The age-herald., 1901-02-22
STEEL STOCKS :. SAVED MARKET ~.s=s
  Sharp Upturn in Prices ReIiev- >s. ed the DulIness SHORT INTEREST STRONG On Basis of the Present Business and Profits of the Steel Companies To Bring Harmony, Prices Must
 Be. High.

New York, February 21.-The sharp up- turn in the steel stocks, which gained force rapidly toward the close of the market, was the only thing that re- deemed the market from uninteresting dullness today. Nevertheless, steel and Tin Plate showed the most pronounced strength in this recovery, the former ris- ing 52s over last night and the latter A from the early low point
 The outstanding short interest which had grown quite large in the stocks of the steel companies had a large part in this quick rally. The report that the so-called Moore properties of the steel group were standing out for a large share in the securities of the new com pany was an influence In the rise, the supposition of the spectators being that they were liely to get what they claimed But the other steel stocks were much be- hind the movement Federal Steel rally ing 3A from the low point, Steel and Wire SIS and Tennessee coal 3. Whether the movements accurately forecast any actual developments In the three steel merger negotiations can only be tolo when the results are given to the pubhc' Details were closely guarded up to the time of the closing of the market, put it is the general supposition that the re- organization plan of the steel company so far as it is to have official announce ment will be given out before trading Is resumed Monday. Actual information on the details are so vague that the shorts At.A r,AA -to timidity and hastened to close their con- tracts before the coming three holidays. The same influence was at work in other parts of the list The early weakness or the market began to recover when sup port was manifest in the steel stocks The weakness was acute in the extreme at one time, the steel stocks leading the decline as they did the recovery. Many or the prominent stocks were down l ana points. the Changers, Pacifcs, South westerns and most of the Coalers being conspicuous Burlington and Texas Erie seconds preferred and Roc Island were notably weak.
 The bond market was dull and irregular except for an acute demand for Wabash debentures. Total sales, par value, $l,- 41OOOO. United States refunding 2d ad- vanced h, and the old As and 5s A per cent on the last call.
 
 ward during the past week, and specu- lative sentiment has taken on a conser- vative tone.
 On the basis of the present business and profits of the steel companies and the railroad companies concerned in the re- cent consultations, 1t Is clear prices paid to bring them into harmonious control are high. Additional capital issues have been necessary to provide purchase mon ey and charges ahead of the claims of the stocks for dividen have thus been in- creased. The problem of measuring the benefits to accrue to these companies from ,harmonized control, possible econ omies of operation, increase of business. etc., to meet the increased charges for capital account, is a most abstruse one. The price reached by the stocks in the open market in the period of the closing of the deal is clearly not a reliable meas ure of the new value attained. Even the price paid for the regular blocks of the stocks acquired at much lower level during a long continued period. Ques- tions of administration are also impor- the last fortnight.
 Some of the bonds affected by the rail- road combinations have been heavily ab- sorbed at times, but the railroad bond market has generally been reactionary in sympathy with stocks.
 United States old As advanced F, and the refundng 2s and 5s A per cent over last Stv, urday's call.
 New York Stock Market.
 By Private Wire to Murphy &s Co