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-
tent speculative activity and excitement in
STOCKS again today and some very feverish
price movements. The surmises to ex
plain the movements were so nernlevad &c
10 unsettle the market from time to time
but us resisting power was impressive
aho the price level was not much impaired
even where the influences were on the
slde OF doubt and depression This was
tne case in the railroad list at large.
s mnsIe proit taking on an enormous scale
anu uneaslness aroused by the sensational
n0Eement in the Specialties induced the
SeIllng TO outweigh the buying The South
sIh IRON group was again the sensational
feature and II was during the most yio-
lent ebullitions in those stocks that the
geneial list was most inclined to sell off
Another advance i'll Union Pacific was the
MOST eHectlve sustaining influence but
mat stock also was unfavorably affected
at times by the rocketlike flights of the
IRON stocks. Union Pacific recovered all
OF its , per cent dividend which came
on today and allowing for that made n
new nigh record. st. Paul was most i'm
medlately in sympathy with it. although
extent ~ '0'ii0
Southern Iron Bouyant
The buoyancy of the Southern IRON
STOCKS caused the advance in the South
ern railroad group but was no assist
ance a otherwise to prices. Rumors and
attempt to effect a merger of the Soufh
erh IRON stocks were various and many
OF them conflicting. The convulsive move
ments III those stocks reaching MANY
points between transactions were of a
KIND which are usually made only under
ulstress and extreme necessity, such as
Sbe Sbert taused by corner with an uncovered
snort snort interest The extreme advances
over Tuesdays prices shown bv these
STOCKS during the day will tell the story
St StoSs Snefneld steel this was 1917, Sloss
Republic Steel 33s and Republic Steel nrs' s'
terred sed Z. An additional factor in the in
lloii nuehce which these movements had upon
sentiment was the jump Of 91b in Inter
national Power stocks, which is held in
memory on account of sensational episode
on the stock exchange a number of years
ago ana which is affiliated to the present
movement in the Southern Iron stocks bv
the identity OF some of the active factors
IN IN the movement. The existence of a syn
dlcate or organization designed to merge
the iron properties was the undisDl,ted
fact developed out of today's events As
10 achievements of control of the proper
ties affected or as to the terms offered for
securing that object the reports cnrreDt
We're hopelesSly confused.
Foreign Stocks Stronq
The news of the day otherwise was NOT
OF great influence. The rumors of peace
which lifted the prices abroad helped the
early advance. but this influence shifted
to the side of reaction during the daV
when the balance of opinion shifted in ia
vor OF the continuance of the war. The
lalluIe Ia 70 reduce the official discount rate
ii
In the private rate for discounts in Lon
don were disappontments So was the
continuance of the war of rates on export
gram. engagements of gold for South
America, although small, are given addi-
uonal Importance since the currency
movement is shifting in favor of the in
terror. Call money went to 3 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
pond issue which are to be paid in three
daily installments of SIS, 900. 900 the final
payment TO be made on Monday. The
rise In call money and the violent reac-
Iions IN the iron stocks carried prices off
age level considerably below Tuesday. but
the iinal rally on covering of shorts sub
stantlally repaired the price level The
closing. however, was unsettled and irreg
ular ~ - i's
Bonds were irregular Total sales par
value, 80. '56, coo. United States 2s ad-
Vanced Is, Is and the new As u per cent
on call IL F