The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-03-01

Call money New York ..l... 1%-2 1%-2
NEW YORK. Feb.AE 2Sl-After an nm
availing effort to check the yielding ten
dency of prices, the market gave I'D to
the threatening depression, and the clos
ing was decidedly weak at the lowest
OF stocks going on all through the list
The steel stocks were most acutely affect
ed and were weak throughout One or
two in the group advanced Slight frac-
tions at one time under the process of
arbitrage operations which involved pur-
chases to cover sales in other stocks, but
the prevailing disposition was clearly to
sell. Dealings continued on the curb in
the contracts to deliver United States
Steel corporation stocks when issued.
though not on as large a scale as yes
terday. These stocks, which were regard
ed as the index of the value of all the
members of the group, showed an increas-
ingly heavy tone Bids of 81 for the
common and S212 for the preferred were
on behalf of the banking interests con-
cerned in the organization of the new
company. There was some firmness In
the common stock during the day but
in the closing dealings the bid for the
common stock was reduced to Sc and for
the preferred stock to 50. The good con-
ditions reported IN the iron and steel
trade by the Iron Age in its issue today
was disregarded in the trading IN the
steel stocks The last prices showed
National Tube AZ lower than last night;
@
and Steel & Wire preferred from to S1k
and the others of the group from a frac-
ton to nearly points: The stocks not
Included in the consolidation were also
| weak, Tennessee Coal declining nearly 8
points. Published reports from Pittsburg
of dissatisfaction on the part of the
National Tube stockholders with the
terms of the exchanges were an influence
in the depression. The relapse in Sugar,
Tobacco and ST. Paul. after a SHORTLY
opening bulge also served to discourage
the speculation. Efforts were made TO
| boom other stocks for the purposes OF
sustaining the market, but they were in
etfectual. They were most conspicuous
III the Smelling stoekSr which rose 5T3
! for the common and rs for the preferred
| Anaconda with a lise@of 21a and Anal
| gamated Copper with an advance Of 5
POINTS. The Aforementioned stocks, the
United States RubberaStGcks and Interna-
| points. st. Louis & San Francisco rose
3 and the second preferred ~ These
movements were without explanation, ex-
cept that it was argued that the Copper
Ing adjournment of the Montana legisla-
tUre. This seemed a. more potent in
huence than the reported heavy decline
In copper exports Thesmevement here as
! IN the steel stocks was without regard to
the trade news. A batch of strong rail-
! road statements, especially from the
coalcrs, was equally in effect in sustaining
that stock on the market. In price some
OF thu prominent stocks are a point or
more lower on the day%,SThe money mar
ket continued easy, notwithstanding the
| large absorption by tha subtreasury and
the demands for the month and shipment
1t Is. not unlikely, however that the
money market possibilities are an ele-
| ment in the caution manifest in the spec
ulation. A sharp rise in sterling exchange
In response to the harder money market
| in London served to emphasize this eau
ton. Probably the true explanation
OF the heaviness of the market is the
initiation of the trading with many Of
the large forces in the speculative world
away on vacation after the prolonged
period Of unprecedented, activity and ex-
element in the stock market
Bonds were relatively better sustained
than. stocks. Total sales, par value. So,
e2J, 600. Refunding rs Il egisfered advanced
Is and the SIS "A pei" cent on the last, cail.
STOCK QUOTATIONS.. ~
Furnished by Charles H. F.. Smith Il
Co.. members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York; Closing prices are bid: s.t<s-j