The Savannah morning news., 1901-02-26
STOCKS AND BONDS.
Remarkable Turn From Opening;
Bulge to "a Sharp Reaction.


New York, Feb. 25-The stock market
made a remarkable exhibition this morn
ing OF spasmodic strength, followed by
sudden relapse and a period of undeviat-
ing dullness and dropping prices up to
the close.
The principal influence in the opening
bulge was the many rumors and circum-
stantial accounts of the alleged details OF
the steel merger and the terms of eX-
change of proposed new securities for
the existing stocks of the steel COM
panies. This accumulation of conjectures
was supplemented by reports of the pro-
ceedings of brokers up town during the
three days interval while the Stock Ex-
change was closed. The prices bid by
some of these brokers for blocks of the
steel stocks and the sales made accord
ing to report about by the uptown ho-
tells were calculated to excite speculative
cupidity. The excited bidding which was
thus attracted in the opening dealings
sent prices of the steel stocks up like a
rocket Tin Plate was the most notable
in the width of it's fluctuations. Inc
stock was rushed up 15 points in Few
minutes, and after dropping back was
lifted again almost to the top level puI
it ultimately gave way with the wnole
market. The otter steel stocks, including
both the eomfnonAfia the preferred were
up from one to nearly six points
These prices brought in heavy realizing
sales at the start. The professional room
operators were obviously disposed TO let
the group alone, not caring to compete
with insiders in pretensions TO accuIate
knowledge of the value of the stock. Be
sides this influence, which whipped tne
steel stocks into effervescence, the lu-
terval since Thursday had seen the pup
ucation of the favorable bank statement
of Saturday. Traders bought stocks ac-
cording to their invariable rule on the
showing of an increase in the surplus re-
serve Last weeks gain in cash was
good deal of a. relief to the Apprehension
regarding the money market. The check
TO the recent heavy increasing tendency
in the loan item was superncially regard
ed as favorable, hut the conviction that
II was due 10 the calling IN or loans
placed in the stock market led to some
iat Ter. apprehension that the process would
he continued in further preparation tor
CORPORATION financing operations.
London sent higher prices under inc
favorable influence Of the success report
ed for the British arms in South Africa
These influences caused some advances IN
the railroad list of from 112 points. a
good demand developed later in the day
for the southern halfway obVShS' "N
there were isolated instances Of strength
among some of the less important rail-
road stocks All other considera lions,
however. yielded to disappointment over
the still further postponement OF the 0fh-
cial announcement of the terms or the
steel merger and to growing scepticism
as to the accuracy of reports already cur
rent With the reactionary tendency thus
DEVELOPED there came renewed appre-
Nef1 80 Of
market and the steel merger. and gains
in the railroad list were. with few ex-
centions wiped out, and some of the most
innportant Of the steel stocks fell back be-
low Thursdays level. Steel and Wire fall
ing a points lower than Thursdays close,
National Steel and National Tube IA.
Tin Plate reacted IL points from the ton
and closed with a net gain of only .
points. American Hoop rose to the best
at the end with q net gain of 6 points.
There was some stiffening in the group
on short covering at the close, but there
was nothing left OF the early buoyancy.
Pacific Mail lost 6k on Fridays disas-
ter off the Golden Gate.
The bond market was inclined to go off
in the afternoon. but retained a part Of
the morning advances Total sales par
value. $S1S5.0O0. United States refunding
2s advanced u and the 3s 4 per cent. on
Total sales of stocks to-day were 1862
300 shares. including Atchison. % 800;
Atchison preferred 1S.4OO: Chicago. Bur-
lington and Quincy, 1900; Chicago Rock
island and Pacific. 1920; Louisville and
Nashville. 1900: Manhattan. 16.4OO; Metro
politan, 500: Missouri. Kansas and Tex
as preferred. $500: Pennsylvania $500;
Ontario and Western 800: Reading, g.
OOO; st. Paul, 1900: Southern Pacific. 49,
300: Southern Railway. 70.S00; Southern
Railway preferred. 2l,2o0: Union Pacific.
%. 800; National Tube. q 400; Smelling 35.-
$40; Smelling preferred. $500: American
Steel Hoop $500; American Steel Hoop
preferred $500: Steel and Wire los 800;
steel and Wire preferred 15100; Tin Plate,
S0,l00: Tin Plate preferred. 1900; Ameri-
can Tobacco. 5000: Brooklyn Transit. s.
200; Continental Tobacco. 2l60O; Federal
Steel. 1890; Federal Steel preferred. TO-
1000: National Steel. 10000; National Steel
preferred, 1880; Sugar, 20.l0O0; Tennessee
Coal aud Iron, 800.
New York Stock List
Atchison 49, -. s55s do prf. ...... 295s
DO prf. ....... S. w. & L. e. 80. II
y. & o. ........ $50 do End Drf =. SOh