The Saint Paul globe., 1905-02-24
A STRONG OPENING,
BUT A WEAK CLOSE
a Wild and Nervous Market.
Due to Manipulation in
Certain Stocks

NEW YORK. Feb. 23.-There were vio-
leht speculative activity and excitement in
s.I5chs .5s again today and some very feverish
price movements. The surmises to ex
pam the movements were so DerDlexed &c
10 unsettle the market from time to time
@ pu1 us resisting power was impressive
alu @ the price level was not much IMPAIRED
even Where the influences We're on the
siue OF doubt and depression. This was
eLe case IN the railroad list at large
Where profit taking on an enormous sc9Ie
ana uneaslnesS aroused by the sensationaI
n0vement in the specialties Induced the
sen seIling TO outweigh the buying. The South
faa en- iIoh group was again the sensational
iedtuTe ana II was during the most vio-
lent ebClitions in those stocks thar the
general list was most inclined to sell off
Another -t adNance- IN Union Pacific was the
IIost eHectlVe sustaining influence hut
mat stock also was unfavorably affecteJ
at times by the rocketlike flights of tha
nt iron STOCKS. Union Pacific recovered all
OF It's per cent dividend which came
on today and allowing for that made n
new hlgh record. ST Paul was most i'm
mtnedlateiy In sympathy with it, although
extent. ~ ''AS
Southern Iron Bouyant
The buoyancy of the Southern IRON
STOCKS caused the advance in the South
eIh Rallroad group. but was no assist
asSar, anSe t totnerwlse to prices. Rumors and
sseI'lohS as TO the stage reached in the
attempt to effect a merger of the South
esh IRON stocks Were various and many
Oh them conflicting. The convulsive move
mentS IN those stocks reaching MANY
points between transactions. were Of q
kinu which are usually made only rnder
uIs'ress and extreme necessity, such as
sbert she taused iy oy corner with an uncovered
enoII ao interest; The extreme advances
over tuesdays prices shown by these
STOCKS during the day will tell the story.
Sba St S.oSs Shef1eld steel this was 1872 Sloss
republic Steel 32s and Republic Steel nre,
teFred Z. An additional factor in the in
.tti nueice winch these movements had upon
sentlment was the jump OF 91h in Inter
national Power stocks, which is held in
memory on account of sensational episode
on on the STOCK exchange number of years
ago ana which is affiliated to the present
movement in the Southern Iron stocks nv
the identity of some of the active factors
IN IN the movement. The existence of syn-
dlcate or organization designed to rnerpa
the iron properties was the undisnnteJ
Iact developed out of todays events AS
10 achlevements of control of the proper
ties aHected or as to the terms offered for
securing that object the reports current
were hopeiesSly confused
Foreign Stocks Strona
The news of the day otherwise was nor
OF great influence. The rumors OF peace
winch lifted the prices abroad helped the
early advance. but this influence shifted
10 the side of reaction during the day
When the balance of opinion shifted in ia
HoT OF the continuance of the war. The
IaiuIe Ia 70 reduce the official discount rate
q
In the private rate for discounts in Lon
don were disappointments So was the
continuance of the war of rates on export
grain. engagements of gold for South
America, although small, are given addi-
tlonal Importance since the currency
movement Is shifting in favor of the in
terror Call money went to per cent late
IN the day. This is supposed to be due
IN part to preparations for the payment
OF SUBSCRIPTIONS to the Southern Pacific
bond issue which are to be paid in three
daily installments of SIS. 900. 600 the final
payment to be made on Monday. The
rise In call money and the violent reac-
Ions IONS IN me IRON stocks carried prices off
Sharply during the final hour to an aver
age level considerably below Tuesday. but
tne hnal rally on covering of shorts sub
closing. however, was unsettled and irreg-
ular. eS
Bonds were irregular Total sales par
vaIue, 80. 100 600. United States 2s ad-
vanced Is, IS and the new As y per cent
on call