New-York tribune., 1905-02-24
BONDS.
STOCK MARKET OPERATIONS.

In the early dealings in yesterdays stock
market extreme strength in the iron and steel
shares notably the stocks Of the Southern iron
companies served TO create advancing prices
and activity throughout the list, but in the af-
ternoon the violence OF the upward movement in
the Tennessee Coal and Iron, Republic Iron and
Steel and Sloss-Shefield securities was followed
by selling in the greater number Of issues trad
ers taking the stand that the advance in the
shares named had been overdone and that fur
ther bull speculation on these lines would end
in disaster. Assuming that there is TO be
Southern iron merger and that eventually the
companies affected Will pass TO the control of
the United States Steel Corporation. is there any
good reason why there should be continued ap-
probation in the market values of the stocks
of the companies concerned? Are not these is
sues selling for more than they intrinsically
worth and for more than they will be worth in
the event of combination of the Southern iron
companies? Sloss-Shefield common sold yester-
day at 115, Tennessee Coal and Iron at 9Is4.
Republic Iron and Steel common at 237s and
the preferred at SSlz, yet holders Of the issues
are not receiving cent in the way of divi-
dends People who are backing these shares ap-
pear confident. however, that, irrespective Of the
investment value of the stock their prices will
be higher, merely because a big movement is
under way. they say. to bring into fold all
the iron and steel industries of the country. Ger
tain Spectators who at various times have
made sensational campaigns in the stock mar
ket have been bulling the Southern iron securi-
ties but in the closing hours of yesterdays op-
erations the prices of these issues moved in
manner that suggested to many minds that
heavy sales were being made for the account of
these operators. International Power. Of un-
savory stock market reputation, advanced with
the Southern iron shares, due to manipulation
fnx-f Eofe in he az
Railroad stocks Of standing and securities of
little merit declined in the last hour a gem
eral liquidatng movement, but on the reaction
good class of buyers took first class shares. and
in conservative circles there disposition
10 discourage the idea that the general bull
campaign had its course. 1t was conceded,
however. that the crazy speculation in the nom
dividend paying iron shares might for a brief
period check the legitimate speculative demand
for securities. The so-called big men are bull
ish for the long pull, but at the moment they
advise caution. owing to the presence in the
market of set of operators whose transactions
are apt to have harmful influence on prices.
II would be an excellent thing for Wall Street If
the bowling dervishes of speculation, or, rather,
manipulation, who have come out of the West in
the last few years could be induced to place
their money in annuities and Join a long time
Polar expedition something Of that sort In
leIhdliondl rover advanced 1872 points net: Re-
public Iron and Steel. IL; Sloss Sheffield, 131a;
the preferred. 1112; Tennessee Coal 46s while
the United States Steel shares after early
strength, closed at small net losses. There ap-
pears TO be little basis for the report that the
United States Steel Corporation will figure in
any Southern iron merger; indeed it NAV be
said on excellent authority that the directors of
The big steel corporation have not even con-
edered the matter, and according to the direct
ors Of the Tennessee Coal and Iron Company.
control of the concern has not passed to the So
called Hoadley combination
Union Pacific was again the chief feature in
point of activity, but the volume Of sales was
heavy enough 10 cause net decline in the price
Of the issue at the close, while throughout the
railroad ist final quotations generally were under
she last figures of the preceding day Excep-
tions were Illinois Central. Louisville and Nash
VILE and 500 common, the two last named
showing gains of l per cent. Canadian Pacific
and ST. Paul were in good demand and. despite
large profit taking sales. lost only small frac-
tions. The markets abroad were heavy but for
eign houses bought stocks here. The announce
ment that the Gar would not entertain peace
proposals al this time was without effect ON
prices at this centre, and as the news came after
The close of the foreign bourses to-day's Euro
pean markets viii be watched with interest
Call money easy. although rates went as
high as , per cent, while sterling exchange again
declined
BOND MARKET TPhninc