both yesterday were 49, Fed
eral Steel closed at IS IL and Wire closed
at 49 IA. with a net decline of 81. The
preferred securities of the group We're
also weak yesterday, losing a portion of
their gains of Monday. Tennessee Coal
and Iron was excessively weak all day,
getting as low as Sc IL and closing only
point above that price. There was
tip on Monday that this stock would
be the strongest of the steel group during
the negotiations for reasons not ex-
planned The tip has gone wrong up TO the
present time in very bad way.
The coal securities were perhaps the
weakest OF the railways. Reading first
preferred went off TO 20 SIS and closed at
Il ia. Delaware and Hudson broke to
165 1-2 and closed at 167 IA. The weak
ness of the group was attributed to the
talk Of strike prospects.
Pacific Mail, for some reason unknown
TO the outside world. advanced during the
day from 40 and a fraction TO AZ.
1t seems probable that the Tobacco Sc
curities will sell off further. The street
does not seem to know it yet but there
are hints at the Capitol that the War
Revenue bill is In serious danger.