The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-22
STOCKS AND BONDS.
The Market Rallies at the Close I'm
der Lead of the SteeIers

New York, Feb. 21.-The sharp upturn
in the steel stocks which gained force
rapidly toward the close of the market
was the only thing that redeemed the
market from uninteresting dullness to-
day. National Steel and Tin Plate show
ed the most pronounced strength in this
recovery, the former rising SIS over last
night and the latter AZ from the early low
point. The outstanding short interest
which had grown in the stocks of the
steel companies, had a large part In this
quick rally.
The report that the so-called Moore
properties of the steel group were stand
ing out for large share in the securities
OF the new company was an influence in
the rise, the supposition of the specula-
tors being that they were likely to get
what they claimed. But the other steel
stocks were not much behind in the move
ment. Federal Steel rose 3h from the low
point, Steel and Wire 31s and Tennessee
Coal g. Whether the movements accurate
ly forecast any actual developments in the
steel merger negotiations can only be told
when the results are given to the public.
Details were closely guarded up to the
time of the closing of the market, but 1t is
the general suppositiOn that the reorgan-
as it is to have official announcement will
be given out before trading is resumed on
Monday. Actual Information on these de-
tails is so vague that the shorts In the
steel stocks FASTENED to close their con-
tracts before the coming three holidays.
The same influence was at work i'm other
parts of the list. The early weakness of
the market began to change to recovery
when support was manifest in the steel
CD uyaa I'm xrfng 10 nj
one time, the steel stocks leading, as they
did the recovery.
Many of the prominent railroad stocks
were off between l and points, the gran
gers, Pacifics, Southwesterns and some of
the coalers being conspicuous. Burling
ton, Kansas and Texas preferred and
Rock Island were notably weak. These
stocks We're all conspicuous in the rally
also. A number of the important railroad
stocks were lifted a point above last night
There was a very large demand for the
Southern Railway stocks and for the
Wabash securities. There was vague
expectation of some good news to come
concerning Southern Railway, but nothing
was announced Rumors to the effect
that a community of interests with Sea-
board Air Line was contemplated met
with disclaimers. The Southern Railway
stocks each advanced pa.
was an influence in driving the shorts 20
cover, as ii was expected that there might
be a furry in money incident to the de-
mand to carry over until next Monday.
The banks report gains of cash from the
interior since last Friday and their ac-
count with the sub-treasury ebout balan-
ces. But the general conviction is that
further large loans have been made in the
furtherance of pending financial projects
and that the bank statement will show a
further contraction of the surplus.
The bond market was dull and irregu-
lar, except for an acute demand for
Wabash debentures. Total sales par
value SO, 10000. United States refunding
twos advanced Is per cent on the last
call.
Total sales of stocks to-day were $685.
400 shares, including Atchison 80 100; At
Gibson preferred, $500; Baltimore and
Ohio 5000; Burlington and Quincy, 1900:
Chicago Rock Island and Pacific, u. 100;
Erie, 1900; Erie first preferred, $500;
Louisville and Nashville, 10.100; Manhat-
tan. 5000; Missouri Pacific, 10000; Missouri,
Kansas and Texas preferred, 1900;
Northern Pacific Il. 100 Ontario and West
ern. 1890; Pennsylvania, 7400 Reading,
500; Reading first preferred, $500; Read
ing second preferred, $500; st. Paul. II 900;
Southern Pacific. TO- 700; Southern Railway
SO 100; Southern Railway preferred, % 50O
Union Pacific, 5000; Wabash preferred
u, 800; Smelling, 20 500; Smelling preferred
10, 400; Steel and Wire, 5570O Tin Plate
10, 200; American Tobacco, 800: Brooklyn
Transit II 900; Federal Steel, Sc, 100; Fed
eraI Steel preferred, 1890; National Steel
$1,000; Pressed Steel Car 10000; Sugar
l2,i00; Tennessee Coal and Iron, II 400
New York Stock List.