The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-27
ALL INTEREST IN STEEL
STOCKS CONCERNED In THE j. r.
MORGAN MERCER HELD
THE FLOOR s
CLOSE WAS GENERALLY LOWER
Though Some strength Was Mani
fest in a Limited Lime OF High
Class Railroad Sc
curitics.

- Prey.
Close. Day
Bar Silver. New York ft......., 81 - 6lN
call money New YogT k1sff, :.... 1&-2
NEW YORK. Feb. ,2Gss44ssA large proper
ton of the dealings IN the stock market
again centcred in the steel stocks The
official statement issued sby the banking
house having the negotiations for con-
exchange of the securities of the present
companies into those Of the proposed
new company, dashed all the speculative
enthusiasm over the steel stocks. The
effect was the more remarkable in that
the terms officially announced were found
IN several cases to closely conform to
the conjectural figures which have been
current for several days past. With the
exception of an upward dash in Eone4-or
two of the steel stocks just at the open
Ing there was no strength manifest in the
group during the day. 1t was a few
minutes after the opening, in fact, before
the official statement was given out. The
contrast between the volatile ,efferVeS-
cence of the speculative spirit yesterday
and in the first few minutes of trading
today with the sober Quictude of tbs trad
ing based on calculations with pencil and
paper after the actual state Of affairs
became known was "a glowing comment -
airy on the fascination of the unknown tor
the speculative temperament. This first
fact to attract the attention Of the spec
ulatorSs was that the price level of the
stocks did not coincide with the relative
benefits they were ,tO4FeceiVe from the
exchange. This led to a sort of arbitrage
dealings in the effort to adjust the price
level on a consistent basis. American
Hoop benefited by the operation, while
Steel & Wire was a sufferer. But it was
evident that the insiders who have had
time for mature calculation had done
their buying, while the outsiders were
not inclined to jump to conclusions in SO
vast a problem. AS all of the stocks get
from par to 125 per cent of the new
securities in the exchange with additional
benefits
on a basis of equal value for the proper
ties concerned, the new stocks should sell
lower than the average IsEices of the pre-
sent stocks, OF the preferred stocks con-
cetned in the consolidation. tie highest
priced is National THte;~whc} sold last
night at LOG, while thellOWcSt is Ar1ari-
can Hoop, which sold2iast night at Sai2
OF the common stocks the highest is Tin
Plate, which sold last night at g. and the
lowest is American Hoop, which sold ut
80. There was much CALCULATION over the
probable price Of the, new securities. but
so far as known there were no dealings
when issued -
There Were a few RAILROAD stocks which
Were notably Strongay 4n 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
III some railroad StockSG st. Paul was
the most notable example of strength,
rising at one time 81 points over last
1iIsll, ne Soutnefn dallWay stocks,
Missouri Pacific and lite Pacific and
WESTERN railroad stocksI generally gave
evidence of firmness Yesterdays
strength in the tobacco stocks continued.
American Tobacco rising. OF the steel
STOCKS Steel So Wire, which,rmsas qaaost
under pressure, was vigorously supported
about Al. i5aTine Plate got back to,last
thursdays closing level, but rallied a
point, showing. a net loss of l. National
Tube Is Sls lower AMI the preferred
lower than last night. Federal Steel loses
"a. American Hoop and the National
Steel stocks are the only ones that do
not show losses
Railroad bonds tended lower in SYM
patty with stocks. Total sales per value,
United states new As advanced u per
cent on the last call
STOCK. QUOTATIONS.
Furnished by Charles n. F. Smith &
Co., members of the New :. York. Stock