The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-21
STOCK MARKET
CLOSED WEAK
Effort TO Turn Market Against the
Shorts Proved Futile.
STEEL STOCKS BROKE HEAVILY.
Market Was Less Active Than for
Many Weeks Past-Bonds Were
ieactionary in Sympathy .
With Stocks.
STEEL STOCKS BROKE HEAVILY.
(Ry Associated Press.)

NEW YORK. Feb. 20.-The dread OF the
unknown was the depressing factor IN inc
stock market to-day. Preparations were
evidently being made for the interim OF
three consecutive holidays by Tightening
speculative loads. The possibilities OF the
three days interval. which were can
rasscd by the speculative public. We're by
no means wholly on the side of depres-
sion, but whatever favorable develop
ments seemed possible have been so thor
oughly discounted that the balance OF
chance is considered clearly on the side OF
lower prices.
Indications seem to point clearly to>a,
desire for quiet stock market conditions
for the present on the part of the finan-
cial powers who are most largely con-
cerfled in the steel negotiations as they
have also been in the recent railroad con-
solicitations. 1t is not hard to understand
why. with colossal financial undertakings
in embryo those concerned in them Should
desire most of all quiet and stable condi-
tons, both in the money and stock mar
kets. The certainty that powerful sup
port would be accorded to prevent a sud
den and violent decline tends to repress
bear activity
1t is evident that every effort is max
ing TO preserve the tranquility of the
money market by keeping all possible re-
sources and reassnrinE expressions OF
opinion as to the ability of the money
market to meet future requirements
Nevertheless. the likelihood of another
weak bank statement between the adj
journment OF the exchange on Thursday
and the resumption of trading on Mon
day. and the belief that advantage will
be taken of the closed stock market to
publish the plans of the steel merger.
were two rather ominous possibilities.
calculated to bring Il dribhling OF stocks
on the market all day.
An effort was made during the after
noon to turn the market against the
shorts in the hope OF driving them to
cover. but the effort proved futile. and
the closing was weak. with many stocks
at the lowest. There was Il significant
break in the principal steel stock at the
National Steel falling suddenly 2A. There
was some show of strength in Steel and
Wire preferred. but otherwise the steel
stocks We're all weak, Hoop preferred
dropping 3k. In the principal active
railroad stocks there were at one time de-
granger. southwestern and Pacific groups
being notably affected. Delaware and
Hudson was erratic. but generally weak.
falling at one time 81 under last night.
The local traction stocks were bid up
in the course of the attempt on the
shorts. and stocks of a number of smaller
railroad companies were lifted from ] to
!, points. Pere Marquette. Mobile and
Ohio. the Iowa Central stocks and the
Minneapolis and St Louis stocks being
conspicuous. General Electric was forced
up at one time i points. but closed with
a net gain of only ~. The level of ac-
tivity in the market was lower than for
many weeks past. the sales falling to
about the smallest for any full day since
election.
BorE5 were reactionary in sympathy
with stocks. Total sales. par value.
S.. 43o.400. United States Iefunding rs
advanced Il per cent on the last call.
shares.