The daily morning journal and courier., 1901-02-26
THE STOCK M.4RK E7.
Burst of spasmodic Strength Followed
 by Sudden Relapse and Dullness.

New York, Feb. 25.-The stock market
 made a remarkable exhibition this l morning of spasmodic strength follow
 ed by sudden relapse and a
 period of undertaking dullness and | dropping prices up to the close of the
 market The principal influence in the | opening bulge was the many rumors | and circumstantial accounts of the al- 1 legged details of the steel merger and | the terms of exchange of the proposed new securities for the existing stocks of the steel companies This was supple
 mented by reports of the proceedings of brokers up town during the three days interval while the stock exchange was closed. The prices bid by some of these brokers for blocks of the steel stocks and the sales reported to have been tive cupidty. The excited bidding
 which was thus attracted in the open
 ing dealings sent prices of the steel
 stocks up like rocket. Tin Plate was
 the most notable. The stock was rush.
 ed up 15 points in a few minutes, and
 after dropping back was lifted again
 almost to the top level. But it ultimate
 ly gave way with the whole market
 The other steel stocks, including both
 the common and preferred, were up
 from one to nearly six points. These
 prices brought in heavy realizing sales
 at the Start. The professional room op-
 orators were obviously disposed to let
 the group alone.
 The favorable bank statement of Sat
 urday caused the room traders to buy
 stocks, according to their invariable
 rule on the showing of an increase in the surplus reserve. Last weeks gain in cash was a good deal of a relief to the apprehension regarding the money market. The check to the recent heavy increasing tendency in the loan item was superfcially regarded as favorable. But the conviction that it was due to the calling in of loans placed in the stock market led to some later appre- hension that the process would be con- tinued in further preparation for cor poration financing operations. London sent higher prices under the favorable influence of the success reported for the British arms in South Africa. These influences caused some advances in the railroad list of from 1 to 2 points. At good demand developed later in the day for the southern railroad stocks and there were isolated instances of strength among some of the less inn portant railroad stocks. But all other considerations yielded to disappoint- ment over the still further postpone ment of official announcement of the | terms of the steel merger, and to grow ing scepticism as to the accuracy of re- ports already current. With the reac- tendency thus developed there | came renewed apprehension over the effects on the money market of the steel merger. Gains in the railroad list were with few exceptions wiped out, and some of the most important of the steel stocks fell back below Thursdays level. Steel and Wire falling 4 points lower than Thursdays close, National Steel ? and National Tube 1%. Tin Plate re- acted 12 points from the top and closed with net gain of only points. Amer Ican Hoop rose to the best at the end with net gain of 6. There was some stiffening in the group on short cover- ng at the close, but there was nothing eft of the early buoyancy. Pacific Mail lost SIS on Fridays disaster off he Golden Gate.
 The bond market was inclined to go off in the afternoon, but retained part 'f the morning advances Total sales par value $S, S,185, ,O0o
 United States refunding 3 advanced |, $ and the 3s A per cent. on the last all. The new As declined A. 'I
 EEW FORK STOCK MARKEy.