The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-08
FLUC CITATIONS
WIDE AND ERRATIC
Speculation Dominated by Projected
Ste5l Deal.
THE STOCKS OPENED STRONG.
Violent Declines Wcro Made by a
Speculative Kaid-Suddcn Re-
covcries Fo!iowcd-Bonds
Continued Active.
THE STOCKS OPENED STRONG.
Cry Associated Press,

NEW YORK. Feb the slai ! "
The vas: projected steel combination was
still over Wall street to-day, ana doNh-
mated the speculation almost co!ipies .':,
y renewed upward movement IN Lilloii
Pacific formed an effective supplement-.
The steel stocks all opened notapiy
strong and had good advances under me
flood of buying orders attracted nS tiis
significant admissions from autiiuii HSS
in the steel trade as TO the rea4lty OF
pending negotiations. Ehs enormous
volume Of offerings during the ilrst hour,
especially in Federal Steel, made II ciear
10 traders that holders Of large amounts
OF this stock We're willing to avail them
selves Of the good news TO realize frol'S.
The amount of stocks encountered at ,'o
was apparently limitiess, and not only
Federal Steel, but the whole market stag
rcred under il. Sur1niSeS regarding the
further plans of the "billion-doilar steer
trust had evidently run beyond the
ascertained fact There We're significant
intimations thrown out that the Wnoie
negotiation was still in a somewhat dell
cate stage, which left the possibility !hat
nnbridicd speculation in the securities
concerned might seriously interfere Win
its contamination
The idea OF being long of the steel
stocks with the proposed combination
collapsed and abandoned was suIilcleht
10 cause a nervous state of mind amongst
some of the spectators who have taken
on enormous lines of these stocks. Inc
appearance OF inside selling added to
their perturbation. With the speculative
position thus made vulnerable. the stocks
werI subjected to severe handling dur
ing the afternoon.
There was a momentary pause. but it
WAS renewed again. carrying Federal
Steel down extreme "a, Federal Steel
preferred, Steel and Wire. National Steel.
Colorado Fuel al, and other members OF
the group from = to :; points. That these
violent declines were due to q speculative
raid was made manifest by the sudden
cover. Steel and Wire rallyinC 1ai, Fed
eral Steel preferred 2l2 and other stocks
in the group from l TO points.
The railroad list had its opening and
subsequent decline on proft-takinS. but
Etiffened up again to some degree by the
remarkable advance in Union Pacific of
So points to a71a The rulnor that a pro-
posed stock issue TO provide COR the
Southern Pacific purchase had been I'M
Gerwritten at par was the cause of the eN-
cited speculation in Union Pacific Here
again the high level invited enormous
realization The remainder of the rail-
road list was ~ather mildly responsive,
and only a few attained 4 notable price
level above last night With the late
drive against the steel stocks the Whole
list crumbled. Union Pacific yielding ali
but small fraction of its advance. and
other leaders among the grangers. coal
erS. trunk lines. Pacilcs and southwest
ems fell from / TO :; points below last
night level
The final rally in Union Pacific left it
with net gain of L. with a volume of
dealings which again reached figure
far above the normal and near to the
record, and there have seldom been such
excited dealings and such wide and
e!.ratic fluctuations in the market. The
reduction in the Bank of England rate
and the fall in the sterling exchange rate
put gold exports at present out of the
question. The rate fer loans did not
reach above per cent. on the exchange.
but SPECTATORS are not entirely free from
uneasiness as 10 the possible effect
The money market of the enormous finan-
cial operations in contemplation.
The railroad bond market continued
Very active, but there We're some recess
Sions in prices in sympathy with the
action in stocks. Total sales par value.
$4,000 United States bonds We're all
unchanged on the last call
Total stock sales were /. 7S5, GOO shares.
MONEY AND EXCEANGE.-Money on
call steady at per cent; prime mer-
camille paper, iG4 per cent. Sterling eX-
change easy, with actual business in
bankers bills at StS1;H24 for demand and
at Si.Si$s for sixty days; posted rates,
SI.Sa and S4.SSi5St4. 50; commercial bills,
81 ;;4:a4. S41s. Silver certificates. G1G63:
bar silver, Sos; Mexican dollars. IL Gov