The times. [volume] (Washington [D.C.]) 1897-1901, 1901-03-01
LITTLE DEALING In STEEL
Interest Shifts 10 Other Quarters of
the Stock Market.
Irregular Tendencies Rule the Days
Speculation - Discoptent at the
Terms of the Mergcr-St- Paul and
Sugar Refining still Hold Attention

NEW YORK. Feb. 2S.-It was not pos
sible to account for the Irregular tendency
appearing in todays stock market, by
any of the developments during the
course of the business session. AT the
opening the market was favorably influ-
enced by the material advances appear
ing in the London market for American
stocks. and by the subsequent purchases
here for foreign account, which. however,
continued in very light volume.
Few changes of any Importance devel-
oped in any of the fundamental features
of the situation, and this mornings news
had little bearing on the market. The an
nouncement of the contamination of the
negotiations in the steel deal was still
wanting, and expressions of discomfort
regarding the schedules of the merger
were again freely expressed.
Similar discomfort. however, has always
been familiar feature of all consolida-
tions, reorganizations, and other great
financial transactions. in which it is nee
essary that one interest must receive less
favorable treatment than is granted to
another.
1t is simply impossible in a consolida-
tion of the magnitude of the United States
Steel corporation that everyone should
be satisfied. and the theory of the great
est good to the greatest number is the
only one to be followed in such circum-
stances. The industrial stocks concerned
In the pending amalgamation were again
comparatively inactive in today's Stock
market. and, for the most part, contin-
ued heavy.
Speculative interest, Furthermore, show
ed an increasing disaesirson TO shift into
other quarters of tfN market, inasmuch
as the announcement of the terms of the
merger has deprived the steel industrials
of most of the glamour of mystery which
made them so attractive.
st. Paul common and Sugar Refining
retained the conspicuous position which
they. enjoyeu in yesterdays market. Both
stocks, however, participated in the ir-
regular price movements that character
lied the general list. The fluctuations in
Sugar fleiining were particularly CT attic,
that large part of the short interest
in ii had been forced to cover
Rumors were current today that an
agreement with the company's chief COM
petitor was under way, but apparently
the idea that some advance would be or
dered in the rate of dividend was again
stock. As regarded st. Paul, expectations
OF an advance in the rate of dividend
likewise appeared TO be the chief factor
in the speculation, but, on the other
hand, 1t seemed to be the general opin--
ION that any increase in the dividend
rate wouI-- take the form of espec al
distribution Of profits rather than TIE es-
adjustment of the stock on a perma-
nently higher dividend basis.
All Of the anthracite coal issues had
firmer tone than they have had foe some
time. presumably on q better recognition
of the ways and means through which
1t may be possible to obviate the threat
ened labor troubles that are to be dealt
with in conference on March u.
Conspicuous features in todays market
in respect of strength and activity were
AmalEamated Copper and Anaconda
Mining Both stocks have been notably
firm for several days, and in today's
dealings they developed aggressive
strength American Smelling likewise
scored a sharp recovery.
Elsewhere among the specialties further
material declines were shown in both
Colorado Fuel and Iron and Tennessee
Coal and Iron, but no particular gossip
attended the course of either stock.