The times. [volume] (Washington [D.C.]) 1897-1901, 1901-02-26

The story of the day was high open
ing all over the list. advances being from
point TO five and ten points in the ac-
tive securities. then decline during he
first hour: then another rally and fina ,ly
a sharp decline at the close which in
Cluded nearly the entire list. The net re-
suits of the days movements were varied
some stocks showing good gains over the
closing prices of last Thursday. and
others showing losses. The average move
ment was probably small net gain.
There was little apparent reason for the
differences in the various parts of the
list. 1t might be argued that the steel
securities declined after the opening be-
cause the Incorporation of the new com
pany yesterday left the street in as great
an uncertainty over the matter as IL was
last week. but if this was so, there was
no way to account for sharp advance
in Steel Hoop common during the entire
day and close at the top price while
Wire common and Federal Steel common
closed at the bottom. One of the few ac-
tually bearish matters in the outlook is
the anthracite strike, apparently sched-
uled for next April. and ye- the anthra-
cite securities generally held their own
much better than the grangers or the
iaciiics, where the news is generally bull
lish. The loss Of the Rio Janeiro by the
J aNilS -hell NbIupduN uulSnl nave been
expected to tumble the price of the stock
badly. It went of at the opening. while
the general market was booming and re-
covered sharply at the close. while the
break was occurring nearly everywhere
else. And so the anomalies of the day
might be multiplied. The outlook for the
remainder of the week is most uncertain.
It Will depend largely on what the Nor
gan people do. Buying on The sharp re-
rfT,,r.
conservative market people.
Federal Steel opened at so II. and went
as high as 81 Immediately after the open
ing. This was a gain of 6 Ia points from
the low of last Thursday It then de-
clined TO AZ. and closed at Al 10. with a
net gain for the day of 3-i. Wire COM
mon, on the other hand opened at 49, ad-
vanced to 81 and then Sumbled to "A 1-2,
and only closed at IS, showing net loss
for the day of more than points. Wire
preferred opened up TO 101 1-2 and de-
clined to SO Ia, closing at the bottom,
while Federal Steel preferred opened at
So, advanced to 80. and then declined to
s6 rs, showing a net gain for the day.
American Hoop common advanced several
points net for the day, and National Steel
common made a net decline. American
Tin Plate was even more sensational than
these securities, with jump of IS points,
and then decline of the larger part of
this with two vr three intermediate fiuc-
tuations OF or s points each. II made a
net gain for the day, though its closing
price was 10 points or SO below the high.
The only actual news of the day affect
ing the steel stocks was the Incorporation
of what is presumably the new Morgan
Steel Trust Papers were filed at Tren-
ton for the United States Steel Corpora
tion," to have a capital OF $1,000. There
was some skepticism regarding this being
the real Morgan company on account of its
small capitalization. The fact that Fran
els Lynde Stetson was the attorney in the
incorporation papers seemed. however, to
dispose of this criticism and the street
cannot be said to have doubted that the
big trust had actually come into existence.
Nothing positive was learned during the
day regarding the terms of the deal,
nothing as to the size of the contemplated
capitalization of the combine. and nothing
as to the position of the various old Sc
curities with reference to the new stock,
and these, of course, are matters OF far
greater importance than the simple con-
frmation of the fact that deal is being
carried forward That much was known
with sufficient positiyeness before.
I'll