The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-20

Can money, New YofKzte-.. .2-2l2 1-z42
NEW YORK, Feb F ET There was an
element among the professional operators
on the stock, exchange 3Ebi eh worked for
rally today on the tAeSry that yester-
days selling was largely due to opera
tons fer the bear account. and chat the
vigorous support of the market would
drive these bears to cover. The naneuver
was entirely without success. especially
in the early deaiirgs, but. all of the mar
ket's strength was confined to ry few
stocks, and was not long maintained
Business fell away. to. the point of semi
Stagnation at times during the dav
showing no signs of the recent large gen
eraI demand Of the operations by large
banking and financial interests, viii n
was the backbone of the market for a
sional operators were interested to any
great extent in the days transactions
There are too many obvious considera-
lions in the immediate future to have a
depressing Influence on speculation which
has been busy for a Ions time past in dis
counting all the most favorable Consider.
at1onS that could be imagined, and many
OF which have entirely failed to oc ur
thus far. The suspense of the protracte,;
negotiations over the steel merger is try
Ing to the nerves Of all SPECTATORS. aTila
ramfhcatiOnS of the plan extend SO 6Ir
as there is such mass of details pertain
ing 10 the various companies to be con-
sidered, which in the aggregate may
make a vast difference in the status OF
the whole matter that conjecture halt. in
It's attempts to grasp all the out lilies
For instance, it was rumored today that
it was proposed to divide the cash assets
of one of the principal. companies in the
merger before it shall be taken in The
preferred stock OF the company would
nave prior claim, thus Offering very
abstruse problem of the relation of the
present value of the stocks to the value
OF their share of the new securities after
such division of assets has been made
Ei0f n ~ nT tiT111rx
cihcial announ cementi efTthe terms of the
steel merger, which rare almost hourly
expected, and yet it Iis. evident raat the
cumbersome project NaaTGdraS for long
time. The steel stocks We're all feSe~. +
and unsettled, but GENERALLY weakened
during the course of the day The money
market was not VIOLENTLY disturbed. but
the tone continues torh2rden. a cheek
for over $23, U0G,0 600 on account of the New
Jersey Central railrQadb purchase went
through the clearing house today, and
was reminder of the continuing in
Huence on the money market of the re
cent deals. A DEVELOPMENT which may
nave important consequences was a re.
covery in discount rates in London in
spite Of the general supposition that the
pank rate will be reduced this week
York on demand for Tenfittance by to-
morrow's steamer It seems to be the
expectation in London that the low point
has been touched fot4 discount rates,
which would have an important bearing
on any future needs of the New York
money market. The decision to close
the stock exchange from Thursday at
ternoon until Monday morning was an In
Huence toward 6ullness. There was some
uneasiness due to the reopening of the
wages question in the anthracite region
the present agreement extending only to
April l. The coaIers were In conse-
Quence especially weak: Delaware &,
hudson was erraric, breaking violently
"a from the top, and closing with a net
loss of 215. The Southwesterns were all
notably weak, declining from / to 2ss.
and there were severe losses in Great
Northern preferred. General Electric and
the Smelling stocks, besides those in the
steel stocks. there was an upward turn
IN sugar, butzlt; did not hold, Compar-
alive lrInness " as Shown by Union Pa
CHE, Illinois Central and for a time ST.
Paul, though that stock gave way at the
last
There was large buying again in South
ern Pacific bonds, but they lost most OF
their gains before the close and the gen
eral Bond list was reactionary. Total
sales, par value, $4,6S5, COO
United States bonds were unchanged on
the last CALL
STOCK QUOTATIONS.. ~ -
FURNISHED by Charles H. F. Smith &,
Co., members of the New York Stock
Exchange, Pioneer Press building who
have direct wires to Chicago and New
York Closing prices are bid: