The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-26
PRICES WENT UP
LIKE A ROCKET
Steel Stocks Rushed Up in Great
Bounds.
SUDDEN RELAPSE FOLLOWED.
Remarkable Exhibition Of Spssmodic Strength
Vas FOLLOWED by Dropping
Prices ard Undertaking
Eulness.
SUDDEN RELAPSE FOLLOWED.
Rv Associated Press,

NEW YORK. Feb o3-Thc stock mar
kct made a remarkable exhibition this
morning OF SpaSmodic strength. followed
by sudden relapse and Il period of UNI
Geriating dullnesS and dropping prices up
to the close. The principal influence IN
The opening bulge was the many rutnoIS
and circuInStantial accounts OF the alleged
details of the Steei merger and the terms
of the exchanged proposed new securities
for the existing stocks of the steel com
ranics This accumulation OF conlectureS
1~as supplemented by reports OF The pro
ceedinss of brokers UP town during ai Inc Inc
change was closed. The prices Did by
some of these brokers for blocks of the
steel stocks and the sales made accorG-
were calculated to excite speculative Gu
pidity- The excited bidding which was
thus attracted in the opening dealings
sent prices of the steel stocks up IKE q
rocket Tin Plate was the most notabie
in the width of its fluctuations. Inc STOCK
was rushed up - points in n lew minutes.
and after dropping back. was lifted again
almost to the top level. but it ultimately
gave way with the whole market he
other steel stocks. including both the
common and the preferred, We're up from
] to nearly Il points These prices
brought in heavy realizing sales at the
start. The professional room operators
were obviously disposed to let the group
go along. not caring to compete with IN
siders in pretensions to accurate 3,lo ~
favorable bank statement OF SATURDAY
traders bought stocks according to their
crease in the surplus reserve Last Week s
gain in cash WAS a good zeal OF reiief
to the apprehension regarding The money
market. The check TO the recent heavy
Increasing tendency in the loan item vas
Spperfical1v regarded as favorable Ett
the conviction that il WAS due 10 the cali
ing in Of loans placed in the stock mar
lIet led TO some later apprehension that
the appraisers would be continued in
further preparations for corporation
financing operations London sent higher
prices unGer tho favorable influence OF the
success reported for thc British armies II!
South Africa These influences caused
some advances in the railroad list OF from
] to = points ~ good demand developed
later in the day for the Southern Railway
stocks, and there were lsolated ,llsta!1,,es
Of strength among some OF the less amor
fant railroad stocks. All other consldefa-
lions. however, yielded to disappointment
ever the still further poStponement OF ne
official announcement of the terms Jf the
steel merger and 10 doubt as to the accu-
1acy Of the reports already current WITH
the reactioriart- tendency thus developed
there came renewed apprehension over
the effects on the money market OF the
steel merger gains in the ra!Toad Inst;
With q lew exceptions, wiped out. ana
some of the most important OF the steel
stocks fell back below THURSDAYS level.
Steel and Wire falling points lower than
National Tube 1:4. Tin Plate reached ,
points from the top and closed with a net
gain of only :, points. American loop
rose TO the best at the end with Il ret
gain of Is. There was some Stinen!ng IN
the group on short covering Immediately
upon the close. but there was noIn.nS let
of the early buoyancy. Pacific Mail lost
Ga on Fridays disaster off the Iolt;cn
Gate
The bond market was inclined &c go
off IN the afternoon, but retained 4 part
of the morning advances. IoCal sales. /
value, 81; $4,000. United States refurding
rs advanced II and the IS IL per cent. on
The last call. The new As declined a.:
Total sales of stocks to-day We're i.0J9.-
800 shares, of which were the following:
AtchiSon. ;i22,Jep; do. preferred. 14ivt:
Chicago. Burlington and Quincy. c4.p0O:
Rock Island. 13,2G0; Louisville and Nash
VILE. 1900: Manhattan. 16.4po: Metropoli-
tan Street Railway, 300: Mobile and St.
Louis. Zoe: Missouri, Kansas and Texas
preferred. 5000; Northern Pacific. 1850:
Ontario and Western. 800; PENNSYLVANIA.
$500: Reading. "a 900; st. Louis and San
Francisco, 1900: 90. second preferred,
1900: st. Louis Southwestern. 600: DO.
preferred. $500: st. Paul. 1900: South
ern Pacific, 1890; Southern Railway, 70
500: do. preferred. 2l.200; Union Pacific,
% 800; Wabash preferred. Goo; National
Tube 300; American Smelling and Re
lining. 81. 500: do preferred, 500: A1neri-
can Steel Hoop. 54,So0: do. preferred,
G.G10. American Steel and Wire. 1OS,30o:
do preferred. 1J.1e0; American Tin Plate.
5000; do preferred. 1900: American To-
bacco 32,000: Brooklyn Rapid Transit.
3aeD; Continental Tobacco, 21.0o0: Federal
Steel, 800: do. preferred, 100: National
Steel. 10000: do preferred. 12.5cO: Sugar,
.9, 100; Tennessee Coal and Iron, 9,lGu.