The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-08
DEALS SWAY THE MARKET
Recent Combinations Reflected in
Enormous Business.
steel stocks Naturally n Feature of
the rrading-FeverishA Advances in
st. Paul and Northern Pncibc -
Keactionnry Tendency Noted in
Foreign Listed Shares ut Closing.

NEW YORK Feb. THE tremendous
forces, sentimental and material, at play
IN the current speculation, produced again
today some remarkable results in the
stock market Very little more in the way
of actual information was added to the
views held regarding the ways and means
through which the tremendous negotia-
tions In the steel trade will be brought to
a final conclusion. There would appear,
however, to be no grounds whatever for
the deprecatory comments that have. been
Forthcoming from certain quarters on this
transaction, and indeed, these comments
have had no other basis than the very
magnitude of the operation itself.
Nor does it appear that the slight IN
dercurrent of alarm lest the money mar
ket should be disturbed by reason of the
transaction which was apparent yester-
day. is at all warranted. AS a matter of
fact, there will be required the transfer of
very little actual cash and certainly no
greater sum than the interests in charge
OF the matter can readily command.
As for the magnitude of the operation,
it can only be said that these are days of
great undertakings. Comparatively con
sidered, the Carnegie transaction is no
more monumental an event than was the
formation of the Federal Steel Company
three years ago, nor in another way does
il so altogether overshadow such an af-
fair as the purchase of the greater South
ern Pacific Company by the Union Pacific
Railway.
That no exact precedent for such
transaction may be found will be admit
ted but for that matter the general cur
rent financial situation presents great
number of aspects which are likewise
wholly without precedent.
An enormous volume of business was
rolled up in both the stock and bond d-
visions of the market Interest was gen.
orally diversified, although most laIg=ly
expressed in the steel industrials and in
certain quarters Of the railway list.
The conspicuous feature of the latter
was Union Pacific. Both the common and
preferred issues OF this stock showed
noteworthy advances, and the dealings In
them were in immense volume. The ex-
PLANTATION Of their course might be found
in the idea prevailing that the purchase
of the Southern Pacific Company will be
framed through issue of Union Paci-
fc common stock, the assumption being
that in such a case, the market value OF
the common viii eventually be establish
ed above par. The course of Southern Pa
eifc suggested that the latter stock might
be exchanged for Union Pacific OH the
basis of two for enc.
Although showing Il somewhat feverish
and uncertain tone, both Northern Pacific
and St. Paul also had an advancing ten
dency, but deal rumors were again ro-
ti2eable by their absence. The anthra-
cite coal Issues while actively dealt in,
had a somewhat reactionary tendency,
profit taking sales being particularly
heavy tbere following the announcement
OF the advance in the dividend on Reading
first preferred.
On the other hand. Delaware and Hudson
might be cited as an exception that
stock advancing rapidly.
There was an active demand for the BIZ
luminous coal stocks, with msierial result
ant advances in tie Hooking Valley and
Wheeling and Lake Erie issues Elsewhere
the movements in the railway list were
quite irregular.
Profit realizing sales we're extremely
heavy throughout the whole market, and
various directions, the result was to pro-
duee many extraordinarily conflicting
moyements in the general list.
Ine market opened very strong. and
with the stimulus of material advances
showing in American stocks in the London
market, the dealings here for foreign ac-
count were in tremendous volume and on
balance. foreign houses were purchasers of
fully 100, coo shares here. Upon the con-
elasi0n of the foreign buying the market
became more susceptible to the heavy local
liquidation. and the afternoon showed
some exceedingly sharp recessions, par
ticularly in the foreign listed stocks
The reactionary tendency which then
developed was also pronounced in the in |
duztrial quarter, and among the special |
ties Tennessee Coal and Iron breaking |
with particular rapidity. The extremely |
wide fluctuations in prices were commonly |
regarded, however, as being altogether in |
cidental 10 the tremendous volume Of bust
ness conducted. and, in other words, as
entirely technical in their character
The steadiness Of the London market
was attributed in the main to the decided
relaxation in the monetary situation
there. The local money market was ex-
tremely easy, with however, a slightly
hardening tendency appearing for loans.
The action on the vidend upon St Louis
and San Francisco second preferred and
the days returns IF railway traffic COM
priscG about all the actual news there
was bearing on particular stocks.