The daily morning journal and courier., 1901-02-27
EinanCgal.
THE STOCK M..ARKET
Large Proportion of the Dealings in the
 Steel Stochs.


 ! Steel Stocks.
 New York, Feb. 26.--A large proportion of the dealings in the stock market again cen. tered in the steel stocks to-day. The official statement issued by the banking house hay ing the negotiations for consolidation in charge, giving the terms of the exchange of l the securities of the present companies in 1 the proposed new company, dashed all the l speculative enthusiasm over the steel stocks. The effect was the more remarkable ill that the terms as officially promulgated were ] found in several cases to closely conform to | the conjectural figures which have been cur rent for several days past. But this did not save the group from acute depression. With the exception of m upward dash in one or two of the steel stocks just at the opening, there was no strength manifested during the day.
 It was a few minutes after the opening, in fact before the official statement was given out. The contrast between the spec ulative spirit prevalent yesterday and in the first few minutes of today and the quiet trading based on calculations made after the actual state of affairs became known was q glowing commentary on the fascination of the unknown for the speculative tempera- ment. The first fact to attract the attention of the speculators was 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 sort Of arbitrage dealings In the effort to adjust the price level. American Hoop benefited by the operation, while Steel and Wire was sufferer.
 But it was evident that the insiders, who have had time for mature calculation, had done their buying, while the outsiders were not inclined to jump at conclusions h so vast q problem. As ali of the stocks get from par to 125 per cent. of the new securi- ties Il the exchange. with additional bene. fits in some cases, 1t is clair that on a basis of equal value for the properties concerned the new stocks should sell lower than the average prices of the present stocks. Of the preferred stocks concerned in the con solidaton the highest priced is National Tube, which sold last night at S37s Of the which sold fast night at 60, and the lowest is American Hoop, at 33. There was much calculation over the probable price of the new securities, but so far as known there were no dealings 'when issued"
 few of the railroad stocks were notably strong. In view of the greater importance of the dealings in the steel stocks and their need of support, the assumption is not q violent one that | purpose 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 5A points over last night. The Southern Railway stocks. Missouri Pacific and the Pacttics and west ern railroad stocks generally gave evidence l of frmness.
 Yesterdays strength ill the Tobacco | stocks continued. American Tobacco rising | 8 points. Of the steel stocks Steel and Wire | was most under pressure. dropping at the | last 11a points below last night, after being vigorously supported about Al. Tin Plate | but rallied point showing net loss of l points Natiohal Tube is 81h lower and the preferred 3 points lower than last night. | Federal Steel loses 2A points. American ! Hoop, Tin Plate and the National steel stocks are the only ones that do not show | losses.
 Railroad bonds tended tower in sympathy with stocks. The total sales par value were S2, ,610000. United States new fours advanced 1s per cent. on the last call