The Saint Paul globe., 1901-02-22
STEEL Stocks WENT Up
ENTIRE GROUP. SLATED FOR THE
BIG COMBINE SHARED IN
THE STRENGTH
GENERAL LIsTaRATHER FLAT
notwithstanding the Prevailing
Dullness, the undertone Was
Firm, and Closing Quota
tions shoyuediN Net Gain.


NEW YORK. Feb. s2i.-The sharp up
turn in the steel stocks, which gained
force rapidly towardzthe close of the
market, was the onl5o.thing that redeem
ed the market from uninteresting dull
ness today. National Steel and Tin Plate
showed the most pronounced strength in
this recovery, the former rising 53a over
last night, and the latter AZ from the
early low point. The outstanding short
interest which had grown quite large IN
the stocks of the steel companies, had a
large part in this quick rally The re-
port that the 'so-called Moore properties
of the steel group We're standing out for
a large share in the securities of the new
company was an influence in the rise
the supposition of the Spectators being
that they We're likely to get what they
claimed. But the other steel stocks were
not much behind in the movement, Fed
eral Steel ral1ying 3A from the low
point, Steel & Wire 31s and Tennessee
Coal, 3. Whether the movements ac-
ments in the steel merger negotiations
can only be told when the results are
given to the public. Details were closely
guarded up to the time of the closing
of the market, but it?is the general sup
position that the reorganization plan of
the steel company so far as it Is TO
have official announcement, will be given
out before trading is resumed on Mon
day Actual information on these details
is so vague that the shorts int steel
stock were overcome with timidity and
fastened to close their contracts before
the coming three holidays. The same in
fiuence was at work in other parts of
the list The early weakness of the
market began to change to recovery
when support was manifest in the steel
stocks. The weakness was quite acute
at one time the steel stocks leading the
decline as they did the recovery. Many
of the prominent stocks were down be-
tween and points, the grangers,
Pacifcs and Southwestern and some of
the coalerS being conspicuous. Burling-
ton Kansas & Texas preferred Erie
second preferred and Rock Island were
notably weak. These stocks were all
conspicuous in the rally also \ num-
Der of the most important railroad st o.s
were lifted a point above last night.
There was very large demand for the
Southern railway stocks and for the
Wabash securities IdFhere was a vague
expectation of some good news to come
concerning Southern railway but moth
ing definite was annoupeed Rumors to
the effect that community of interests
with Seaboard air line was contemplated
way stocks each advanced 25A The con-
tinued ease of the money market was an
influence driving the shorts to cover, as
it was expected that there might be a
to carry over until next Monday. The
banks report gains of cash from the in
terror since last Friday, and their ac-
count with the SuBtFeaSury about bal
anceS. But the general conviction is
that further large loans have been made
in the furtherance of pending financial
projects, and that the weekly bank state
ment will show a further contraction of
the surplusg
The bond market was dull and, irreg-l
ular, except for an acute demand for
Wabash debentures. Total sales par
value, $S410,000.
United States refunding Is advanced
Is and the old IS and 5s a per cent on
the last call.