The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-26

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NEW YORK, Feb. 25.7The stock mar
ket made. a remarkable exhibition this
morning of spasmodic. sErength followed
by sudden relapse and q period of UNI
deviating dullness and. dropping prices at
the close. The principal influence in the,
opening bulge was the many rumors and
circumstantial accounts Of the alleged de-
tails OF the steel merger and the terms
of exchange of the proposed new securi-
ties for the existing stocks OF the steel
companies. This accumulation of coniec-
lures was supplemented 10y reports OF
the proceedings CT brokers' uptown dur
ing the three days interval while the
stock exchange was closed. The prices
bid by some of these brokers for blocks
OF the steel stocks and the sales made
according to report about the uptown,
hotels were calculated to excite specuia.
tive cupidity. The excited bidding which
was thus. attrac ted II, the opening deal
tlgs sent prices of tf1ea steel sto ks up
like a rocket. Tin plate was the most
notable in the width of fluctuations. The
stock was rushed UP fifteen points Ia
few minutes and after dropping back
was lifted again almost to the top level
but 1t ultimately gave way with the whole
market. The other steel stocks, including
both the common and the preferred
were up from one to nearly six points
These prices brought in heavy realizinl,
sales at the start. The professional room
operators were obviously disposed to let
the group alone, not caring to conpete
with insiders in pretension TO "Accurate
knowledge of the value of the stock Re-
sides this tnfiEenee which whipped the
steel stocks into effervesceace the inter
val since Tuesday had seen the publiaa-
ton of the favorable bank statement
of Saturday. Last weeks gain in cash
was a good deal of relief to the appre-
hension regarding the money market
The check to the recent heavy increasing
tendency in the loan item was superficial
ly regarded as favorable, but the con-
hot Dc a 70
in of loans placed inathe stock market
Ned to some later apprehension TINT the
process would be continued in l4rther
preparation for corpcE2ttpr financing upc-
the favorable inf1uefce of the success
reported for the British. arms In sCuth
Africa. These Influences caused some ad-
Vantes In the railroad rHst Of from one
to two points. A good zgdernand develop
ed late in the day for the Southern rail-
way stocks, and there were Isolated in.
stances of strength afd9ng some of the
less important railroad stocks. All Sthcr
appointment over thecsstn further post
pcnement of the official announcement OF
the terms of the steel bmerger and to
growing SkepticlSm as to the accuracy of
reports already current With the reac-
ticnary tendency thus developed there
came renewed apprehension over the eff
rect on the money mafSet of the steel
medger, gains in thesfFaflroad list were
with few exceptions wiped OFT and
some of the most important of the steel
stocks fell below Thursdays level, Steel
q Wire falling four points lower than
National Tube IN. Tin plate Tea e6sd
twelve rcints from the top and closed
with a net gain of only five points! Amer.
lean Hoop. rose to the best at the end
with gain of six points. There was
some. stiffening in the group on short
covering at the close, but there was moth
ing left of the early buoYancy Pacifi i:
Mai! lost 81 on Fridays disaster off the
Golden Gate
The bond market was inclined TO go or
in the afternoon, but retained a part Of
tie morning advances. Total sales, par
value, $3.1S50G0. United States refunding
Is advanced u and IS 4, percent on thu
last call. The new As declined Y.