Omaha daily bee., 1901-02-27
MOVEMENTS N STOCKS AND BONDS.
Large Proportion of Dealings In
Alacl.s L. lau4a rnd In Glcel

NEW YORK. Feb. 26-A large proportion
of the dealings In the stock market again
Centered in the steel stocks.
The official statement issued by the bank
ing house having the negotiations for con-
sotdation I'm charge, giving the terms of eN-
change for the securities of the present
companies into those of the new company
dashed all the speculative enthusiasm over
the steel stocks. The effect was the more
remarkable I'm that the terms officially an
nounccd were found In several cases to
closely conform to those coniectural figures
which have been current for several days
past.
With the exception of an upward dash in
one or two of the steel stocks just at the
opening there was no strength manifest in
the group during the day II was few
minutes after the opening, in fact before
the official statement was given out. The
contrast between the volatile enervescence
and the speculative spirit yesterday, and
I'm the first few minutes of trading today
with the sober quietude of the trading
based on calculations with pencil and paper
after the actual state of affairs became
known was glowing commentary on he
fascination of the unknown for the specula-
tive temperament. This first fact to at
tract the attention of the spectators that
the price level of the existing stocks did not
consist with the relative benefits they were
to receive from the exchange. This led to
spurt of arbitrage dealings to adjust the
price level on a consistent basis American
Hoop benefited by the operation, while
Steel and Wire was a sufferer. But II was
evident that the insiders who have had time
for mature calculation had done their buy
ing, while the outsiders were not inclined to
Jump TO CONCLUSIONS III so vast a prODlem
AS all of the stocks get from par to l25 per
cent of the new securities in the exchange
with additional benefits In some cases, II is
clear that on basis of equal value for the
properties concerned In the consolda ton
the highest priced is National Tube. which
sold last night at 106, while the lowest is
American Hoop, which sold last night at
S3i2
or the common stocks the highest is Tin
plate which sod last night at g. and the
lowest Is American Hoop. which sold at 30
There was much calculation over the prices
there were no dealings when issued. "
There were a few railroad stocks which
were notably strong. In view of the greater
Importance of the dealings in the steel
sumption Is not violent one that n pur-
pose to sustain the general market had
something to do with the advance in some
railroad stocks ST. Paul was the most
notable example of strength, rising at one
time 5I points over last night. The South
Pacfcs and western railroad stocks gem
orally gave evidence of flrmness.
Today's strength In the tobacco stocks
continued, American Tobacco rising 3. or
the steel stocks Steel and Wire was most
under pressure, dropping at the last ~ be-
low last night after being vigorously sup
ported about Al Tinplatc got back to last
Thursdays closing level. but rallied point.
showing net loss of 4. National Tube is
3l2 lower and the preferred Is lower than
lean Hoop. Tinplate and the National Steel
stocks are the only ones that do not show
losses.
Railroad bonds tended lower in some
stocks. Total sales stock, par value, s2.60,-
600 United States As advanced "a in the
last call.
The following are the closing prices on
the New York Stock exchange: