The daily morning journal and courier., 1901-03-01
THE STOCK MARX FIT.
Gives Up to Threatening Oepression-
 Closes Weak at the Lowest.

Gives Up to Threatening Oepression-
 Closes Weak at the Lowest.
 New York, Feb 2S-After an unavail-
 ing effort to check the yielding tenden- 1 cy of prices. the market gave up to the
 threatening depression, and the closing
 was decidedly weak at the lowest, with
 something very like spilling out of
 stocks going on all through the list.
 The steel stocks were most acutely at- fected and were weak throughout. one
 or two in the group advanced slight fractions at one time under the process
 of arbitrage operations, which involved
 purchases to cover sales in other stocks But the prevailing disposition was
 clearly to sell the steel stocks. Dealings
 continued on the curb in the contracts
 to deliver United States Steel corpora ton stocks which is issued, though not on as large a scale as yesterday These stocks, which were regarded as the in dex of the value of all the members of the group, showed an Increasingly
 heavy tone Bids of 37 for the common
 and S21a for the preferred were put in
 at the opening by brokers acting on be-
 half of the banking interests concerned in the organization of the new company. There was some firmness in the com
 mon stock during the day, but in the
 closing dealings the bid for the com
 mon stock was reduced to 36 and for the
 preferred stock to S0 The good condi-
 tions reported in the iron and steel
 trade by the Iron Age in its issue to-
 day was disregarded in the trading in
 the steel stocks. The last prices showed
 National Tube A lower than last night, American Hoop. Steel and Wire, Tin Plate, and Steel and Wire preferred from ? to 2th and others of the group from fraction to nearly points. The stocks not included In the consolidation were also weak, Tennessee Coal declin- ing nearly 3 points. Published reports from Pittsburg of dissatisfaction on the part of the National Tube stock holders with the terms of the exchange were an influence in the depression The relapse in Sugar, Tobacco and St. Paul after short lived opening bulge, also served to discourage the specula- ton. Efforts were made to substitute other stocks for the purpose of sustain ing the market, but they were ineffec- tual. They were most conspicuous in the smelting stocks, which rose 5ss for the common and 2% for the preferred. Anaeonda. with rise of 21s, and Amal- gamated Copper with an advance of 3 points, the American Linseed stocks, the United States Rubber stocks and International Power were up from 1h to points. St. Louis and San Francis co rose and the second preferred 11s. These movements were without expa- nation, except that it was argued that the copper stocks would benefit from the approaching adjournment of the Montana legislature. This seemed a more potent influence than the reported heavy decline In copper exports. The movement here, as in the steel stocks. was without regard to the trade news. A batch of strong railroad statements. from the coalers. was equally ineffective in sustaining that depart ment of the stock market. Prices in a number of the most prominent stocks are point or more lower on the day. The money market continued easy. not the large absorption by the sub-treasury and the demands for the month-end settlements It is not ! however, that the money market possibilities are an element in | the caution manifest in the speeula- [ tion. A sharp rise in Sterling exchange ! in response to the harder money mark ct in London served to emphasize this caution. Probably the true explana- ton of the heavinees of the market is the inanimation of the trading. with many of the largest forces in the spec 1lative world away on vacation after the prolonged period of unprecedented activity and excitement in the stock market.
 Bonds were relatively better sug- aimed than stocks. Total sales par value s3025 900.
 United States refunding 2s registered advanced 1s and the 5s A per cent, on he last call.