The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-08
KEPT TNE BROKERS Busy
STOCK EXCHANGE AT YES
TERDAY'S SESSION
STEEL STOCKS CLOSE LOWER
Opened at an Advssnce On strength
of the ProiectSd Coordination.
but "a Flood taefv Selling Or
ders Sent Brioes Down.

Call money. New Y99gIk I.....,- 2@3
NEW YORK. Feb. 1.-THE glamour of
the vast projected steel combination was
still over Wall street today and dominat-
ed the speculation almost completely. y
renewed upward naoyement in Union Pa
ciflc formed an effective supplement- The
steel stocks all opened notably strong
and had good advances under the flood
of buying orders attracted by the sig
nificant admissions from authorities In
the steel trade as to the reality of. pand-
ing negotiations. The enormous volume
of the offerings during the first hour, es-
to traders that holders of very large
amounts of this stock We're willing to
avail themselves OFF the good news to
realize profits. The amount Of stocks
encountered at 55 was apparently iiimit-
able. and not only Federal Steel, but
| the whole market staggered under it.
Consideration. of the known facts regard
ing the steel negotiations disclosed that
| a good deal was being taken for granted
by the spectators. That Mr. Carne2ie
had Indicated a willingness to sell the
| control of his property seemed to be ad-
mitted, but the surmises regarding the
further plans for the billion-dollar steel
trust evidently run considerably beyond
the aseertalned facts. There were sig
nificant limitations thrown out that the
| whole negotiation was still In a some
| what delicate stage, which left the pos
-sibilfty that unbridled speculation in the
| securities concerned, might seriously in
| terfere with its contamination The fdea
| of being long of. the steel stocks. with
| the proposed combination collapsed and
abandoned, was sufhclent to cause a ner-
| vous state of. d-among some of the
| SPECTATORS, who have taken on enor-
nous lines of these stocks: The appear
| ance Of inside selling added added to
position thus made vulnerable, the stocks
were subjected to severe handling during
| the afternoon. There was a momentary
paan in the fall Rqt It ts Mas renewed
extreme 81. Federal Steel preferred,
Steel and Wire, Te4nessee Coal and Ma
tional Steel, AZ; C 1}st Fuel. AZ, and
points. That thesetg haent declines :, ere
due, to a speculative rasiSd was made man
ifest by the sudden feeoveries when the
rallying "a, Federal Steel preferred ~
and other stocks in the group from / to
points. isoq-
and subsequent decline on profit-taking,
but it was stiffenedsunoaga gain to some de-
gree by the remarkably advance in Union
Paeif Of Sc s7 is,n The h r1
vide for the Southern Pacific purchase
had been underwritteR at par was the
cause of the excited Speculation in Union
vited enormous realizing. The movement
elsewhere in the, raHrdad list was rather
mildly responsive and only few other
railroad stocks attained any notable price
level above last night With the late
drive against the steel stocks the whole
list cruInbled, Union Pacific itself yield
ing all but small fraction Of its advance
and many market leaders among the
grangersa and coalers, Trunk lines, Pa
cifics and Southwesterns falling from 10
2 points below last nights level The SELL
ing of Missouri Pacific was especially ur-
gent, carrying that-zstock 214 under last
nights level an extreme drop OF 4 points.
The final rally in Union Pacific left 1t
with. a net gain Of rs. The volume of
dealings reached a figure far above the
normal and near to the record, and there
have seldom been such exciting dealings
and such, wide and cratic fluctuations in
the market. The, Reduction in the Bank
of England rate .ai16a the fall in the ster-
ling exchange rate put gold exports at
present out OF the Question: = >
The rate fora loans did not rise above 2
per cent on the exchange, but SPECTATORS
are not entirely free from uneasiness as
to the possible effect on the money mar
ket of the enormous financial operations
in contemplation. 30 =
The railroad bond market continued
very active, but there Were some recess
siens in prices in sympathy with the re-
action in stocks. Total sales, par value
81, 610 600. United States bonds were all
unchanged on the last call
of'S,yr STOCK QUOTATIONS.
Furnished by Charles H. F.. Smith 6
Co., members of the New. York Stock
Exchange, Pioneer Fress building, who
have direct wires to Chicago and New
York. Closing prices are bid: