The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-02-27

Just at the opening, there was no
strength manifested in the group during
the day. 1t was a few minutes after the
opening in fact before the official state
ment was given out. The contrast be-
tween the volatile effervescence of the
speculative spirit yesterday and in the
first few minutes of trading to-day with
the sober quietude of the trading based
on calculations with pencil and paper
after the actual state of affairs became
known was a glowing commentary upon
the fascination of the unknown for the
speculative temperament.
The first fact to attract the attention
of the spectators was that the price
level of the existing stocks did not con-
sist with the relative benefits they were
to receive from the exchange. This led
to a sort of arbitrage dealings in the eff
fort to adjust the price level to a con-
sistent basis. American Hoop benefited
by the operation while Steel and Wire
was a sufferer But it was evident that
the insiders, who have had time for ma
ture calculation had done their buying
while the outsiders were not inclined to
hump to conclusions in so vast a prob
lem. AS all of the stocks get from par to
l25 per cent. of the new securities in the
exchange, with additional benefits in
some cases, it is clear that on a basis of
equal value for the properties concern
ed, the new stocks should sell lower
than the average prices of the present
stocks. OF the preferred stocks concerned
in the consolidation the highest priced is
National Tube. which sold last night at
l0G, while the lowest is American Hoop,
which sold last night at S3Ia OF the
common stocks the highest is Tin Plate,
which sold last night at 50 and the low
est is American Hoop, at So. There was
much calculation over the probable price
OF the new securities. but so far as
known there were no dealings when is
sued"
There were a few railroad stocks which
We're notably strong. In view of the
greater Importance of the dealings in the
steel stocks and their need of support
The assumption is not a violent one that
a purpose to sustain the general market
had something to do with the advance in
some railroad stocks. St Paul was the
most notable example of strength, rul-
ing at one time ia points over last
night.
The Southern railway stocks generally
gave evidence of f1rmness Yesterdays
strength in the Tobacco stocks contin-
ued- American Tobacco rose g. OF the
steel stocks Steel and Wire was most
under pressure, losing at the last A.
orously supported about Al. Tin Plate got
oack TO last Thursdays closing level but
rallled point, showing a net loss of l.
National Tube is 315 lower and the pre-
Ierred lower than last night. Federal
steel lost "a. American Hoop, and
the National Steel stocks are the
only ones that do not show losses.
Railroad bonds tended lower in sym
pathy with stocks. Total sales par value
$26l0,OO; United States new As advanced
II on the last call
Total sales of stocks to-day were 1.112
0oo shares, including Atchison, 22,7OO; do
preferred 5000; Chicago, Burlington and
quincy, 2l,1OO; Chicago, Rock Island and
racine 1870; Manhattan 1850; MetropoI-
ltan 1000; Missouri Pacific $500: Northern
racine @,4OO; Pennsylvania 5000: Read
ing second preferred 5000; st. Paul 9s. 900;
southern Pacific preferred $500; Southern
railway $3.50; do preferred IA, 700; Union
racine 22,sOo; National Tube 10 800; smelt
ing and Refining 1890; do preferred 49,
w; Steel Hoop 1920; do preferred 1900:
steer and Wire 1850; do preferred 900.
I'm Plate 1920; do preferred IA. 1907 Amer
lcan Tobacco $1,000; Brooklyn Transit p
,Vo' colorado Fuel 7,400; Continental To-
oaeco 400; Federal Steel 54,SOO do pre-
ierreo oolO0; National Steel q. 100: Ten
hessee Coal and Iron $780,