The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-07
Steel THE Big FEATURE
Fairly Sensational Advances Fol
low the Mornings News.
Even Preferred stocks Feel the Re
s,It OF the Rising Warkct-HiEhcr
Prices the Rule In the halfway
Quarter Paul and Northern
Pncidc Regain Their Strength.

NEW YORK, Feb. G.-There was no ma
terial change today in the general condi-
lions which have prevailed in the New
York stock market for some time. The
dealings. both in stocks and bonds. con-
tinued in immense volume, and while price
movements were somewhat irregular, the
changes were no more than could have
been expected in view of the magnitude of
the business now being conducted.
As was to be expected, this mornings
intimations regarding the status Of the
negotiations through which it is designed
to bring about harmony and cooperation
in the various branches of the steel trade
were followed by tremendous dealings in
the industrial shares concerned. Some
fairly sensational advances resulted there
from, and the Interpretation placed upon
this matter was shown in the fact that
some of the preferred stocks Of the steel
industrals in which there has been little
speculation. advanced even more rapidly
than did the common shares
The community will await with deep in
terest the announcement OF the details
by which this latest and greatest stroke of
high finance is to be carried out. While
little definite information in this regard
wes ascertainable today, there seems to be
small reason to doubt that the central
fact in the programme is the retirement of
Andrew Carnegie and the transfer of the
vast enterprises he controls into the hands
OF capitalists who will see to it that they
are conducted in virtual harmony with
those corporations now engaged in the
manufacture of steel billets and in the
specialized lines of the trade.
While the keen interest excited in the
steel stocks by reason of the develop
ments noted caused speculative interest
10 be largely engrossed in the stocks con-
oerned, the remainder Of the market was
by no means neglected. The dealings in
the railway list, while showing some I'M
certainty of movement. resulted in some
further substantial advances. The trading
there was governed by the same consider
ations which are row familiar to all OBJ
servers OF current financial affairs
Features os the market in the railway
stocks were St. Paul and Northern Pa
cific. in which cases there was revival of
strength and animal ion. The movements
there did not. however. as might have been
expected serve to revive the former re
ports in connection with those proper
ties. Indeed. as was the case Yesterday
there was an agreeable absence Of ru-
mors Il would seem as IL for the time
being. at least, the speculative community
must rest content with the noteworthy
transactions now definitely announced,
namely, the Union Paciic-Southern Pa
ci1le matter and the purchase of the Mo-
bile and Ohio property by the Southern
Railway Company.
Union Pacific preferred and Southern
Railway preferred were noticeably strong
rlT.A. bai-
course rejecting the evident satisfaction
of the stockholders OF both companies re-
garding the recent measures taken to con-
serve their interests. Dealings In Mobile
and Ohio stock have quisted down since
the announcement of the purchase of that
property. but it is a noteworthy circum-
stance that the reaction usually to be
looked for upon the announcement of a
transaction Of this kind has net taken
place in this stock. which, on the con-
trary holds decidedly firm
This is by no means remarkable when
il is considered that. through the sagacity
of Mr.. William Butler Duncan. the hair
man of the board of directors. the Mobile
and Ohio stockholders receive a security
which will after the second year receive
per cent in perpetuity. and. which will
take precedence over the preferred stock
of the Southern Railway Company.
This means the creation of a securi-
ty OF the highest grade. and the Mobile
and Ohio stockholders are to be congrat-
ulated on the upshot of their company's
affairs. Other striking movements in he
railway list We're Ontario and Western.
wabash preferred and the Reading shares.
Little was done in the local traction
quarter OF the market. where the ten
dency continued somewhat reactionary on
the absence Of am Of the rumors nf the
sort which can always be counted upon
TO incite active trading in those stocks.
The majority OF the so-called speeialties
were firm. with decided strength appear
ing in Western Union.
This stock was more active than ii had
been in a long time, but today's rise ap-
peared to be based On nothing more than
considerations of the merits of the stock
from an investment point of view