The San Francisco call., 1905-02-24
New York Stock Market.

NEW YORK. Feb. 23.-There was violent
speculative activity and excitement in stocks
u day and some very feverish price move
nlents. The surmises 10 explain the move
uents were so perplexed a to unsettle the
market from time 10 time But its resisting
power was impressive and the price leEei was
nos much impaired even where the Influences
were the side OF doubt and depression
This was the case IN the railroad Ilst "nen
ploflt-takfng on an enormous scale and an un-
easiness aroused by a sensational movement
il the specialties induced the selling 10 out
weigh he buying The Southern iron group
Was again the sensational feature and II was
curing the most violent ebulliuions in these
stocks that the general list was most inclined
10 sell on. Another advance IN Union racine
the most effective sustaining innuence,
buL thar stock also was unfavorably anectec
times by the rocket-like Nights OF the
iron stocks Union Pacific recovered all OF
its per cent dividend which came OF to-day.
and allowing for that made a new high record
- Pauf vs. rnost frnmediately in sympathy
with It although the SOuthwesterns were
hplred Ia some extent The buoyancy Of the
Southern iron stocks caused the advance in
Tie southern railroad group, but was OF no
assistance otherwise to prices. Rumors ana
tempt 10 effect q merger OF the southern IRON
stocks were various, and many OF them con-
rictins- me conFuislNe lloNeihehts IN t.ose
stocks. reaching many points pelWeSu 1s Gans
altlons were OF a kind which are usually
made only under distress and excitement. such
- are made by corner. Sloss-oheLneio
steel rose I615, preferred Is; Tennessee Coal,
49, Republic Steel. 3Ss. ana Republic Steel
preferred, I. An additional fsctor IN tne IN
fuence which these movements had upon senti-
nlent was the jump Of 1914 in international
Power q stock which is held in memory on
account OF g sensational episode on the k St9ck
Exchange q number OF years ago and which
is effiiated TO the present movement IN the
Southern iron stocks by the identity Of some
of the active factors in the movement Ihe
existence OF a situation or organization de-
signed 70 merge the iron properties was prob
ably the undsputeo fact developed out OF to-
days events As 70 the achievement OF con-
troll OF the properties anected or as 70 tne
terms offered FOR securing thst object the
reports current were hcpelessly confused The
rlrnors Of peace which lifted prices abroad
yesterday during the holiday here helped the
carly advance, but this influence shifted TO
the side Of reaction during the day when the
balance Of opinion shifted IN favor OF the con-
tinusnce. Of the war. The failure to reduce
Iand and a hardening In the private rate for
iscounts in London were disappointments.
50 was the continuance of the war of rates
on export grain Engagements or golo for
south America although small, given ad-
6fftonsl Importance since the currency move
n'ent Il shifting in favor OF the interior. Call
rnorey went TO per cent late IN the day.
This is supposed 10 be due in part 70 prepara-
Tor for the payment OF subscriptions to the
Southern Pacific bond issue. which are to be
rsic IN three daily instsllrnents Of So. .0c0 COO
The rise in call money and the violent
fions IN the iron stocks carried prices on
sharply curing the final hour TO an average
level considerably below Tuesday. but the final
-allv on covering OF shorts substantially re-
rsired the price level. The closing, however,
was unsettled and irregular
Bonds were irregular Total safes, par
yaiue S5,15e,000.
United States 2s advanced u, Be u and
ne new Is y per cent on call.
ESw York Stock List.
T. r. Hutton & Co. 100 California street.
-sn Francisco, members Of the New YORK
sock Exchange, furnish the following official
quotations OF that Exchange