The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-02-27
American Hoop Was Benefited, While
Steel and Wire Was Sufferer
in the Deal.

New York. February ga large pro
portion Of the dealings in the stock mar
ket again centered In the steel stocks.
The official statement issued by the bank
ing house having the negotiations for con
soidation in charge, giving the terms Of
exchange Of the securities OF the present
companies into those Of the proposed new
company, dashed all the speculative en-
thusasm over the steel. The effect was
the more remarkable In that the terms of
hclally announced were found In several
cases TO closely conform to the conJectura'
hgnres which have been current for sew
eral days past. With the exception of an
upward dash in one or two OF the steel
stocks Just at the opening. there was no
strength manifest In the group during the
day. II was a few minutes after the open
ing, In fact, before the official statement
was given out.
The contrast between the volatile effer-
vescencc OF the speculative spirit yester-
day and In the first few minutes of trad
Ing today, with the sober duietude of the
trading based on calculations with pencil
and paper after the actual state of af-
fairs became known, was Il glowing com.
mentary on the fascination of the un.
known for the speculative temperament.
| This was the first fact to attract the at
tention OF the spectators that the price
level of the assoclating stocks did not
consist with the relative benefits they were
| TO receive with the exchange This led TO
/ L
| TO adjust the price level on a consistent
| basis. American Hoop benefited by the
operation, while Steel and Wire was suf-
| ferer. But II was evident that the insld.
ers who have had time for mature calcu.
/ lation had done their buying while the
outsiders We're not inclined to jump 70
/ conclusions In 50 vast problem. As all
OF the stocks get from par to 125 per
cent Of the new securities In the exchange.
| with additional benefits In some cases It
Is clear that on basis of equal value
/ tag
stocks should sell lower than the average
/ prices of the present stocks. OF the pre-
| fferred stocks concerned In the consollda-
ton the highest price is National Tube
| which sold last night at 1906 while the
! lowest Is American Hoop. which sold lasr
night at sSih Or the common stocks the
| Mt 50 and the lowest Is American Hoop.
which sold at 35 There was much cal.
culntion over the probable prlcc Of new
T no HedlI, o9t So far as known there were
There were few railroad stocks which
E mTrf nGIa0E strong In view Of the
steel stocks and their need Of support. the
assumption Is not n violent one that a
purpose to sustain tho general market
soe S" rnrong s IT, DO with The advance IN
most notable example of strength. rising
Ut one time ~. points over last night
c dlRc ont d IN rnllTay stocks Missouri Pa
generally gave evidence of nrmncss
YESTERDAYS strength in the tobacco
stocks continued, American Tobacco ris
ing g. ''"NN' rs
OF the steel stocks. American steel and
wire WINS most under pressure dropping
~ me last Az below last night. after he,
ing Vigorously supported nj A. Tho Tin
I'm" got back TO last Thursdays closinc
,pve'' mn rallied ront. showing n nct
the rrHfcrred lower than last right FoI
Trol steel losses 2H American Hoon. Tin
nhte and National steel stocks are the
ONLY ones that do not show losses
nnilroad bonds tended lower In svmnatbv
With stocks Total sales. par value, 50 Go