The age-herald., 1901-02-27
MARKET DEVOTED
 TO STEEL STOCKS Official Bank Statement Caused Considerable Excitement EFFECT WAS REMARKABLE ''t / ----.-- Figures Were Found About the same as conJectured and tho Report
 Consequently Dashed Out
 Speculative Enthusiasm.
EFFECT WAS REMARKED E

New York, February 26.-A large pro- portion of the dealings in the stock mar ket again centered in the steel stocks The official statement issued by the banking house having the negotiations for connection in charce giving the terms of exchange of the securities of the pres ent companies into those of the proposed new company, dashed all the speculative enthusiasm over the steel stocks. The ef- feet 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 cur rent for several days past.
 With the exception of an upward dash in one or two of the steel stocks just at the openings there was no strength mani fest in the group during the day. It was a few minutes after the opening in fact, before the official statement was given out
 The contrast between the volatile effer- yesence of the speculative spirit yester- day and in the first few minutes of trad ing today. with the sober quietude of the trading based on calculations with pencil and paper after the actual state of af- fairs became known, was glowing com- mentary on the fascination of the un- known for the speculative temperament.
 This first fact to attract the atten- tion of the speculators 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 sort of arbitrage dealing in the ef- Tort to adjust the price level on a con sistent basis American Hoop benefited oy the operation, while Steel and Wire was sufferer. But it was evident that Inc insiders who have had time for ma .ure calculation had done their buying, AVmle the. outsiders were not inclined to jump to conclusions in so vast a prob lem.
 AS all stocks get from par to 1o5 per cent of the new securities in the ex- change with additional benefits in some cases, it is clear that on basis of equal value fer the properties concerned the new stocks should sell lower than the average prices of the present stocks ,Of the preferred stocks concerned in the consolidation the highest prices is Ma tional Tube. which sold at 126 last night. while the lowest Is American Hoop, which sold last night at S31a. Of the common SeoShS, tHt HlSHeSI IS tn pldle, Wnlcn sold last night at 69. and the lowest is American Hoop, which sold at S5 There was much calculation over the probable price of new securities, but so far as known there were no dealings when issued"
 There were a few railroad stocks, which were notably strong. In view of the greater importance of the dealings in the steel stocks and their need of support, tn assumption is not a violent one that 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, rising at one time 514 points over last night.
 The Southern Railway stocks. the Pa ciic and Western Railway stocks gen. erally gave evidence of f1rmness. Yester- day frmness in the Tobacco stocks con- tinued,. American Tobacco rising 3. Of the steel stocks, Steel and Wire was most under pressure, dropping after being vigorously supported. Tin Plate got back to last Saturdays closing level, but ral- lied a point, showing a net loss of 4. Ma tional Tube is lower than last night. Federal Steel loses 2A. American Hoop, Tin Plate and the National Steel stocks are the only ones that do not show losses.
 Railroad bonds were lower in sympathy with stocks. Total sales par value, $2 GIG, ,000. United States new As advanced k per cent on the last call.
 New York Stock Market.
 px, private Wire fo Murnhv &- Co