The age-herald., 1901-02-08
GREAT STRENGTH
 IN STOCK MARKET Projected Steel Consolidation Dominated Speculation THE OFFERINGS WERE HEAVY High Prices Brought Out Long Lines of Federal Steel and Other Indus-
 triaIs-lntimations of Pos
 sibility of Failure.

New York, February 1.-The glamour of the vast projected steel operations was steel over Wall street today, and dominated the speculation almost completely A re- newed upward movement in Union Pa- cific formed an effective supplement The steel stocks all opened notably strong, and had good advances under the flood of buy ing orders attracted by the significant ad- missions from authorities in the steel trade as to the reality of pending negotiations The enormous volume of the offerings dur ing the first hour, especially in Federal Steel, made it clear to traders that hold CTS of very large amounts of this stock were willing to avail themselves of the good news to realize profits. The amount of stocks encountered at 55 was apparently illimtable, and not only Federal Steel, but the whole market staggered under it.
 Consideration of the known facts regard ing the steel negotiations disclosed that a good deal was being taken for granted by the spectators. That MT Carnegie had in- dicated willingness to sell the control Of his property seemed to be admitted, but the surmises regarding the further plans for the "billion dollar steel trust had evil dently run considerably beyond the ascer- tained facts. There were significant limi- tations thrown out that the whole negotia- tion was still in a somewhat delicate stage, such as left the possibility that unbridled speculation in the securities concerned might seriously interfere with it's consum- nation. The idea of being long of the steel stocks with proposed combinations, col lapsed and abandoned was sufficient to cause a nervous state of mind amongst some of the spectators who have taken on enormous lines of these stocks. The ap- pearance of inside selling added to their perturbation. With Ahe speculative position thus made vulnerable the stocks were sub- jected to severe handling during the after noon There was momentary pause In the fall but it was renewed again, carrying Federal Steel down an extreme 5A Federal Steel preferred, Steel & Wire, Tennessee Coal and National Steel AZ; Colorado Fuel "A, and other members of the group from ? to points. That these violent declines were due to speculative interest was made manifest by the sudden recoveries when the shorts began to cover Steel and Wire rally ing 2%. Federal Steel preferred 213, and other stocks in the group from l to points.
 The railroad list had it's opening bulge and subsequent decline on profit-taking, but it was stiffened up again to some degree by the remarkable advance in Union Paclilc of 3h points, to 971s
 The rumor that a proposed stock issue to provide for the Southern Pacific pur- chase had been underwritten at par was the cause of the excited speculation in Union Pacific Here again the high level invited enormous realizing
 The railroad bond market continued very active but there were some recessions in prices in sympathy with the reaction in stocks. Total sales, par value S,6lO,OO0
 United States bonds were all unchanged on the last call.
 New York, February 7.-Money on call steady at per cent. Prime mercantile pa per, BOA per cent Sterling exchange easy with actual business in bankers bills at 4S7% for demand and at 4.S4% for sixty days; posted rates, 4S5@4.S9; commercial bills, 4S3AG4S4A silver certificates, 61Q63 bar silver, 605s; Mexican dollars, A.
 Government bonds steady; State bonds inactive; railroad bonds irregular
 New York Stock Market.
 (By Private Wire Murphy & Col