The daily morning journal and courier., 1901-02-22
Er1tamcial.
THE STOCK MARKET.
sharp UptuIn in the Steel stocks Saves
 It from Dullness.

Sharp UptuIm in the Steel Stocks Saves It from Dullness.
 l New York, Feb. 21.-The sharp up- turn in the steel stocks, which gained force rapidly towards the close, was the only thing that redeemed the days market from uninteresting dullness. National Steel and Tin Plate showed | the most pronounced strength in this
 recovery, the former rising 5ss over last
 night and the latter A from the early low point. The outstanding short inter- est, which had grown quite large in the stocks of the steel companies, had a
 large part in this quick rally. The re- port that the so-called Moore properties of the steel group were standing out for a large share in the securities of the new company was an influence in the rise, the supposition of the speculators 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 rallying 3A from
 the low point, Steel and Wire 3h and Tennessee Coal B. Whether the move
 
 velopments in the steel merger negotia- lions 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 it is the general supposition that the reorgani- zation plan of the steel company so far as it is to have official announcement
 will be given out before trading is re- stunned on Monday. Actual information on these details is so vague that the shorts in the steel stocks were over- come with timidity and hastened to close their contracts before the coming short holiday. The same influence was at work in other parts of the list. The early weakness of the market began to change to recovery when support was manifest in the steel stocks. The weak ness was quite acute at one time the steel stocks leading the decline as they did the recovery. Many of the promi- nent railroad stocks were down between i and ? points, the grangers, Pacifics, Southwe sterns and some of the coalers being conspicuous. Burlington, Kansas and Texas preferred, Erie 2d pref, and Rock Island were notably weak. These stocks were all conspicuous in the rally. also number of the most important railroad stocks were lifted point above last night. There was very large de- mand for the Southern Railway stocks and for the Wabash securities. The Southern Railway stocks each advanc- ed 2ss The continued ease of the money market was an influence in driving the shorts to cover, as 1t was expected that there might be furry in money incl dent to the demand to carry over until next Monday. The banks report gains of cash from the interior since last Fri day and their account with the sub treasury about balances. But the gen. eral conviction is that further large loans have been made in the further ance of pending financial projects and that the weekly bank statement will show a further contraction of the sur. pluc.
 The bond market was dull and irreg- ular, except for an acute demand for Wabash debentures. Total sales par value S3, 3,419000.
 United States refunding 2s advanced 1s and the old Is and 5s A per cent. on the last call.
 NEW FORK STOCK MARKET