The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-02-26

mors and circumstantial accounts of the
alleged detail Of the steel merger and
the terms OF exchange OF the proposed
now securities for the existing stocks
Of the steel companies. This accunu-
lation of coniectures was supplemented
by reports of the proceedings Of brok-
ers up town during the three days in
teryal while the stock exchange was
closed. The prices bid by some Of these
brokers for blocks of the steel stocks
and the sales made according to report
about the uptown hotels We're calculat-
ed to excite speculative cupidity. The
excited bidding which was thus attract
ed in the opening dealings sent prices
of the steel stocks up like rocket. Tin
plate was the most notable in the width
of It's fluctuations. The stock was rush
ed up fifteen points in a few minutes
and after dropping back was lifted
again almost to the top level. but it
ultimately gave way with the whole
market. The other steel stocks. in
Guiding both the commono and the
preferred were up from one to nearly
six points. These prices brought in
heavy realizing sales at the start. The
professional room operators were OBJ
vionsly trying to let the group alone,
and not compete with insiders in pre-
tensions to accurate knowledge of the
value of the stock. BESIDES this in
fluonce. which whipped the steel stocks
into effervescente the interval since
Thursday had seen the publication of
the favorable bank statement of Satur
day. Traders bought stocks according
to their invarable rule on the showing
Of an increase in the surplus reserve.
Last weeks gain in cash was 4 good
dosl of relief to the apprehension re-
gatding the money market. The check
to the recent heavy increasing tendency
in the loan item was specifically re-
garded as favorable. but the conviction
that it was due to the calling in Of
loans placed in the stock market led
TO some later apprehension. London
sent higher prices under the favorable
influence of the success reported for
the Brush arms in South Africa. These
influences caused some advances in the
railroad list of from one TO two points.
a good demand developed later in the
day for the Southern Railway stocks
and there were isolated instances Of
strength among some of the less import
ant railroad stocks. Al other consider
ations, however, Welded to disappoint-
ment over the still further postpone
ment of the official announcement of
the terms of the steel merger and to
growing scepticism as to the accuracy
Of reports already current. With the
reactionary tendency thus developed
there came renewed apprehension over
the effects on the money market OF the
steel merger, gains in the railroad list
were with a few exception wiped out
and some of the most important of the
steel stocks fell back below Thursdays
level. steel and wire falling four points
lower than Thursdays close. national
steel = and national tube Ia Tin plate
reacted l Ia from the top and closed
with a net gain of only points Ameri-
can Hoop rose to the best at the end
with a net gain of 6. There was some
stifening in the group on short cover
ing at the close, but there was nothing
left Of the early buoyancy. Pacific Mail
lost 6 Ia on Fridays disaster.
The bond market was inclined 10 go
off in the afternoon but retained part
of the morning advances. Total sales
(par value) $3,1S5. 900.
United states refunding rs advanced
"a and the 3's IA per cent on the last
call. The new As declined Ii
The total sales of stocks today were
1.05S 300 shares. of which We're the fol-
lowing: Atchison 1880: Atchison pre-
ferred 1900 Burlington $4,000: Rock
Island 1900 Louisville and Nashville
1890: Manhattan 1900; Metropolitan
Street Railway 800: Minneapolis and
st Louis 7.200: Missouri. Kansas and
Texas preferred $500 Northern Pacific
1880; New York. Ontario and Western
500: Pennsylvania 5,5e0 Reading 500:
st. Louis and San Francisco 10, 400: do
second preferred 1900; st. Louis and
Southwestern G.2G0: do preferred $500:
st. Paul $1,000: Southern Pacific L., 300
Southern Railway 70S00: Southern Rail
way preferred Il 200; Uniaan Pacific 30
200: Wabash preferred $500 National
Tube 2S.400: American Smelling and Ee-
fning 35.SG0; do preferred $500: Ameri-
can Steel Hoop 54,800; do preferred g.
Geo: American Steel and Wire los. 800:
do preferred 15,1G0: American Tin Plate
50. 100; 90 preferred $4,000: American
Tobacco 80 200: BROOKLYN Rapid Transit
S.200: Continental Tobacco Il 500; Fed
cTal Steel 1880; do preferred 70,4G0; Ma
tional steel 10000: do preferred 1880:
American Sugar 10000; Tennessee Coal
and IRON 800.