Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-02-25
STEEL STOCKS ACTIVE.
Rumors About The Great Norgau.CanegIe
Combine The Cause. Isl
Their Weakness Finally Became
Acute, Various Ones Failing
Several Points.


mors. surmises. and gossip regarding
the supposed details of the great steel
merger, accumulated during the three
days interval, while the stock exchange
was closed, had its fruit In some Wild
and sensational happenings Of the stock
market this morning. The SOLDERING
influences of market quotations de-
handing cash payments had the effect
of quleting the excitement before the
first hour had expired. II became
known that so far as authoritative In
formation and knowledge the public
were exactly where they were on
Thursday when the exchange closed.
The current rumors professed TO give
details or the terms Of exchange for the
existing steel stocks into those Of the
new corporations. These rumors place
the valuation very high, In some cases
more than double the existing prices
for the stocks. The excited bidding
Of the spectators at the opening on the
basis OF these rumors, carried Tin Plate
up 10 points ON small transactions;
American Hoop. 8; Federal Steel, pre-
ferred. AZ, Steel and Wire, preferred,
~, and other members of the group
from one to over three points. The
way In which stocks came out at the
higher prices caused the spectators to
pause In their headlong rush. and
prices promptly fell back and the mar
ket became quiet.
The only actual news which deyel-
oped was the filing of the articles Of
Incorporation OF the United States Steel
corporation in Jersey City. The nomi-
nal capitalization and the names Of the
incorporatOrs failed to throw any light
on the organization OF the new com
pany. All authorities were exceed
ingly reticent and no confirmation could
be secured Of the flood Of rumors No
official announcement was given cut at
the office of the financier having the
merger In charge No statement could
be secured a. TO the progress made in
THE negotiations nor OF the time az
Which an official statement would be
given out Al the office OF the lawyers
connected With the negotiations, ar
arrangements were being made for fur
ther consultations. The belief gained
currency that details Of valuation and
iagroeUen, are vet to be fixed,
American Tobacco rose points and
Continental Tobacco AZ, but subse-
quently lost about half of their respect
i've gains, Pacific Mail dropped 3 points
General Electric rose points. Pressure
gradually relaxed during the second
hour and offerings diminished. When
the shorts tried to cover sharp rallies
resulted American Hoop rose ga.
Steel stocks generally failed 10 get from
within 10 points Of the high level
Room traders were dislnclined TO oper-
ate In the steel stocks In the absence
Of any authoritative news regarding the
terms Of the merger. There was a good
demand for Southern Railway stocks,
the common rising point and the pre-
ferred @ L. AZ ~ also gained point
and ST. Louis and San Francisco 2, The
general market was dull and rather
heavy. Bonds were active and higher.
Weakness of the steel stocks became
acute Steel and Wire fell 4 points un-
der Thursday Tennessee Coal ana NJ
tlonal Steel 2, National Tube ~ and
Federal Steel a point Tin Plate re-
acted ~ from the highest Gains else
where were generally wiped out. Bur-
liugtOn falling a fraction under Thurs
day. Delaware and Hudson dropped y
from the best. In the final dealings
there were some purchases to cover In
the steel stocks which rallied American
Hoop 10 the hest prices OF the day and
helped some OF the others to the extent
OF to 3 points. Meanwhile the railroad
stocks were dropping steadily and the
market closed active and irregular
SUGAR.
Sugar-Raw, steady; fair refining,
3a; centrifugal 90 test. An molasses
sugar, Sik.
Refined. quiet; crushed, 600; pow
dered. $50; graduated. BOO.
MONEY AND BONDS.
Money on call, nominally 2 per cent
Prime mercantile paper, 3Aa4n per
cent.
Sterling exchange, firm. with actual
business In bankers bills at 4S1Nk for
demand and 4SS%QiA for 60 days.
Poste drates, 4SihGi.S5 and ASS.
Commercial bills. 4s3a.
silver certificates, 62GsS.
Bar silver, Glh
Mexican dollars. ssh.
Government bonds. firmer, refunding
rs registered. 1864; do. coupon. 1851;
SIS registered and coupon. lO0A; new
AS registered and coupon. 1871; old Is
registered and coupon. ia; SIS regis
tered and coupon. III.
CLOSING STOCKS.
Atohlson, 2S;s; DO. preferred. SS%; A
S. s. w, IS; do. preferred, 9Sh Amer
can Tobacco, ma American Tin Plate,
90; do. preferred, ss%; American Steel
Hoop, 81 do. preferred, So; American
Smelling. 50h; do. preferred, w; y. r.
T. IS; r. &. o., ssh; do, preferred, ss&;
c. II. & O., lay: c. +. l.. A; c. @. W,
1873 Cen. Tobacco, ~; c. & o.. SIS; C.
& A., 3sis do. preferred. "a; d. & r. a..
50; D. : H., is,s Federal Federal, Steel. ~;