The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-02-08
Y tnaMcral.
THE STOCK MARKET.
Again Dominated by the Vast Projected
steel Combine.

Again Dominated by the Vast Projected
steel Combine.
New York, Feb. 1.-THE glamor of the
vast projected steel combination was
still over Wall street to-day and domi-
mated the speculation almost complete
ly renewed upward movement in
Union Pacific formed an effective sup
plement. The steel stocks all opened
notably strong and had good advances
under the flood of buying orders at
tracted by the significant admissions
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
ers 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 SIS was
apparently illimitable, and not only
Federal Steel, but the whole market,
staggered under it. Consideration of
the known facts regarding the steel ne
gotiations disclosed that good deal
was being taken for granted by the
spectators. That Mr. Carnegie had in
dicated a willingness to sell the control
of his property seemed to be credibly
admitted, but the surmises regarding
the further plans for the billion dollar
steel trust" had evidently run consider
ably beyond the ascertained facts.
There were significant limitations
thrown out that the whole negotiation
was still in a somewhat delicate stage,
such as left the possibility that the I'M
bridled speculation in the securities
concerned might seriously interfere
with it's contamination.
The idea of being long of the steel
stocks with the proposed combination
abandoned was sufficient to cause a
nervous state of mind among some of
the spectators, who have taken on
enormous lines of these stocks The
appearance of inside selling added to
their perturbation With the specula-
tive position thus made vulnerable the
stocks were subjected to severe hand
ling during the afternoon. There was a
momentary pause in the fall, but it was
renewed again, carrying Federal Steel
down 81, Federal Steel preferred, Steel
and Wire, Tennessee Coal and National
Steel Az, Colorado Fuel AZ and other
members of the group from to 3
points. That these violent declines were
due to a speculative raid was made
manifest by the sudden recoveries when
the shorts began to cover, Steel and
Wire rallying 2&, Federal Steel prefer
red 21h and other stocks in the group
from l to 2.
The railroad list had it's opening bulge
and subsequent decline on profit taking |
but it was stiffened again to some de-
gree by the remarkable advance in |
Union Pacific of 31a points, to 971A. 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
elsewhere in the railroad list +!
a few other railroad stocks attained any
notable price level above last night.
With the late drive against the steel
stocks the whole list crumbled, Union
Pacific itself yielding all but small
fraction of it's advance and many mar
ket leaders among the grangers, coal
ers, trunk lines, Pacifics and southwest
ems falling from 1 to 2 points below
last nights level. The selling of Mis-
souri, Pacific was especially urgent car
rying that stock "a under last nights
level, an extreme drop of points. The
final rally in Union Pacific left it with
a net gain of rs. The volume of deal
ings again reached a figure far above
the normal and near to the record and
there have seldom been such excited
dealings and such wide and cratic 1uc-
tuations in the market.
The reduction in the Bank of England I!
rate and the fall in the sterling ex-
change rate put gold exports at present
,ut of the question. The rate for loans
lid not rise above per cent. on the ex-
,hange, but spectators are not entirely
rec from uneasiness as to the possible
,ffect on the money market Of the
.normous financial operations in con-
The railroad bond market continued
1ery active but there We're some recess
lions in prices in sympathy with the
eaction in stocks. Total sales par val
lie $3.50, 600.
United States bonds were all nm
hanged on the last call.