The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-03-01

ings in the steel stocks and their want
Of support, the assumption is not q
violent n that a purpose to sustain
the general market had something tc
do with the advance in some railroad
stocks.
New York, Feb. 27-Today's trad.
ing in the stock market. while quite
large, was very much congested in q
few stocks. There was continued
strength in st. Paul and a late buoyant
rise in Sugar and notable gains by
some of the less prominent high priced
industrials, but the general market
was not much inclined to respond in
sympathy, although the depression
which existed in some parts of the
list early in the day was partly re-
covered. The speculative tone was
more inclined to sympathize with the
continued heaviness of the Steel
stocks than with the strong features
of the market. The inclination of the
Steel stocks to gravitate to a lower
level is a distinct disappointment to
the speculative world, as it was
hoped that when the doubts and un-
c%ertainties attending the period of me-
gotiations were cleared and the great
consolidation of control fully assured,
prices of the securities would reflect
the hoped for advantages to the owners
of the properties. There was large
trading again in the stocks of the
group today, but it was in large part
on arbitrary operations from one stock
to another The discrepancy in the
prices of the stocks and their privi-
leges Of conversion into stock of the
United States Steel corporation, forms
the basis of these operations. They
consist in the purchase Of such men,
bers of the group as are prop%ortionate-
ly low and the simultaneous sale
against the purchases of stocks which
are high. The natural tendency of
these operations is to bring the prices
Of the various stocks to a basis con-
sistent today that this process of ad.
justment was serving to bring down
the prices of those stocks selling too
high, rather than to bring up the
prices of these which were relatively
low. That is to say, most members
of the group showed declines on the
day.
New York, Feb. 28-After an
unavailing effort to check the yielding
tendency Of prices, the market gave
upto the threatening depression, and
the closing was decidedly weak at the
lowest, with something very like a
splitting out of stocks going on all
through the list. The Steel stocks
were most acutely affected and were
weak throughout. One OF two in the
group advanced slight fractions at one
time under the process of arbitrary
operations, which involved purchases
to cover sales Of other stocks, but the
prevailing disposition was clearly to
sell. Dealings continued on the curb
in the contract to deliver United States
Steel corporation stocks when issued,
though not on as large a scale as yes.
terday. These stocks, which were re-
garded as the index of the value of all
the members of the group, showed an
increasingly heavy tone. Bids Of 81
for the common and 82h for the pre-
ferred were put in at the opening by
brokers acting on behalf of the bank
ing interests concerned in the organi-
zation of the new company. There
was some firmness in the common
stock during the day, but in the clos
ing dealings the bid for the common
stock was reduced to SO and for the
preferred stock to 80. The stocks not
included in the consolidation were
also weak. Published reports from
Pittsburg of dissatisfaction on the part
of the National tube stockholders
with the terms of the exchange were
an influence in the depression.
Live Stock.
Chicago, Feb. 28-Cattle: Choice
steers strong. Medium weak to low
er. Butchers stock and Texans steady.
Good to prime steers $4.9 80 to So;
POOR to medium $3.40 to 81. 80; stock
ers and feeders slow at 49,. rs to 81. so;
COWS So. SO to 81. is; heifers So. so to
$4.35; Gamers $1.85 to So. so; bulls
So. so to Sd. 20 calves slow at Sd to
$685.; Texas fed steers steady to
strong. 81 to So; Texas grass steers
$3.50 to $3.50; Texas bulls So. so to
So. 80.
Sheep and lambs steady. Good to
choice wethers 81 to $4.6O; fair to
choice mixed So. so to $40; western
sheep 81 to 81. 60; western lambs SIS
to 1925.
New York Money.
New York, Feb. 28-Money on call
steady at IL to 2 per cent.
Prime mercantile paper 81 to ~
per cent.
Silver certificates 621a to 63H.
Bar silver 81.