New-York tribune., 1901-02-08
THE DAYS OPERATIONS IN STOCKS.


Early gains IN the stock market We're offset
nv g sbarn reaction in the last hour. which left
anal prices for many stocks under Wednesdays
chasing level. In the more active issues declines
averaged rer cent the steel stocks In particu-
,sr showing substantial losses from the pre-
ceainr DAVIS quotations The sudden develop
Ynent OF weakness was due, no doubt TO tech
rlical conditions. Speculation was ripe for a re-
action, and a rumor that hitch had occurred
,p the steel trade negotiations with the an
nouncement that application had been made for
an Injunction 20 restrain the Erie Railroad from
taking over the Pennsylvania Coal Company,
Immediately started a general selling movement
.hroughout the list The professional element
worked .or lower prices. and timid commission
house traders allowed many stocks 10 go on stop
orders In the early trading the steel shares
snd IN. list IN general were IN demand from
commission houses. Price. for many issues
made new high records, notably Union Pacific.
which advanced 20 e7iz, while indications did
not point TO bear sentiment any cessation In
the kind OF buying that has been so prominent
IN the last fortnight Investors were again ao-
tive in bonds A reduction in the Bank OF Eng
lands discount rate 10 Az per cent and easier
exchange rates here increased Street confidence
IN the local money market, despite the fact that
time money exhibited slightly hrmer ten
Treasury operations, while their receipts from
fhe interior are growing lighter.
The magnitude OF the financial end OF the
Morean-R ACKNOWLEDGEMENTS eteel deal can
hardly be realized by the ordinary mind. but
the trade results that expected are easily
appreciated by Wall Street operators and the
Public in general. II is generally believed that
had the recent unpleasantness among the pro-
ducing and manufacturing steel companies been
permitted TO continue the trade would have eX-
perienced the most disastrous war that the
country has ever witnessed Bearing this IN
mind, IL may readily be reen that the effect OF
harmony among the various interests will serve
20 preserve and strengthen an industry which has
much to DO with this countrys present command
ing trade position among the nations Of the world.
A in the iron and steel trade would affect
about every line OF Industry IN the country.
The trust 'smashers" will soon, no doubt, raise
their battle axes against this so-called billion
dollar combination, but the chances are that the
steel trade will survive the attack and continue
10 give employment TO many Il not more men
than are now engaged in this great industry.
Ii is certain that IL a war policy had been
adopted instead o, the community OF control
scheme labor would have been the first 10 suf-
fer. Whether or not the stock market fully re-
fleets at the current level OF prices the impor-
tance and value OF recent developments in the
railway and industrial field is a question that is
open 10 considerable dispute: but from the char
scter Of present buying OF securities IL may be
assumed that the majority OF people believe that
quotations do not yet measure the value Of in
dustrial and railway changes. There IS little
inducement 10 sell stocks short, save the theory
that a natural speculative reaction is due
The results OF last hour trading yesterday
appeared 10 Justify the belief held by many
traders that reaction ought to develop. Nat
urally. the highly speculative issues. such as
the common stocks or the steel companies suf-
fered sharp declines. but the highly active rail-
road shares all went down easily, Union Pa
oiflc dropping from 971k TO "a. Rock Island from
12s to 1241s. Burlington from 1924 TO 14lA,
Missouri Pacific from 93is TO s9&, Kansas and
Texas preferred from 591s 10 81. Northern Pa
ciic from s7la TO s41a Erie first preferred from
6slz 10 66hs. and Reading first preferred from
s65s 10 d. Closing prices We're above the lowest
as in the last ten minutes supporting orders ap-
peareo. The reported objections Of the minority
holders in the Carnegie company 10 the terms OF
the proposed steel deal may prove 20 be more
OF a stock market factor than a formidable OBJ
etacle 10 the proposed steel combine.