The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-21

,TH SIDES WERE TIMID
General. Tendeney,gsesf Prices Was
Downward, With the Close at the
Lowest, but Bears Were Far
From Agae4ssfye.

NEW. YORK. Febgn.s, 25aasE-The dread of
the unknown was tie depressing. factor
in the stock market today Preparations
were evidently belngnHfade for the in
term of three consecutive holidays by
lightning Speculative leads. The pos
Sibilities Of the three days interval as
canvassed bya the speculative public were
by no means wholly ION the. side of de-
pressionf but. whatever favorable deveI-
opments seemed possible have been so
thoroughly discounted that the balance
of chance is considered clearly on the
side Of lower prices. ssfgfAe speculative
world seems to have arrived at the con
clusfons that the competing Of the details
of the steel merger is not likely to be
followed Immediately by=H campaign of
manipulation for higher prices In order
to make a market for the new securities
1t will be remembered that this was
what happened two years ago, when the
newly hedgede industrials were first
thrown upon the world 4ndieations-S seem
to point clearly to a, desire. for quiet
stock market conditions fer the present
on the part of the financial powers, VIII,
are most largely concerned In the steel
negotiations, as they have also been in
the recent railroad consultations 1t
is not hard to understand why, with
colossal financial undertakings in en-
bryo those concerned in them should de-
sire most Of all quiet. and stable condi-
tionS both in the money and stock mar
kets. The progress OF: negotiations Is
necessarily involved IN further complex
for stock and uncertain rates for money.
This makes Ineligible the evident desire
of the financial powers to discourage
further excited speculation at this time
OF course any violent break in prices
would be equally at variance with their
wishes. The certainty that powerful sup
port . would DE accorded to prevent q
sudden and violent DECLINE tends to re-
press bear activity. TT is evident that
every effort is making to preserve the
tranquility of the money market by
keeping available all possible. resources.
and also by reassrIiIfg expressions of
opinion as to the ability &C TIE money
market to meet future requireua@ u.
Nevertheless the LIKELIHOOD of another
weak bank statement between the az
journment of the exchange on Thursday,
and the resumption .on. Grading on Mon
day, and the belief thatc advantage will
be taken of the closed stock market to
were two rather onfff6us possibilities
which served to bringefa drIbbling of
stocks on the market all day An effort
was made during the afternoon to turn
hope of driving them to cover, but the
effect proved futile, aRd-the closing was
weak, with many stneks at the lowest.
There was significant break in the
principal steel stocl1s5s at the last, Steel
and Wire, Federal Steel and National
Steel falling suddenly, to "a. There
was some show Of strength in Steel and
stocks were all weak, Hoop preferred
dropping 31a. In the principal active
railroad stocks there were at one time
declines of to 2 points, members of. the
Granger Southwestern and Pacific
groups being. notably affected, Delaware
& Hudson was erratic, but generally
weak, falling at one time 34f under last
night. The local traction stocks were bid
up in the course of the attempt against
the shorts, and stocks of a number Of
smaller railroad companies were lifted
from l to points, Pere Marquette,
Mobile & Ohio, the Iowa Central stocks
and the Minneapolis & st. Louis stocks
being conspicuous. General Electric was
forced up at, one time L points, but
closed with a net gain of only IA. The
2 level of activity in the market was lower.
than for many weeks past, the day 81
business falling to about the smallest Tor.
any full day since election
Bonds were reacttonary in sympathy
with stocks. Total sales. par value, 49,,
435, 600 ~
United states refundlnge Is. advanced
- per cent on the last call.